The world is finally waking up to the threat of digital cash, and bitcoin cash is the most famous cryptocurrency to have made the leap from the shadows to mainstream acceptance.
The digital currency, which has surged in value by a staggering 70,000 percent over the past year, is now used as a means of payment for purchases at major retailers such as Amazon, the world’s largest retailer, as well as by the military and the state.
Bitcoin is now worth more than $800 billion, up more than 50 percent since last year.
The cryptocurrency, which is traded on exchanges such as Coinbase and Bitfinex, has been praised for its ability to facilitate anonymous transactions, and its anonymity makes it perfect for storing funds online.
But as the cryptocurrency’s value has soared, its security has also been a concern.
“There are a lot of flaws in bitcoin,” said John McAfee, the founder of antivirus software company McAfee SecureWorks.
“The protocol is not secure.
It’s not very strong.
It has the potential for misuse.”
As a result, some have suggested that bitcoin could eventually be considered as a kind of black market.
“I would be a fool not to look at bitcoin as a legitimate form of payment,” McAfee told CNNMoney in an interview last year, arguing that the currency could eventually become the “world’s second largest cryptocurrency.”
He pointed out that the blockchain technology behind bitcoin would make it easier for the government to track payments and transactions and could make it possible for businesses to track the movements of transactions.
But in recent months, other experts have warned that bitcoin has serious flaws that make it more susceptible to hacking, theft, fraud and other forms of fraud.
One major concern is that the technology behind the cryptocurrency, dubbed Bitcoin Cash, does not yet have an official name.
“Bitcoin Cash is not officially named, and is only called by a couple of codenames,” McLeod said.
“So people who have no idea what Bitcoin Cash is, will be confused and will be thinking it is Bitcoin.”
As McAfee noted, there is no consensus about whether bitcoin is a legitimate currency or not.
“This is the first time I have ever heard of a coin that is not a legitimate one, and that is Bitcoin Cash,” he said.
Bitcoin Cash was created on the same blockchain technology that underpinned bitcoin and other cryptocurrencies, and it has received significant attention from regulators and the bitcoin community, which was instrumental in pushing it through regulatory scrutiny.
McAfee called bitcoin cash the most powerful cryptocurrency to date, and he believes that it is on track to become the world $200 trillion-dollar market within a year.
Bitcoin cash’s growth has been fueled in part by the increasing popularity of online shopping.
The global online shopping market is expected to surpass $100 billion this year, according to estimates by digital currency researcher CoinDesk.
McLeod argues that bitcoin cash will likely continue to be used as the primary form of global payment for retailers and other businesses that have to deal with high transaction volumes.
“It is still relatively young, and there is still a lot that needs to be done to build trust in it,” McNeil said.
And McAfee sees it as a possible long-term way for the cryptocurrency to grow, since bitcoin cash has the ability to become a viable payment method.
“Once they have an established system of payment, they will have a large amount of users,” he explained.
“And that is going to make them the dominant way of payment in the next decade.”
McAfee also believes that the cryptocurrency could eventually attract large amounts of money that can be used to pay for illicit activity.
“We are very excited about bitcoin cash,” McBain said.
But McAfee cautioned that the crypto-currency has not yet become a form of gold or silver, because its blockchain technology has yet to be standardized.
“With Bitcoin Cash there is nothing in the blockchain that would make you buy gold,” he argued.
“You could get gold through bitcoins.”
In other words, bitcoin cash may not have the same level of value as other digital currencies, but it could still provide a steady source of money for merchants.
“If I buy some bitcoin, you could get it back,” McBrien said.