Published:

Co-Founder Of Bitcoin.com Has Sold All His Bitcoins — Because The Currency Is “Virtually Unusable”

Swedish native, Emil Oldenburg — CTO and co-founder of one of the largest bitcoin sites, Bitcoin.com — has sold all his Bitcoins and switched to Bitcoin Cash, another top cryptocurrency which was launched in August.

Oldenburg told Swedish tech site Breakit, “an investment in bitcoin is right now the riskiest investment you can make. There’s an extremely high risk. I have in fact sold all my bitcoins recently and switched to bitcoin cash,”

According to him, Bitcoin in now became “virtually unusable” cryptocurrency and major drawbacks are its high transaction costs, long waiting times for transactions and also only a limited amount of transactions per second you can make in the bitcoin network. “As soon as people realize that this is how it works, they will start to sell,” he says.

He added, many Bitcoin investors haven’t understood this highly risky and illiquid cryptocurrency because may they have only been buying the Bitcoins — but never sold or traded them.

Bitcoin is the first decentralized digital currency now ruling the market but Oldenburg believes there’s a brighter future for Bitcoin Cash. Bitcoin.com was founded in 2015 by bitcoin investor Roger Ver — provides a range of services related to bitcoins, including a bitcoin casino, news services etc are now going to focus mostly on Bitcoin Cash and has stopped developing new services for the old Bitcoin network.

So what do you think about Bitcoin future? Are you still going to hold or buy Bitcoins?

Avinash A
Avinash A
Meet Avinash, a tech editor with a Master's in Computer Science and a passion for futuristic tech, AI, and Machine Learning. Known for making complex tech easy to understand, he's a respected voice in leading tech publications and podcasts. When he's not deciphering the latest AI trends, Avinash indulges in building robots and dreaming up the next big tech breakthrough.

1 COMMENT

  1. i think one of the reason is that he thinks bitcoin cash is more flexible and less time consuming in both mining as well transaction…

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from this stream