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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 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 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