OKCoin seeks that new users do not confuse BCH and BSV with Bitcoin (BTC). Craig Wright, who calls himself Satoshi Nakamoto, has led the attacks on Bitcoin.
The OKCoin exchange will withdraw cryptocurrencies Bitcoin Cash (BCH) and Bitcoin SV (BSV) from March 1st. Hong Fang, CEO of OKCoin, said that they will take out BCH and BSV cryptocurrencies from their platform. The attacks that actors connected to these projects launch against Bitcoin (BTC), as both a protocol and a cryptocurrency, are the reason for this.
According to the exchange, members of the BSV and BCH communities have led a disinformation campaign against Bitcoin. The official statement points to Craig Wright as the main promoter of the campaign in the Bitcoin SV (“Satoshi Vision”) community.
Wright has filed lawsuits against users who host the Bitcoin white paper on their websites. OKCoin claimed that this situation has led them to have a hard time.
They have also stated that they have not been able to verify whether Wright is the creator of the first cryptocurrency. Hong Fang, the CEO of the exchange, explained that the Bitcoin Cash and Bitcoin SV brands tend to confuse new investors.
Reasons to Make that Decision
They said that they made that decision to support the spirit of open-source communities. Additionally, they explained that they seek to support the Bitcoin ecosystem and protect new investors.
Besides, they clarified that they are not against hard forks or alternative projects that arise from a pre-existing network. They said that they are also not against the communities that support these cryptocurrencies and build solutions with them.
“Many cryptocurrency projects, like Litecoin, have forked from the source code of Bitcoin, but they have their own name and logo,” said Fang. OKCoin says that they cannot accept anyone trying to pass it off as “the real Bitcoin”, as has happened with Bitcoin Cash and Bitcoin SV.
Fang raised that OKCoin has to prevent new investors from mistaking these cryptocurrencies for the real Bitcoin. Many users applauded this move, but some objected to it mainly in defense of Bitcoin Cash.
Origin of Bitcoin Cash and Bitcoin SV
In 2017, a part of the community decided to fork the Bitcoin network, which gave rise to Bitcoin Cash (BCH). Those people did it because they disagreed with the scalability solutions (SegWit) implemented on Bitcoin at the time.
They chose to increase the size of the blocks on the Bitcoin Cash chain to process more transactions. On Bitcoin, they rejected the implementation of this measure, since it would lead to errors and security breaches.
Bitcoin Cash has a market capitalization of USD 13 billion and a price of around USD 730. The criteria for using the cryptocurrency is to facilitate fast payments with low fees. So far, it has undergone forks as a result of disagreements within the community.
Bitcoin SV (BSV) emerged in 2018 from a contentious fork to Bitcoin Cash. Its creators claimed that it fulfilled Nakamoto’s vision of what Bitcoin should be. This cryptocurrency has a capitalization of USD 4 billion and a price of around USD 240.
Concerning Bitcoin, the pioneering cryptocurrency recently reached USD 1 trillion by market capitalization. Also, its price currently exceeds USD 55,000 in most world markets.
By Alexander Salazar