The Bitcoin Cash “Tax” Concept Doesn’t go Over Well

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A lot of things happen in the cryptocurrency space every single week. Bitcoin Cash, a project not necessarily favored by most, is seemingly making things worse for itself.

More specifically, the developers of BCH are looking to introduce a new “tax”.

A Major PR Nightmare for Bitcoin Cash

A remarkable decision in many ways, albeit it is not entirely abnormal either.

Through a new bitcoin Cash development fund, the miners will see their earnings reduced.

More specifically, the goal is to fund BCH development through a 12.5% block reward tax.

This tax is moved to a centralized wallet owned by an entity in Asia.

As such, there are genuine concerns as to how a few miners may collude to take over the network. 

Others, on the other hand, are not worried about a takeover, but they still dislike the overall tax system.

It is evident that most people do not see merit in directly taking a portion of the block reward for this specific purpose.

At the same time, ZCash also directs a portion of its block rewards tot he development of the project.

Finding an alternative solution will prove crucial, albeit that is much easier said than done. 

How all of this will affect the future of Bitcoin Cash, is very difficult to predict at this time. 

The post The Bitcoin Cash “Tax” Concept Doesn’t go Over Well appeared first on CryptoMode.

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