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CoinMarketCap Removes Bitcoin.com Amid Bitcoin Cash Controversy

Bitcoin.com has been deleted from CoinMarketCap‘s Bitcoin page after being listed as the secondary Bitcoin website for many years.

CoinMarketCap is an extremely popular tool that lists important information about almost every cryptocurrency in existence, which includes over a thousand different coins, and is ranked by Alexa as the 181st most popular website in the world. It is a big blow to Bitcoin.com’s legitimacy and future traffic to be delisted from CoinMarketCap.

There was no official announcement from CoinMarketCap regarding the deletion of Bitcoin.com, but the action occurred amid threats of legal action from the cryptocurrency community that Bitcoin.com was misleading and defrauding users by showing Bitcoin Cash as the default currency. Both the Bitcoin.com wallet software and a page to buy Bitcoin with your credit card displays Bitcoin Cash as the primary and recommended option, with actual Bitcoin being secondary.

The CEO of Bitcoin.com, Roger Ver, has been an avid supporter of Bitcoin Cash and argues that it is the “real” Bitcoin. He has been promoting Bitcoin Cash on his twitter feed and on his websites. Bitcoin Cash was created in August 2017 and directly forked from the Bitcoin blockchain; the main difference from Bitcoin is that Bitcoin Cash has a larger block size of 8 MB which allows more transactions per block, lowering transaction fees.

Bitcoin transaction fees exceeded USD 50 at one point during the last year, and was over USD 20 for two months straight. These extremely high fees per transaction made Bitcoin unusable as a currency to buy everyday things like a cup of coffee, and instead made it only feasible to use for investment purposes when dealing with large amounts of money.

Bitcoin Cash transaction fees have been much lower than Bitcoin since its inception in August 2017, although this is also partially owing to a lower value (Bitcoin Cash trades at about 15% of Bitcoin value) – hence its name since it is purportedly cheaper to use Bitcoin Cash as a currency due to the lower fee. Fortunately, Bitcoin transaction fees have declined to less than USD 1 at time of writing, although it is inevitable that transaction fees will increase as the value and popularity of Bitcoin rises in the future.

Regardless of transaction fees and the arguments of Roger Ver, Bitcoin Cash has much to catch up on if it were to consider itself a “true” version of Bitcoin. For one, it would have to address the fact that Bitcoin has far more mining power maintaining and securing the Bitcoin blockchain, with a more numerous and diverse – hence, more decentralized – distribution of nodes.

Considering how misleading it is for new users to be told that Bitcoin Cash is the real Bitcoin, it would make sense for this recent move by CoinMarketCap.

 

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