Finance investment magnate Tim Draper endorses Bitcoin Cash

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Last Updated on 5 September 2020 by CryptoTips.eu

Popular venture capitalist Tim Draper has showed his praise for Bitcoin Cash (BCH) in a recent tweet. Draper endorsed the ease in which he was able to purchase Bitcoin Cash recently and encouraged his followers to hold the coin.

Furthermore Draper praised BCH founder Roger Ver for the innovation and this was an excellent endorsement from one of the top stakeholders in the finance sector. Most of the reactions of his tweet was not very positive. He also tagged the wrong Roger Ver account. People are asking themselves if Tim Draper was hacked, but the Tweet is still online.

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Bitcoin Cash still embroiled in controversy

Bitcoin Cash, despite its enormous potential, has been recently embroiled in controversy with a faction looking to split from the ecosystem before the end of the year. The fork, which is instigated by Bitcoin ABCs infrastructure funding proposal, would see the second major fork on its blockchain following that of Bitcoin SV some years ago.

This suggests that all is not well within the Bitcoin Cash community with different accusations thrown as behind the reason for the fork. Despite this Bitcoin Cash appears to be one of the top blockchain platforms in terms of transaction fees and confirmation times.

It has not been plagued with the recent spate of high transaction fees and slow confirmation times suffered by rival blockchains Bitcoin and Ethereum.

Bitcoin Cash adoption gaining momentum in Africa

The relatively low fees for BCH has seen the coin gain momentum in regions of low spending power like Africa. To put it into context, BCH transaction fees remain less than $1 at a time that transaction fees on Bitcoin and Ethereum are averaging the $7 mark.

This has made it gain popularity in Africa where many active traders are converting their BTC to Bitcoin Cash before sending it to their local exchange for fiat currencies. This cheap international transfers have also seen it an increasing choice for remittances as it is faster and cheaper than traditional sending platforms.

With crypto adoption becoming a major topic, Bitcoin Cash is well positioned to take charge as the best coin suited for international transactions with the current issues plaguing leading coin Bitcoin. Bitcoin Cash also took the position 5 back on the leader board from Chainlink.