Bitcoin has had its fair share of detractors with several present even within the cryptocurrency industry. Since inception, the world’s largest cryptocurrency has witnessed several camps attack its credentials with some claiming that there were other ways to better use blockchain technology.
One of Bitcoin’s biggest critics was Roger Ver, who led the charge to create a new token called Bitcoin Cash by forking off Bitcoin. Since Bitcoin Cash was founded in 2017, Ver has not missed an opportunity to point out Bitcoin’s shortcomings.
In his latest tweet, the founder of Bitcoin. com set his scope on the Bitcoin Lightning Network [LN]. Ver stated that the LN was an utter failure because it had not achieved any of the scaling milestones it had promised its user base. His tweet read:
— Roger Ver (@rogerkver) September 27, 2020
Currently, there was Bitcoin worth $927.6 million locked in terms of dollars, a holding that had increased by 1 percent over the previous 24-hours. At the same time, the total Bitcoin-Ethereum pair was worth 2.6 million ETH while locked native BTC tokens amounted to 85.6K BTC. Ver’s comments received a lot of flak with the user base attacking Bitcoin Cash and its faults.
The LN community stated that Bitcoin Cash fell short of achieving the lofty milestones it had set itself with the cryptocurrency failing to make any significant impact on the charts. At press time, BCH was trading for $213 with a total market cap of $3.95 billion. A 2.16 percent price hike over the past day helped increase the daily trading volume to $1.28 billion. Despite his naysayers, Ver also had a staunch following who believed that the LN was nothing more than a diversion from actual developments in the space. This was put in words by Nanosapian, who tweeted:
“LN was never meant to work. It was meant to distract and redirect attention when scaling questions are asked.The reason is simple – BTC cannot scale and is now intended to be another custody solution. $NANO actually scaled while maxis lied.”
The Lightning Network was also in the news recently when the Lightning Network Daemon added accounting features to its network while upgrading c-lightning at the same time.