Bitcoin Cash has reached its all-time low after Tesla said customers cannot make payments using the asset. Ranked 13th on CoinMarketCap, BCH is currently down 10.92% to $474.14.
On the 24th of March, Tesla CEO Elon Musk announced that people can now pay for vehicles with Bitcoin, fulfilling a previous hint. The CEO stated that only the king coin is accepted and specifically said that “Bitcoin fork products like Bitcoin Cash and Bitcoin SV” are not accepted for payments.
The company added:
“Our Bitcoin digital wallet is not configured to detect or receive other digital assets other than Bitcoin.”
However, Tesla has removed the statement that specified that BCH is not acceptable.
Bitcoin Cash has remained a controversial cryptocurrency ever since it developed from the Bitcoin blockchain in August 2017. BCH supporters claim that the crypto asset is superior to Bitcoin as it charges lower fees than BTC. Also, BCH transactions are faster and require less resources.
In contrast, the Bitcoin community argues that BCH has no value even though BCH requires lower transaction fees. Bitcoin supporters believe BTC is superior as the king coin has survived 12 years since inception. At press time, Bitcoin is trading at $51,697.45.
Image Credits: Pixabay
