Onchain data shows that Erik Voorhees, an early supporter of Bitcoin, has shifted his altcoin preferences.
Erik Voorhees, a well-known figure and early supporter of Bitcoin, the world’s largest cryptocurrency, made a substantial trade today, and his choice of altcoins came as a surprise.
According to onchain sources, Erik Voorhees deposited Ethereum (ETH) worth approximately $4.81 million into the THORChain network and subsequently used this ETH to purchase Bitcoin Cash (BCH).
Bitcoin and Bitcoin Cash were separated as a result of a hard fork on August 1, 2017. The main reason for this separation was the deep disagreements within the community regarding how to solve the scaling problem that emerged in the Bitcoin network over time.
Bitcoin’s block size limit of 1 MB has led to transaction slowdowns and significantly increased transaction fees when the network becomes congested. This has been seen as a major problem, particularly by those who advocate for Bitcoin’s use in everyday payments.
At this point, two different approaches emerged. The Bitcoin side argued that increasing the block size could jeopardize decentralization and security, and that scalability should be achieved through second-layer solutions like SegWit and the Lightning Network. Conversely, the other group argued that Bitcoin’s original purpose was to be “peer-to-peer electronic cash,” and therefore wanted the block size increased so that more transactions could fit directly into blocks. This view led to the creation of Bitcoin Cash, which aimed for fast and low-cost transactions on the blockchain.
Erik Voorhees supported Segwit2x during the discussions about Bitcoin’s scalability problem, but this hard fork never happened.
