Japan’s GMO Coin Exchange Ditches Bitcoin SV (BSV), Vows To Resume Trading With Rival BCHABC
Japanese GMO Coin Ditches Bitcoin SV, Vows To Resume Trading With Rival BCHABC
GMO Coin, a crypto exchange platform owned by one Japan’s biggest firms, says it would lend its support to Bitcoin Cash ABC by trading it instead of the Bitcoin SV –the hard fork that was the result of the Bitcoin Cash split.
The news arrives on the heels of the battle for dominance between both tokens. The company, in a chat with the media, said once it resumes trading on Tuesday, December 4, it would start trading in the BCH ABC coin.
GMO initially temporarily stopped trading with Bitcoin Cash following the hard fork on November 15, a situation that caused serious trading disruption.
However, now that the coast seems clear, the firm has made a reached a conclusion about its inclusion on their exchange on Monday evening, saying it will consider trading in the Jihan-backed digital asset as soon as it resumes activities on the crypto market.
“In our company, the one shown as BCH indicates a Bitcoin Cash called BCHABC,” a spokesperson for GMO Coin said.
While the winner of the current “civil war” between both crypto projects is yet to be seen, expert analysis has shown that Bitcoin Cash ABC is on the winning side.
The brains behind Bitcoin Cash had wanted to stick to the Bitcoin Core proposed by the platform’s creators. However, that idea did not go well with the developers behind Bitcoin Cash, thus settling for the coin split.
Since the split, each side of the divide has been claiming to be more dominant than the other, leading to claims and counterclaims from both ends as to which is dominant or more powerful.
A hash war that followed the split caused a serious dilemma between users of the Bitcoin Cash token, leaving them with the confusing choice of which to go for between the two.
No doubt, traders know that the coin which attracts the most miners would gain more investors, with CoinGeek owned by Ayre, giving huge support to Bitcoin Satoshi Vision while Bitcoin ABC gains its backing through Bitmain and Bitcoin.com.
There is concern about which of the two gets to answer by the name ‘Bitcoin Cash’ on the exchange, with opinions dividing along interest line. The split between the two coins happened mid-November and saw Coingeek mining pool owner, Canadian billionaire and die-hard Bitcoin Cash ABC proponent suggesting that both be named differently –Bitcoin Cash ABC and Bitcoin SV.
While some exchanges have agreed to the suggestion, others haven’t, going with their own preferred names instead. Ayre insisted that it was no more comfortable for financiers of the ‘losing’ BCH SV to retain the name ‘Bitcoin Cash.
Meanwhile, GMO Coin’s reason for choosing Bitcoin Cash ABC isn’t clear. Although, some reports are claiming it may not be unconnected with the coin’s relative progress in the wake of the Q4 of the year.
In any case, GMO Coin will make profit trading the coin because the two currencies can be mined with the same ASIC mining tools.