Exodus. Bitcoin Cash has risen to a new all time high of $1,350, up $750 in one day as the market finally passes judgment on the scalability and utility of digital currencies.
While its trading volumes have reached a new high of $5.2 billion, highest ever for any digital currency, with Bithumb alone handling some $2 billion, while Bitfinex is handling nearly $700 million.
Bitcoin.com stated that now you can only pay with BCH for their mining contracts. Joannes Vermorel, a software engineer and founder of Lokad, stated Bitcoin Cash is bitcoin and he will move all company resources to it. While Tony Gallippi, Co-founder and Executive Chairman of BitPay, said:
“Judging by the action in bitcoin cash (BCH) today it appears there is an appetite for bigger blocks and lower transaction costs. We shall see.”
Bitpay’s CEO previously hinted they may add Bitcoin Cash, something which would accelerate BCH’s use as a currency. They have not yet made any statement confirming so, but with btc fees skyrocketing and it now being clear btc is useless for commerce, they may have no choice. While Ted Rogers, Xapo’s President, stated:
“My guess, biggest companies are packing up to move to BCH or ETH and will take millions users and transactions with them. Will still support BTC but not a focus for their future. Xapo still BTC only and will implement segwit but wouldn’t waste your time pressuring the others.”
An exodus, therefore, appears to be underway as an ecosystem built on the promises of as good as free and as good as instant global, permissionless, internet money, picks Bitcoin Cash, which continues to implement those promises.
Segwit2x’s cancellation may have left them with no choice as what is now called bitcoin is more correctly called bitgold, something you just hold, unlike a coin, which you hold or spend, like gold or cash, as you may prefer.