Bitstamp Announces the Launch of Bitcoin Cash in Its Exchange

Bitstamp, which is considered as one of the conventional and oldest cryptocurrency exchange, has come out with the announcement that it would soon launch trading of the new type of cryptocurrency called Bitcoin Cash (BCH). The new currency is considered as a rival to Bitcoin (BTC) and many Bitcoin supporters are against the emergence of this new form of cryptocurrency. However, despite being launched only recently, the Bitcoin Cash has been able to garner widespread attention and support in the cryptocurrency community.

Bitstamp CEO Nejc Kodric has come out with an explanation for launching Bitcoin Cash in the exchange. He says, “We get requests from our users who want to trade it. We want to be as agnostic as possible so we look at the system, and if we believe there is sufficient demand and there will be trading and trading volume, we’re going to list it.”

Bitcoin has got its own drawbacks. It permits limited transactions and the charges are high. Many cryptocurrency supporters were looking for a currency that would provide them quick and more transactions and this is exactly what Bitcoin Cash offers. It is actually covering up all the areas that are left behind in Bitcoin. Bitcoin Cash, which is considered as a near-clone to Bitcoin was launched by a group of developers in August. It is to be noted that a new fork against Bitcoin, SegWit2x was called off by its supporters because of ideological differences and it was expected to divide the cryptocurrency community. Currently, Bitcoin has a market of $137 billion and Bitcoin Cash has $20 billion but it is set to increase in the coming months.

It was quite a surprising event when Bitcoin Cash went from $650 to $2500 in just one day and it did raise some suspicion that there is some rampant market manipulation. However, Kodric says that there is not enough proof to prove it. He believes that what is happening now between Bitcoin and Bitcoin Cash is just like what persisted between Coca Cola and Pepsi. Pepsi copied 90% from Coca cola and created a drink and yet there were many supporters for Pepsi claiming that it was a better drink than Coca Cola. According to Kodric, the same thing is taking place in cryptocurrency arena as well.

(Writing by Amritha Dayanithi; Editing by Mohith Agadi)