binance CEO changpeng zhaopopularly known as “CZ”, explained on Monday why he still uses Bitcoin BTC/USD Despite the recent BTC network congestion, two withdrawals have stopped in the last 24 hours.
What happened: CZ’s statement came in response to a suggestion by a Twitter account that BTC was unusable and 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: According to mempool.space, over the weekend, there were more than 469,000 transactions waiting to be processed on the bitcoin network.
Binance also announced in a Twitter post that it is working on enabling Lightning Network withdrawals, in order to prevent a similar recurrence in the future.
At the time of writing, BTC withdrawals have resumed on Binance.
It is worth noting that craig wrightWhich claims to be the creator of bitcoin, BSV has been a strong advocate for the cryptocurrency.
Price Action: At the time of writing, BTC is trading at $28,212, down 2.16% over the past 24-hours. According to Benzinga Pro.