cointelegraph.com
Controversial Bitcoin (BTC) spin-off Bitcoin Cash (BCH) has hit new all-time lows against its parent after Tesla publicly rejected using it for payments.
In a series of tweets on March 24, CEO and "Technoking" Elon Musk confirmed that U.S. customers could now buy a Tesla using BTC — but his company shunned "fork products" such as BCH.
Tesla: Don't send us anything but BTC
Bitcoin Cash spun off from the Bitcoin blockchain in August 2017 and has since remained a controversial entity within cryptocurrency.
Proponents claim supremacy over Bitcoin thanks to BCH fees being far lower while transactions also tend to take less time to clear and require fewer resources.
The narrative has taken various forms over the years, with advocacy ranging from passive to belligerent as BCH/BTC continues to plug new lows. On Wednesday, BCH holders received less than 1% of a Bitcoin — 0.089 BTC — per 1 BCH for the first time.
As Cointelegraph reported, so-called "Layer 2" solutions such as the Lightning Network, while criticized by Dotcom, are designed to move the majority of BTC transactions off-chain, reducing fees and transaction times to near zero.
BCH meanwhile faces other problems, its declining price pushing it out of the top ten cryptocurrencies by market cap this year.