Category Archives: BL3P

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A Fork in the Road for Major Dutch Exchange as It Dumps Bitcoin Cash

Dutch cryptocurrency exchange BL3P has announced it plans to follow Hong Kong exchange OKEx and remove Bitcoin Cash before the announced hard fork due to take place on 15 May, according to a recent BL3P blog post.

The exchange suggested that the move was pre-planned, stating, “Since there already was a planning for the removal of Bitcash the hard fork has become a reason and strict deadline for the removal of Bitcash from BL3P.”

Reddit has been flooded with comments surrounding Bitcoin Cash (BCH) since it forked from Bitcoin in August 2017, receiving a plethora of favorable and less supportive points of view concerning the new currency, reports Bitcoinist.  Volatility in BCH markets has remained higher than that of Bitcoin,  fluctuating considerably as Bitcoin prices fell over the weekend.

According to the Cointelegraph, the Dutch exchange’s release manager Tom Zander was putting a positive spin on the fork last November when he suggested that Bitcoin Cash would find its own market, commenting, “It is now up to the next billion people to start to use Bitcoin Cash. In at most six months I’m sure we’ll just drop the ‘Cash’ and call it Bitcoin.”

In shutting down its operations and asking customers to withdraw their funds, the company blog  announced, “BL3P maintains a strict selection policy when it comes to support for altcoins, bitcash, unfortunately, does not meet these requirements.”

Despite slightly faster and cheaper transactions than Bitcoin, the alternative BCH currency has had many detractors, often claiming that it is essentially stealing the code and the brand name of the original Bitcoin. Many investors suggest that it has no infrastructure and no support, whereas Bitcoin has thousands of websites, merchants, and casinos which support it, and a network effect of millions of people.

 

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