Binance CEO Changpeng Zhao, popularly known as "CZ," on Monday, explained why he still uses Bitcoin BTC/USD despite recent BTC network congestion causing two withdrawal halts in the last 24 hours.
What Happened: CZ’s statement came in response to a Twitter account’s suggestion that BTC was unusable and that an alternative such as BSV BSV/USD should be used instead.
CZ acknowledged issues such as fluctuating gas prices, stuck transactions, and rising fees, but reminded users that these were issues during a "bull market." He also noted that BTC transactions remained "faster and cheaper than fiat."
See More: Is Bitcoin a Good Investment?
Why It Matters: Over the weekend, more than 469,000 transactions piled up on the Bitcoin network waiting to be processed, according to mempool.space.
Binance also announced in a Twitter post that to prevent similar recurrence in future, it is working on enabling Lightning Network withdrawals.
At the time of writing, BTC withdrawals had resumed on Binance.
It is worth noting that Craig Wright, who claims to be the creator of Bitcoin, has been a strong advocate for the BSV cryptocurrency.
Price Action: At the time of writing, BTC was trading at $28,212, down 2.16% in the last 24 hours, according to Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
