As is now known, Tesla has decided to accept payments for the cars from its customers in Bitcoin. A news that has given rise to a new, but brief flare of BTC.
In the context of the same story, however, there has been a development that has gone back to backfiring with great force against one of its spin-offs, namely Bitcoin Cash. Let's see what actually happened.
Tesla only accepts Bitcoin as a payment
It is not possible to make payments with Bitcoin fork products: this, in other words, was the content of a message released by Tesla on the sidelines of the decision to open up to digital money.
A caveat due in particular to the fact that the wallet the auto company would not be able to process transactions in digital currency other than BTC. The original message had then been removed and replaced with a sweetened version, but in the meantime the omelette had been made. Causing the grievances of Bitcoin Cash supporters.
Among which Kim Dotcom, who invited Elon Musk to try buying a drink with Bitcoin. Adding that Satoshi Nakamoto had not worked to create a new class of banks controlled by the same corrupt power structures that characterize the current financial system.
Bitcoin Cash loses altitude
While the controversy took on an ideological significance, Bitcoin Cash began to lose more and more share. So much to reach the new all-time low against its parent and to leave the top ten in terms of capitalization.
Over the last 24 hours it has left almost 11% on the ground, even if it is basically the same behavior evidenced by many other coins, including Bitcoin, Binance Coin, Ripple, Theta and Litecoin, just to mention a few. So much so that also Bitcoin Satoshi Vision, the other project born from a fork of BTC, even lost 12,27% in the same time frame. A consideration that has certainly not reassured the supporters of Bitcoin Cash. Which have not failed to make themselves heard.
Bitcoin Cash aims to remedy BTC's flaws
In addition to having to leave the top ten of CoinMarketCap, BCH had to suffer a real shame, being in practice replaced by Dogecoin. That is, from the sponsored token to the pump and dump by Elon Musk.
A joke of no small importance, in light of the fact that the Bitcoin Cash community bluntly boasts of technical goodness of the project. Born with the specific intent to obviate some of the major shortcomings of the creation attributed to Satoshi Nakamoto. In particular, those concerning transaction costs and times, much lower than those involved with Bitcoin.
What will happen to Bitcoin Cash now?
While these characteristics were certainly not affected by Tesla's move, it was the market that hit BCH hard. On the day in question, in fact, for the first time in history those who had a Bitcoin Cash found themselves in their hands less than a Bitcoin in terms of value. And soon even this historic low could become a sweet memory, considering how Bitcoin is able to overcome a negative trend in the sector unlike other cryptocurrencies. All that remains is to monitor the situation in the coming days to better understand what may happen.