Bitcoin Co-founder Dumps Bitcoin For Bitcoin Cash - Crypto News

Poor bitcoin has been having a tough week lately. First, the prices remained stagnant at around $20,000, with the introduction of bitcoin futures in the market.

Now, bitcoin co-founder Emil Oldenburg stated, "It (bitcoin) is an extremely high risk. I've actually sold all my bitcoin recently and switched to bitcoin cash (BCH)."

Oldenburg is mostly concerned about prevalent bitcoin issues such as high transaction fees and confirmation fees. According to certain estimates, the cost of a bitcoin transaction doubles every quarter and each transaction requires over four hours to get approved in the blockchain.

In an interview to Swedish tech site Breakit, he said, "It costs a lot to transfer bitcoins to and from the stock exchanges. When I sold my BTC I had to pay 50 dollars and wait 12 hours for the transaction to go through because of this. It's completely unreasonable."

There is no doubt that bitcoin is generating a lot of revenue, chiefly due to bitcoin's never-ending price surge. The website is doing well because of its wallet services, news vertical the company-based mining pool.

Oldenburg claimed that as soon as potential investors realise the limitations of the older bitcoin network, they will want to jump ship.

To provide a little background, bitcoin cash grew out of a hard fork in August this year. There are blocks providing 8MB as compared to bitcoin's 1MB. Bitcoin cash also allows faster processing speeds, lower transaction fees and more transactions per block.

The Chief Technical Officer (CTO) added that is now turning its attention to bitcoin cash instead of the old bitcoinnetwork which has been led by "fanatical bitcoin Talibans who do not like change."

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