The leader of Bitcoin Cash, Roger Ver, offered OpenNode, a notable software company building BTC’s Lightning Network, $1.25 million to work on payment processing for Bitcoin Cash (BCH).
Ver’s investment offer comes off the back of Tim Drapers $1.25 million investment into OpenNode’s BTC Lightning Network. According to Ver, Draper is a brilliant investor but is making a huge mistake.
Would Lightning Network Work Better on Bitcoin Cash?
Ver believes BTC’s Lightning Network will take decades to onboard people. In a video on the matter, he said that building the Lighting Network on Bitcoin Cash with its larger block sizes, will make it work far better.
He says for the Lightning Network to onboard 10 billion people, it would take over 100 years on Bitcoin and only 40 years on Bitcoin Cash.
Ver came to this conclusion by providing a makeshift analysis filled with unrealistic assumptions that both Bitcoin, Bitcoin Cash, and the Lightning Network would be stagnant, with no upgrades or updates.
As such, his statement cannot be taken too seriously as it has many shortcomings and assumptions.
During Ver’s video where he lambasted the scaling limitations of Bitcoin’s Lightning Network, Ver made OpenNode an offer stating:
I have an offer for the OpenNode team and Tim Draper. You [Draper] invested $1.25 million in OpenNode, a Bitcoin-only payments processing startup. Well Tim, I’m offering to match your $1.25 million investment in OpenNode, with no strings attached equity-wise. I don’t need one share [of equity] whatsoever. All I require is that OpenNode actually starts working on payment processing for Bitcoin Cash, the version of Bitcoin that has the most Bitcoin-ness about it.
OpenNode Declines Ver’s $1.25 Million Offer
Despite Ver’s arguments for why the Lightning Network would work better on Bitcoin Cash, OpenNode declined Ver’s offer:
Thanks for the $1.25MM offer @rogerkver, but we’re going to have to turn it down. Our vision of a better, more open financial system is only possible with Bitcoin. #bitcoin4everydayhttps://t.co/4tbavwnXXb
— OpenNode (@OpenNodeCo) December 30, 2018
According to OpenNode, the software company is exclusively serving Bitcoin for several reasons:
Bitcoin’s network is a decentralized cryptographic blockchain that has never been hacked or compromised since its inception. It is the most secure, liquid, and longest working blockchain. We are only providing businesses with the ability to accept bitcoin because we want to protect our users as best we can by limiting their exposure to the broader token market.
Conclusion
Though Bitcoin may have limitations, both Draper and OpenNode are confident in its future. The Bitcoin Lightning Network has finally seen massive growth in recent months, and it appears real progress is being made.
Bitcoin fans and investors everywhere are betting on the Lightning Network to scale and become the world’s most widely used payment network.
Check out Ver’s video on the scaling issues of Bitcoin’s lightning network and his offer to OpenNode and Draper below:
Do you think Bitcoin’s Lightning Network will be a success? How much longer until it becomes a reliable payments network for mainstream Bitcoin users? Let us know what you think in the comment section below.
