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Bitcoin Cash has had an anticlimactic start

(Image credit: Image Credit: Julia Tsokur / Shutterstock)

Bitcoin Cash, a new cryptocurrency formed after splitting from the notorious Bitcoin, is off to a slow start, according to some traders. 

As Reuters (opens in new tab) reported this morning, the sluggishness is mainly due to insufficient support for the new currency. It took almost six hours for the first batch of Bitcoin Cash (opens in new tab) coins to be mined.

"It's been a slow start for Bitcoin Cash," said Iqbal Gandham, managing director at trading platform eToro. "The delay ... could be a result of a lack of miner support for the new cryptocurrency."

The new currency traded on a few platforms at a median price of $146.37. The 'old' Bitcoin, on the other hand, traded at $2,729, down 4.6 per cent from Monday.

Ryan Taylor, chief executive of Dash Core, a firm that manages the development of the Dash digital currency, said Bitcoin Cash may yet be short-lived.

"Bitcoin Cash has not solved scaling," Dash said. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users."

Bitcoin Cash was created by mostly Chinese Bitcoin miners who were not satisfied with scheduled improvements to the currency's technology.

Some traders refuse to support Bitcoin Cash because they feel it means creating money 'out of thin air'.

Image Credit: Julia Tsokur / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.