Bitcoin Classic this week announced on its website it is officially shutting down, and they credit themselves for the current bullish traction of Bitcoin Cash. The developers of “classic” claim Bitcoin Cash (BCH) will become new Bitcoin by May of 2018.
Tom Zander praised Bitcoin Cash in the statement claiming its validity meant that Bitcoin Classic “fulfilled its promise.”
He also said, “It is now up to you which chain will gain the most traction. It is now up to the next billion people to start to use Bitcoin Cash. In at most six months I’m sure we’ll just drop the ‘Cash’ and call it ‘Bitcoin.’”
At the time of reporting, Bitcoin Cash has shot up in price over 49 percent at $943.49, in the last 24 hours. This is its highest value since its debut back in mid-August.
Funds seem to be flowing into the Bitcoin rival, after the highly anticipated Bitcoin network upgrade, SegWit2x, was shut down on Wednesday. This sudden halt was due to the decline in support from its developing team and fear of a potential blockchain split, thus creating another Bitcoin rival.
Zander had some words to say about the decision of Bitcoin to not go ahead with the upgrade stating, “The fact that the Legacy chain is stuck at 1 MB, and likely always will be, confirms the Cash chain’s viability. Now the market will decide.”
Before the news of this upcoming hard fork, Bitcoin Cash had been stagnant. Now, there is much support pouring in from public and investors, as its price has skyrocketed.
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