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OkCoin removes Bitcoin Cash and BSV from its exchange for leading disinformation campaign

Key facts:

OKCoin wants to prevent new users from confusing BCH and BSV with Bitcoin (BTC).

Craig Wright, the self-appointed Satoshi Nakamoto, has led the attacks on Bitcoin.

The cryptocurrencies Bitcoin Cash (BCH) and Bitcoin SV (BSV) will be out of the OKCoin exchange starting next March.

As reported by Hong Fang, CEO of OKCoin, the cryptocurrencies BCH and BSV will be expelled from their platform due to the attacks that actors linked to these projects direct against Bitcoin (BTC), as a protocol and cryptocurrency.

The exchange argues that high-profile members of the BSV and BCH communities have led a disinformation campaign against Bitcoin. In the official statement signs up for Craig Wright (CSW) as the main promoter of the campaign in the Bitcoin SV community (acronym for ‘Satoshi Vision’ or ‘Satoshi Vision’).

OKCoin claims to have had a hard time regarding the lawsuits that CSW has filed against users who host the white paper of Bitcoin on their websites, an incident we reported on CryptoNews last January.

They also point out that CSW has not been able to verify that it is indeed the creator of the original cryptocurrency (BTC), as stated. The exchange’s CEO further explains that the Bitcoin Cash and Bitcoin SV brands aim to confuse investors.

These factors are very destructive to Bitcoin, the fundamental foundation of our industry. As long as we don’t have a better way to separate the BSV community from Craig Wright’s attacks on Bitcoin, and as long as we can’t differentiate BSV and BCH from the original Bitcoin on our platform, we’ll be more comfortable removing them.

If the BSV and BCH communities listen to the general sentiment of the market and decide to use a different name than Bitcoin and go their own way, we could reverse our decision and give these assets a chance.

Hong Fang, CEO of OKCoin.

The decision is made with the goal of supporting the spirit of open-source communities, as well as supporting the Bitcoin ecosystem and protecting new investors, they say.

They also clarify that they are not against hard forks or alternative projects that are created from a pre-existing network. Nor, they say, are they against the communities that support these cryptocurrencies and that are building solutions with them. However, the decision is made and Bitcoin Cash and Bitcoin SV will be taken off the exchange on March 1, 2021.

Fang assured that many cryptocurrency projects have forked from the source code of Bitcoin, but have their own name and logo, citing Litecoin as an example. What they cannot accept from OKCoin is that many try to use the Bitcoin brand to promote themselves as “the real bitcoin”, as promised by Bitcoin Cash and Bitcoin SV.

Fang stated that OKCoin should be responsible for prevent new investors from confusing these cryptocurrencies with the real Bitcoin.

Additionally, following the CEO’s announcement on Twitter, many users applauded this measure, although a few objected in defense mainly of BCH.

Bitcoin Cash and Bitcoin SV Where did they emerge from?

Bitcoin Cash emerged in 2017 when a part of the community decided to fork the network, at odds with the scalability solutions that were implemented in Bitcoin at the time (SegWit). The community chose to increase the size or capacity of the blocks in the Bitcoin Cash chain to process more transactions. The implementation of this measure was rejected in Bitcoin, as it would lead to errors and security breaches.

The criteria for the use of cryptocurrency (BCH), which has a market capitalization of USD 13 billion and a price of USD 730 at the time of writing this note, is to facilitate fast payments and with low commissions. To date already has experienced bifurcations due to disagreements between the community, as we reported in CriptoNoticias in November 2020.

For its part, Bitcoin SV (Bitcoin Satoshi’s Vision or BSV), with a capitalization of $ 4 billion and a price of $ 240, was created in November 2018 claiming to fulfill Satoshi Nakamoto’s vision of what Bitcoin should really be. BSV in turn derives from a contentious fork of Bitcoin Cash.

For its part, BTC, the original cryptocurrency recently reached USD 1 trillion by market capitalization and already exceeds USD 55,000 price in most global markets.