San Francisco-based cryptocurrency exchange OKCoin announced yesterday that it will suspend Bitcoin Cash and Bitcoin SV trading from March 1, 2021.
Mr. Hong Fang, CEO of OKCoin, stated that the halting of the circulation of the two currencies aims to protect Bitcoin from the malicious and erroneous information war launched by Craig Wright, who is alleged to be the founder of Bitcoin and a group of other prominent members of these communities (those who promote Bitcoin. Cash and Bitcoin SV).
What is Bitcoin Cash and Bitcoin SV?
In 2017, Bitcoin split into two main branches.
Splitting usually occurs when blockchain users separate from the rest of the network to create a new blockchain network, often with different features.
Bitcoin diverged and split from thousands of digital currencies, but Bitcoin Cash and Bitcoin SV are two of the largest.
Bitcoin Cash is based on preparing the currency for financial payments.
It reduces transaction fees from tens of dollars to a few cents and reduces transaction times, through a series of updates added to the blockchain.
Bitcoin Cash was created in 2017.
While Bitcoin SV, which means “Satoshi’s Vision,” these letters mean Satoshi’s vision, that is, the coin is trying to achieve Satoshi’s vision. Craig Wright is supervising this coin.
Both digital currencies referenced in this article have relatively small market limits.
The market value of Bitcoin Cash is $ 13 billion, while the market value of Bitcoin “SV” is $ 4.3 billion.
These are decent amounts, but nothing compared to Bitcoin’s $ 1 trillion market value.
Why will “OKCoin” delete BCH and BSV trading?
In a statement, OKCoin told the platform that it would suspend cryptocurrency trading because Craig Wright, who has declared himself the founder of Bitcoin and has been refuted by many analysts, is hurting the bitcoin community.
The straw that broke the camel’s back came last month, when he imposed “Wright” and made claims that he had the copyright to the bitcoin white paper.
The CEO of the platform “OKCoin” stated in a blog post:
We are extremely concerned about the copyright claim and the threat of legal action by Craig Wright against the open source community.
This is a sample from a long historical series of problematic legal actions that Wright took to defend his claims as the creator of Bitcoin.
And as we mentioned earlier, “Wright” is still beating the same drum for years now, despite the fact that judges accused him of plagiarism and lying.
The CEO of the “OKCoin” platform added:
Even if Wright does not control or own the entire BSV community, he is a very important and influential stakeholder out there.
If we continue to allow BSV to trade on our platform, we risk supporting such an implicit attack on the open nature of Bitcoin, which is extremely damaging to the Bitcoin ecosystem.
So, no more Bitcoin Cash or Bitcoin SV for any of OKCoin customers.