Roger Ver: My long term goal is to increase the demand for Bitcoin Cash by making them more useful to people
Bitcoin Cash hash rate has suffered havoc following the halving that took place on April 09, 2020. Security concerns have increased due to an increased possibility of a 51% attack. And, somebody stated that Bitcoin Cash is probably dead.
Bitcoin Cash knew all these are coming during their ideological issues with BSV, and they have placed security measures in place to protect themselves from malicious attacks. In terms of difficulty adjustment, Bitcoin Cash is now very robust. However, is that enough for the current situation.
Roger Ver dismisses concerns after a significant drop in Bitcoin Cash hashrate
Bitcoin: gains value primarily based on the perception others will buy it.
Bitcoin Cash: gains value primarily through growing utility in commercial adoption and usage in general.https://t.co/LiwoXcH4NT
— Roger Ver (@rogerkver) April 9, 2020
Roger Ver early this month continued to reinstate:
“Bitcoin Cash transactions will soon have privacy so strong that there will be more potential combinations than there are atoms in the universe! 1. Fast 2. Cheap 3. Reliable 4. Private, coming very soon!”
As seen in the attached chart, the hashrate which was at 3.5804E on 8 April dropped by 48.2% to reach 1.8522E post the halving. As mentioned previously, BCH’s price fell too. The price had recorded a 71 % drop on 12 March, following which it had been on an upward trend lately. However, from 9 April onwards, there has been a slight fluctuation in the price. As seen in the chart below, a rising wedge pattern was being formed, indicating a potential downward movement, something the CMF indicator confirmed as well.
Additionally, a look at the mining profitability charts revealed that the mining profitability of Bitcoin Cash had been diving since 7 April; it dropped from 0.139 to 0.0488 following the halving. While the profitability plunged, mining difficulty also plunged, going from 492.7981G to 364.8434G.
BCH Mining Profitability historical chart | Source: Bitinfocharts
BCH Difficulty historical chart | Source: Bitinfocharts
Back in March, CoinMetrics had issued a report arguing that the upcoming halvings for both fork networks would force miners to migrate to the BTC chain. Commenting on this and the community’s fears regarding the same.
“The hash rate ebbs and flows with the price. I’m not worried about the drop in hashrate at all. I think the real issue is let’s make these cryptocurrencies useful for people around the world to engage in real commerce and, and not need permission from their bank or their government or anybody else for that matter. The hash rate is just a little side part of that overall picture.”
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