A nation obsessed.
Emil Oldenburg, co-founder and CTO of the wildly successful Bitcoin.com, one of the world’s largest bitcoin sites, has sold all of his bitcoins recently due to the ”extremely skeptical” future of the cryptocurrency.
The Swedish native stated in a recent interview with tech site Breakit: ”I would say an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk.”
Oldenburg has in fact put his cryptocurrency where his mouth is and migrated to the lesser known spinoff, bitcoin cash (BCH).
“I have in fact sold all my bitcoins recently and switched to bitcoin cash.”
BCH split from bitcoin in back August 2017 and, at time of writing, recently overtook Ethereum as the world’s second-largest cryptocurrency. And ever since, the currency has gained strong support of Oldenburg’s co-founder, Roger Ver.
With surrounding, and consistent, talk of the worldwide payment system hitting headlines all around the world, and not to mention highs that the currency had never seen before, a question beckons – why would one sell it when it seems to be at the top of its game?
According to Oldenburg, his big problem with bitcoin is its high transaction costs and lead times. For those in the know, you’ll be aware that bitcoin transaction fees are doubling every three months, and it now takes on average 4.5 hours to confirm a bitcoin transaction.
Ars Technica have reported recently that fees reach $26 per trade.
As well as this, it appears that bitcoin transactions can be particularly tricky to handle – another reason why Oldenburg has decided to sell.
This is due to the recording of all transactions on what is called the blockchain, a digital ledger of sorts reserved for bitcoin. And most people who’ve bought bitcoin, haven’t come across this tricky system yet, as they haven’t yet attempted to sell.
So difficult is the transaction process, that Oldenburg has deemed it ”as good as unusable,” saying: “as soon as people realise that this is how it works, they will start to sell.”
Due to these reasons and more, Oldenburg now does not believe that bitcoin will be the everyday currency that the world has been hoping for.
He does believe, however, that Bitcoin cash is the way forward. Naturally.
LISTEN: You Must Be Jokin’ with Conor Sketches | Tiger Woods loves Ger Loughnane and cosplaying as Charles LeClerc
