To „protect Bitcoin“, OKCoin withdraws Bitcoin Cash and Bitcoin SV from its platform

The OKCoin exchange platform delists Bitcoin Cash (BCH) and Bitcoin SV (BSV), the most famous forks of Bitcoin (BTC). The recent threats by Craig Wright led OKCoin to take such a decision to „protect Bitcoin“.

OKCoin delists Bitcoin Cash and Bitcoin SV

A press release from the CEO of OKCoin tells us that Bitcoin Cash (BCH) and Bitcoin SV (BSV) will soon be delisted from the platform . OKCoin informs its users that this decision was made to protect newbie customers who attempt to buy Bitcoin and as a matter of principle.

“It’s not an easy decision. We had a choice and there is collateral damage, but we had to defend the general principle in which we believe ”, argues Hong Fang, CEO of OKCoin.

The platform claims that the presence of BCH and BSV causes some confusion for new users, who do not always know what these cryptocurrencies are compared to the original Bitcoin.

In addition, the legal campaign led by Craig Wright against those who host the Bitcoin whitepaper was a real breaking point regarding this surprising initiative. For Hong Fang, a real dilemma quickly surfaced. Should we protect Bitcoin’s open source ethics or defend the fundamentals of the free market?

When this question starts to echo at OKCoin, the platform decides to remain neutral, and not to take a position. However, the fact that Craig Wright threatens the open source developer community has been the last straw.

„We believe that these threats are very destructive for development and for Bitcoin as a whole“, insists OKCoin

To support this decision regarding BCH and BSV, OKCoin points out that cryptocurrency enthusiasts themselves have exercised some sort of voting right with their money over the past three years.

“Today, BTC’s market capitalization is nearly $ 1 trillion, surpassing large public companies like Visa and Facebook in size. BCH and BSV, on the other hand, are valued at around 1.5% and 0.5% of the original Bitcoin, respectively. “

Here are all of the trading pairs withdrawn by OKCoin:

In addition to BCH and BSV, we note the presence of ETC , the native asset of the Ethereum Classic blockchain, a hard fork of Ethereum. More surprisingly and without further explanation, OKCoin is also withdrawing pairs comprising EURES , a euro-backed stablecoin.

The suspension of trading on these pairs will come into effect on March 1, 2021. The deposit, storage and withdrawal of affected cryptocurrencies will remain possible for the time being.

Towards a fall in Bitcoin forks ?

No offense to Craig Wright, Bitcoin Satoshi Vision is losing another battle . Already excluded from many platforms like Binance or Kraken, the visibility of the BSV may once again suffer, which will certainly accelerate its exit from the top 20 of the most capitalized cryptocurrencies on the market.

As for Bitcoin Cash, it is still available for trading on many platforms, including Binance. At the time of writing, the BCH is struggling to maintain its 10th place in the market capitalization ranking.

Interest in „clones“ greatly diminishes over time. In addition, they did not really take advantage of the current bull run, however led by their big brother, Bitcoin.

All of this reinforces once again the idea that Bitcoin will continue to lead the dance and nothing and no one will succeed in dethroning it.