There are currently several thousand cryptocurrencies available to users. Not all of these coins will become successful altcoins in terms of price and adoption. With the upcoming Bitcoin Cash hard fork, there is a significant problem which may set BCC back. The currency cannot use the BCC ticker, since it already exists on multiple altcoin exchanges.
Bitcoin Cash Has a Branding Issue
Most people will not pay much attention to Bitcoin Cash until August 1st comes around, but this “new token” already has a big issue to overcome. All of the exchanges supporting Bitcoin Cash so far have announced they will label the currency as BCC. Unfortunately, the BCC ticker is already in use by a completely different currency.
There is an altcoin known as BitConnect. The native currency of BitConnect is BitcoinnectCoin, listed as BCC on cryptocurrency exchanges. It is pretty difficult to overlook BitConnect, so the fact Bitcoin Cash missed that ticker name is slightly embarrassing. The former is in the top 15 currencies ranked by market cap, and its token was worth $60.61 at the time of writing. Moreover, it has been trading under the BCC ticker symbol from day one, making it even stranger that no one bothered to point out this naming issue to the Bitcoin Cash-carrying exchanges.
These same exchanges seemingly ignored the fact that there is an official BCC exchange as well. It is the main trading hub for BitConnect, and it shows that the BCC name has been used for many different purposes already. Referring to Bitcoin Cash as BCC on various exchanges will not work, especially not on the few exchanges where BitConnectCoin will be traded as well, namely: BCC Exchange, Livecoin, NovaExchange, and CoinExchange. Although these are not the biggest markets, this could still cause unnecessary confusion.
Livecoin has confirmed that it will support Bitcoin Cash trading come August 1st, so this issue needs to be resolved soon. It cannot have two trading markets labeled as BCC, since this will cause a lot of confusion. People unaware of the problem will see BCC on Livecoin right now and pick it up at US$60 instead of Bitcoin Cash at its current US$546 value on ViaBTC. That’s quite a bargain! The unfortunate reality is that most people will pick up the wrong currency using the same price ticker.
It is anybody’s guess as to how this problem will be addressed. Choosing the BCC ticker for a new currency despite it already existing on multiple exchange platforms is very sloppy. Bitcoin Cash will need to come up with a new name in the future, although it is unclear which they would use. BTCC is out of the question, as it is the name of one of China’s largest Bitcoin exchanges.
The Bitcoin Cash situation will create a whole new set of problems and issues. Confusion about the price ticker is just one of the many concerns people should have right now. Since not all exchanges support the upcoming hard fork, a lot of people will not even be able to access these tokens unless they move money off their exchange. The coming weeks will be filled with plenty of confusion for traders and exchanges.