Cryptocurrency News

OkCoin Set To Suspend Trades Of Bitcoin SV and Bitcoin Cash

Things have been good for everyone in the crypto space in the last couple of weeks, judging by the surge in the number of digital assets. But while everyone is having a good time, much cannot be said for the self-acclaimed creator of Bitcoin, Craig Wright. Some weeks ago, Wright threatened to sue some entities on the back of publishing the Bitcoin white paper on their sites, citing various copyright laws. Even though much has not been heard of the lawsuit, OkCoin has decided to act hast while the iron is hot as it has taken some drastic approach this week.

OkCoin CEO says the company is facing various misinformation wars

A recent publication by the firm would subsequently stop supporting and listing Bitcoin SV and Bitcoin Cash in the coming days. Notably, Craig Wright is the known founder of Bitcoin SV, an asset built on the hard fork of leading digital asset, Bitcoin. In their update, the company said that even though they might be open to not delisting it, the suspension of trades will begin on March 1.

In his analysis of the move, the CEO of the firm, Hong Fang, said that they were taking this drastic measures to combat various misinformation wars that will happen to go by the recent claims of Craig Wright. He also said that he was aware of the community behind Bitcoin SV and Bitcoin Cash. Recently, crypto enthusiasts came out to let the entire crypto community know that he has been receiving threats to his life from suspected Bitcoin SV community members.

This was after he said that he did not believe that Craig Wright created Bitcoin in the first place. Bitcoin saw a split in 2017, a move that saw the creation of several other digital assets that were using the same blockchain. Even though Bitcoin and the other assets were on the same blockchain, they possessed entirely different characteristics.

Bitcoin SV and Bitcoin Cash are the biggest Bitcoin hard forks

From that period up till this moment, Bitcoin has seen so many digital assets rise from its fork, but both Bitcoin SV and Bitcoin Cash have been the leading tokens up till this moment. Bitcoin Cash is used for payments entirely as it seeks to reduce the amount paid for transactions while reducing the time that a transaction will stay before it gets confirmed. After the fork was created in 2017, the block size was increased, which meant that many transactions could be added to the block to be confirmed at a go.

Bitcoin SV’s creation saw the block enlarged one more time, citing claims to confirm more transactions. Bitcoin SV was said the be the vision that Satoshi had for the digital asset in the first place, hence the SV at the back of the token. Compared to Bitcoin, both Bitcoin SV and Bitcoin Cash boasts of a relatively small market cap, with the former has a $4.3 billion market cap while the latter has a $13 billion market cap. OkCoin noted that suspension of the hard forks’ trades was coming on the recent information reaching them of the damaging behavior of Craig Wright as he continues to claim to be Satoshi Nakamoto.

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