Cryptocurrency wallet provider Bitfi has decided that Bitcoin Cash (BCHABC) has become too unstable to warrant support by the wallet. In a release by the company from yesterday, it has announced that the wallet won’t include BCHABC, due to Bitfi’s belief that BCHABC has become “acutely damaging and toxic to the industry.” It also asserts that questionable actions by Bitmain related to its relationship with the BCHABC community have forced the company to reconsider its BCHABC support.
According to Bitfi, “Management believes that Bitcoin Cash (BCHABC), while having a sound and useful technology, is operating a PR and advertising campaign that is confusing, especially to newcomers to the digital asset market. As such, Bitfi believes, it is acutely damaging and toxic to the industry if investors are not sure what the real Bitcoin (BTC) is.”
Bitfi further called out Roger Ver and Bitcoin.com for spreading “demonstrably false” propaganda with its claims that BCHABC is Bitcoin. It also asserts that Bitcoin.com has destabilized the crypto ecosystem, causing “far-reaching” consequences.
The company continues, “In addition, at the end of 2017, Bitmain, a Chinese hardware mining manufacturer, engaged in aggressive selling of large quantities of [Bitcoin Core] (BTC) into the price using the capital to prop up the price of Bitcoin Cash (BCHABC) as revealed in documents that were disclosed for Bitmain’s IPO [initial public offering] filing. According to Bitfi, this was likely done in the hopes of flipping the price of Bitcoin (BTC) and Bitcoin Cash (BCHABC) in order to take over the name Bitcoin, which would then be controlled by several powerful companies and individuals.”
There have also been issues with new users erroneously sending BCHABC to BTC wallets due to the lack of clarity regarding the relationship between the two digital currencies. Bitfi essentially asserts that if the BCHABC community grows up and starts acting in a respectable and responsible manner, it could consider adding BCHABC support into the wallet. It states, “Bitfi feels it would be irresponsible to add support for Bitcoin Cash (BCHABC) until the founders of the Bitcoin Cash (BCHABC) clarify that Bitcoin Cash (BCHABC) is a fork off the original Bitcoin (BTC) blockchain. Once these changes are made, Bitfi will add support for the coin.”
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