Winners are those who know when to quit while they are ahead. Is it really time to sell your Bitcoin today? To this day, you can still consider cryptocurrencies as a very risky gamble to play. In fact, you will never know when the bubble is going to burst or when the next correction is going to take place.
Since virtual currency is still in its infancy, you will just never know what the cryptocurrency world will look like after a few years. Which virtual currencies are going to stay and which ones are going to be adopted by different industries? And in reality, there is a possibility that Bitcoin isn’t even going to be the top cryptocurrency in the next years.
For bitcoin.com co-founder and CTO Emil Oldenburg, it is time to make a switch and to cash out on Bitcoin.
Bitcoin.com has been considered as one of the most popular Bitcoin websites to date. Its profile has grown in popularity over the last months thanks to the surge in the price of cryptocurrencies this year. Bitcoin.com enjoys tens of millions of unique visitors monthly according to Similarweb which is a web analytics website.
However, Emil Oldenburg has chosen to play safe when it comes to his Bitcoin investment. He mentioned that “Bitcoin is right now the riskiest investment you can make. There’s an extremely high risk”. He added that “I have in fact sold all my bitcoins recently and switched to bitcoin cash”
Oldenburg refused to disclose the amount that he gained from selling his Bitcoin. However, he mentioned that “it’s an awfully lot of money”. He also mentioned that in the last three years, his salary was in form of Bitcoin.
Why Switch to Bitcoin Cash?
There could be a lot of reasons why Oldenburg considered switching to Bitcoin cash. For one, it now takes more than 4 hours in order to confirm a transaction. In addition to this, you can also blame the surging fees involved in trading Bitcoin. And also, you have the lack of market liquidity of the cryptocurrency.
He mentioned that one controversial issue today is the limited amount of bitcoin trade that you can actually do per second. This could lead to high transaction costs considering more and more people are crowding the market looking for quick returns on their investment.
Bitcoin.com Distancing from Bitcoin?
You may consider it ironic that bitcoin.com is now distancing itself from Bitcoin itself. It now mostly focuses on bitcoin cash which has overtaken Ethereum as the second largest cryptocurrency.
What exactly makes Bitcoin cash alluring? According to Oldenburg, for one, you only have to pay $0.12 per transaction while there are also no lead times. As for the drawback, you will definitely need to have a much larger hard drive. However, the bigger block size limit for Bitcoin cash is the reason why the transaction fees are lower than that of Bitcoin.
Oldenburg doesn’t believe that Bitcoin is the practical virtual currency that people are actually hoping for. Instead, he believes that the solution can be found in bitcoin cash which could hold a bright future.
