Bitcoin.com co-founder sells his bitcoins for another cryptocurrency, citing risky investment
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Bitcoin.com’s co-founder and chief technology officer Emil Oldenburg has reportedly sold off all his Bitcoins (BTC) and cashed in on Bitcoin Cash (BCH).
Oldenburg believes investing in Bitcoin right now may be the riskiest type of investment that a person can make, as stated in his interview with Swedish tech site Breakit via Business Insider.
He noted the 12-hour lead time to process transactions and the expensive transaction fees as one of the signs that BTC may not have a pleasant future ahead as an everyday currency. Imagine buying something from a convenience store with BTC and the store has to wait 12 hours before the customer’s payment goes into their store account.
Oldenburg says no real change would take place because of the stand of the people currently running the “old” bitcoin network.
”[They] want things this way. They see bitcoin as a digital gold and a technical experiment, as opposed to something you can actually use,” he said.
Article continues after this advertisementBitcoin.com is considered one of the largest bitcoin websites, offering a variety of Bitcoin related services. But Oldenburg says their site has begun to move away from bitcoin to focus more on BCH. Bitcoin Cash is a spinoff cryptocurrency of the original Bitcoin.
Article continues after this advertisementHe believes BCH will eventually become the digital currency for everyday use that people have been waiting for.
Oldenburg points at the larger block size limit of BCH as an advantage over BTC. BCH has an 8-megabyte block size limit, while BTC only has 1-megabyte. He says the larger block size limit would lead to lower transaction fees and a more liquid investment. Alfred Bayle/JB
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