BCH Market Removed From The OKEx Exchange Due to Lack of Liquidity
BCH Will be Available for Trading in BTC, ETH and USDT Markets
In a recent video by the CEO of Arcane Bear, Tijo, brought up news about BCH market being removed from the OKEx exchange due to a lack of liquidity.
OKEx, one of the world’s largest digital asset exchanges and 1st ever to list BCH on December 11, 2017, has now done a 180 and made this announcement:
“We will close all the trading pairs in BCH market of Token Trading at 18:00 Mar 30, 2018 (Hong Kong time, UTC+8) due to inadequate liquidity. While BCH will still be available for trading in BTC, ETH and USDT markets (BCH/BTC, BCH/ETH, BCH/USDT).”
“For better management of your funds, we recommend you to cancel your pending orders as soon as possible or our system will cancel them all at the closing time. Thank you for your understanding and we apologize for any inconvenience caused.”
Why is this happening you say?
Well, it seems the battle between the two Bitcoins is coming to an end, which is laid out in this article. It is likely BCH has lost or at least is on a losing trajectory compared to Bitcoin after the launch of SegWit.
This gives mountains of ammunition to the large community of BCH haters who frequently called the coin Bcash, or some just outright called it a Scam. Many were unhappy that BCH was trying to Hijack the Bitcoin brand and reap the rewards of other people’s hard work.
In the video Tijo rightfully explains that if he were an advisor or PR for BCH in August of 2017 or even now, he would have advised them to create their own brand, as DASH has so successfully done, and not usurper the Bitcoin brand by claiming to be or claiming to represent the original white paper of Satoshi Nakamoto.
Why was there a hard Fork and How is Bcash different and better than Bitcoin?
Bitcoin Cash or BCH was created by a group around Bitcoin.com, spearheaded by Roger Ver. BCH was presented as a supposed answer to the long debated problem of the best way to scale Bitcoin to more users. Bcash, thought it was smart and decided to increase the ‘Max Blocksize Limit’ parameter of the Bitcoin codebase and increased the limit to 8MB. This new limit theoretically allowed for about two million transactions to be processed per day. Nothing really was changed, still the same code, same recognizable brand but now it is faster! Let’s dump all our BTC for Bcash, am I right? Well, wrong, I’ll tell you why.
Before the hard fork, there was an idea for Segregated Witness (SegWit) floating around. Back in 2015, Pieter Wiulle first presented the idea at the Scaling Bitcoin conference, and there was no hard fork required to make Bitcoin transactions faster and cheaper. So, what is SegWit and what makes it so good, what problems it fixes?
SegWit is a protocol upgrade that changes the way data is stored. It was touted as the solution to Bitcoin’s scaling problem. It isn’t making blocks bigger as Bcash does, it fixed transaction malleability by removing the signature information, the “witness” information and stored it outside the base transaction block. With that, signatures and scripts can be changed without affecting the transaction ID. It introduced a new concept, “block weight.” The removal of this information allowed Bitcoin to keep its 1MB size by making more room in that block by removing information that can be stored in a second layer. In my understanding this creates another benefit one that SegWit has made support for second layer protocols possible, like the upcoming Lightning network.
While it has been slow, many wallets now support SegWit and it has no sign of slowing and it has affected the liquidity of the BCH market to the point of being dropped by a major exchange. Is this the end of BCH? I don’t know, I am not an expert, but it really doesn’t look promising for the wannabe owners of the Bitcoin brand. What are your views on BCH, and this latest development? Do you think SegWit is overshadowing BCH and exposing as a scam coin, or do you think BCH can make a comeback, maybe as Tijo suggested, as its own brand? Use our comment section below and give us your two cents!