Often lambasted for their apparent brand heist and misleading marketing, Bitcoin Cash has found itself being removed from multiple exchanges within the last month.
Both BL3P (Netherlands top ranked exchange), and OKEx, have opted in the last month to completely remove BCH from their platform. OKEx made the decision late April, while BL3P just announced a deadline for removal. The plan was always there to remove the coin, but with an upcoming hard fork to the BCH network, they have expedited their plans for its removal. This leaves users of the exchange a mere 4 days from the time of the BL3P announcement to the deadline for removal of their coins.
Don’t expect BCH to be disappearing anytime soon, however. The coin has a dedicated community that believes it has a superior offering when compared to BTC. This community appears to be getting smaller relative to that of BTC’s.
Sitting at #4 on CoinMarketCap, Bitcoin Cash came to fruition less than one year ago. It was touted as a faster, cheaper alternative to Bitcoin itself. Throughout the course of its short life BCH has been steeped in controversy. Not only do some in the crypto-community consider its very name a marketing ploy, but they consider some of the misleading representation tactics deplorable. These practices have been well documented through various outlets in the preceding months. Most recently, a lawsuit was opened (and subsequently dropped due to insufficient funds), claiming that users were being tricked into purchasing BCH rather than BTC on the website Bitcoin.com. This was being achieved by referring to BTC as Bitcoin Core, using knock off images, etc. It was a classic bait and switch.
The controversies that have arisen have resulted in statements from multiple public figures. Everyone from Roger Ver, Erik Voorhees, John McAfee, to Gavin Andresen, have voiced their opinions. Some believe the coin with the longest chain is the original, while others believe the coin that resembles the original vision the most is the true Bitcoin. With so many opinions making the future of each coin murky, there is however one thing that is clear; BCH has a very large mountain to climb to dethrone BTC.
In addition to all of this, with the successful implementation of Segwit on the BTC platform, the apparent benefits that BCH brought to the table are no longer there. BTC has once again become affordable, and fast. Finally, the main reason for their removal from these exchanges? Illiquidity. Fewer people are using the currency. With the lightning network well under development, and soon to be seen on the BTC network, people appear to be transitioning away from BCH.
With the advent of Segwit, and lightning around the corner, BTC is achieving greater market penetration consistently. It is being adopted at dizzying speeds, and new services are being brought online constantly. It is most likely only a matter of time before we start to see more exchanges going the route of both BL3P and OKEx, and removing the coin from their platform altogether.