OKEx cryptocurrency exchange has enabled Bitcoin Cash (BCH) to be directly capable of trading against other currencies without using Bitcoin or Ethereum as a primary intermediary. This is part of the push from supporters of BCH for its adoption alongside and in competition with Bitcoin.
OKEx which is based in Hong Kong made the announcement on Monday that there is multiple BCH trading pairs available on its exchange. This is an important move as OKEx exchange currently ranks at number six in total trading volume utilising statistics from CoinMarketCap over the last 24 hours. Over $1.3 Billion trades have occured during that period and this is likely to see BCH increase in trading volume and value.
Although I am well aware there is particular groups that are pushing BCH as the “next” Bitcoin I do recognise the limitations of BCH along with the media manipulation that has been occuring in recent months. However the adoption on the market is a solid step on forcing more use of BCH. Richard Ver is not only a strong supporter of BCH but I also question his motivations around it. Although he has been proactively promoting through Bitcoin.com and most recently yesterday on CNBC where he promoted to many people that are unfamiliar not only with BCH but generally crypto. We are also seeing a general upward trend in the markets as well which also questions is BCH becoming a success or just part of a general upward trend.
With the drive for Bitcoin Cash to become a main contender alongside ETH,LTC,BTC in the sense of not only being used to pivot and trade against altcoins but also looking to bridge the gap into FIAT and back. If they can position Bitcoin Cash in a similar way that we see Bitcoin ATM”s and exchanges like Coinbase using ETH,LTC,BTC for trading in and out of the crypto space. Along with pushing adoption on pre-payment cards such as BonPay, BitPay and TenX along with others. Would give a much faster adoption for Bitcoin Cash.
The main concern I have had with Bitcoin Cash though has been around manipulation and question how much manipulation ond control of Bitcoin Cash is in too few hands. From Crypto Mining to market manipulation and fake media. Is it a coin we can trust? Is it a case of some individuals trying to control and manipulate a coin in a way that many people moved into crypto to get away from. By trying to force the change it raises some questions along with the pump and dump of both Bitcoin and Bitcoin Cash over a weekend period recently. Was it done to force change or simply for certain individuals to make a fortune?