BITCOIN may soon have to take a backseat to its offspring bitcoin cash, the 'bitcoin oracle’ Vinny Lingham has said.
Bitcoin is by far the most well-known cryptocurrency, but it might soon have to compete with its offspring, bitcoin cash, Vinny Lingham, the CEO of Civic said.
Speaking to CNBC, he said: “Personally when I look at bitcoin versus bitcoin cash.
“Bitcoin and bitcoin cash actually they’re focusing on two completely separate markets right now.
“These two products are serving different needs in a market.”
think the greater demand is for peer to peer cash than for digital gold
-Vinny Lingham"
Lingham said he thought bitcoin cash would succeed over bitcoin because it has more functionality.
He said: “The one need is global fast cheap payments with some tradeoffs and the other need is anti-fiat money where everyone can run a node to monitor and value their transactions.
“When I look at it from a products standpoint I think the greater demand is for peer to peer cash than for digital gold.
“But you know this is not something we will be certain of until a couple of years when this plays out.”
Bitcoin is a cryptocurrency not controlled by a single administrator and can be used to buy things worldwide electronically.
Bitcoin's popularity has caused demand to skyrocket throughout 2017, pushing other cryptocurrencies like Ripple and ethereum to also reap the benefits of the cryptocurrency craze.
Bitcoin fell 3.26 percent to $10,774.34 at 22:55 in London, according to Coindesk.com. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.
Bitcoin cash fell 5.23 percent to $1,565.70 at 22:57 in London, according to Coinmarketcap.com.