Controversial cryptocurrency market personality Craig Wright has projected that 2018 will be a very good year for the virtual currency Bitcoin Cash (BCH). This comment was made after he failed to prove that he is Satoshi Nakamoto, the famously anonymous creator of Bitcoin.
In his recent Twitter post, Wright predicted that the upcoming year will be very good for Bitcoin Cash, which forked from the Bitcoin platform in mid-2017. He claimed that the major changes on the Bitcoin Cash platform will reap dividends for the cryptocurrency in 2018.
2018 is the year we bring Bitcoin to its full potential. BCH will have more security and no more issues with limits on what it can achieve.
Block size not constrained
Time to bring it to the world
— Dr Craig S Wright (@ProfFaustus) December 10, 2017
Tougher competition ahead: Bitcoin vs. Bitcoin Cash
Despite the continued dominance of the original cryptocurrency, Bitcoin, Bitcoin Cash has really tested the strength of Bitcoin’s support base. Both platforms offer something that the other does not have, so the issue is not which is better but rather which has the majority of support.
The main feature that distinguishes Bitcoin Cash from Bitcoin is increased block size (to a default of 8mb at the moment), resulting in increased transaction speed. However, the security of Bitcoin Cash as compared to Bitcoin is still being questioned, given that fewer miners are working on the network — this means lower hashrates, making the network less resistant to attack.
According to Wright, the dominance of Bitcoin over the other cryptocurrencies, particularly Bitcoin Cash, will shift considerably in the next year or so.
Wright’s confidence in the altcoin appears to be based on the major changes scheduled to be implemented on the Bitcoin Cash platform, including the introduction of a non-constrained block size.With these developments, it will be interesting to see whether Bitcoin Cash will be able to compete against the number one digital currency competitively.