Gavin Andresen is the latest significant
player in bitcoin to pledge support for
bitcoin cash, referring to it as the chain
most true to Satoshi’s original vision. In a
tweet published on the 12th of November,
Andresen has emphasized his belief that
the high fees associated with BTC are
undermining it as an effective means of
exchange.
Also Read: Bitcoin Cash Price Surpasses
$1,800 — Eying the Second Largest Market
Cap
“Bitcoin Cash Is What I
Started Working on in 2010: A
Store of Value and Means of
Exchange.”
Former lead developer for bitcoin, Gavin
Andresen, has thrown his support behind
bitcoin cash. In a recent tweet, Andresen
has published a comment effectively
describing bitcoin cash as the successor to
his early work on the bitcoin project.
Andresen’s tweet speaks to the core utilities
requisite of a money commodity,
emphasizing the threat the high fees pose
to bitcoin’s core mission of providing a fast
and frictionless decentralized means of
payment that is available for use by all. For
many, without facilitating reduced barriers
to access and ease of use for
microtransactions, bitcoin runs the risk of
principally being employed as a speculative
asset used by individuals able to justify the
significant costs now associated with
making transactions. The tweet comes
shortly after numerous businesses
announced that they would be supporting
bitcoin cash rather than BTC due to
reduced fees.
Andresen’s Contribution to
the Bitcoin Versus Bitcoin
Cash Debate Is Highly
Significant Due to Gavin’s
Critical Role in the Early
Development of Bitcoin
In 2011, Gavin Andresen was chosen by
Satoshi Nakamoto to inherit the role of lead
developer for bitcoin. Andresen had worked
closely with Satoshi prior to such, and his
work is seen as integral to bitcoin by many.
In 2012, Mr. Andresen established the
Bitcoin Foundation , before leaving his
development role to more closely focus on
the foundation. Since then, Gavin Andresen
has become increasingly critical of Bitcoin
Core, and has been a long time supporter of
alternate bitcoin protocol implementations.
Earlier this year, Gavin revealed the
Random Sanity Project, a “free, open source
service to help detect and report
catastrophic RNG failures.”
Bitcoin Cash’s price has skyrocketed in
recent days, with BCC currently trading as
of this writing at approximately $1750,
comprising a more than 166 percent gain in
just three days. The rally established new
all-time highs of around $2150 before
immediately crashing to retest the previous
major breakout area of $1400 USD from the
preceding day. Prior to the recent rally,
bitcoin cash had established an all-time
high of approximately $970 USD on Bitfinex
roughly two weeks after its conception.
Following the initial boom, bitcoin cash
entered a descending channel where a
support zone of roughly $300 USD was
established, until BCC began to break out of
said range at the end of October.
Which chain do you think will become the
most widely used bitcoin for non-speculative
activities? Share your thoughts in the
comments section below!
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