When it comes to cryptocurrency exchanges, it is often difficult to find the right trading markets. More specifically, most companies use Bitcoin as their primary trading markets. Some exchanges also feature Litecoin or Ethereum markets, but those are harder to come by. ViaBTC runs an exchange service known as CoinEx, which plans to make Bitcoin Cash its primary trading market.
Bitcoin Cash Continues to Make an Impact
While it still seems unlikely that Bitcoin Cash will replace Bitcoin in the short term, the currency continues to make its presence felt in the world of cryptocurrencies. More specifically, it is still the third-largest cryptocurrency by market capitalization. That in itself is rather surprising, given the initial assumption that this was another pump-and-dump coin. Hindsight is always 20/20, and it has become rather clear that BCH is a very peculiar creature which will stick around for the foreseeable future.
Moreover, the supporters of this altcoin have received some interesting news. ViaBTC is a company which has always favored Bitcoin Cash over Bitcoin itself, and it has never shied away from making that clear to the public. As a result, its CoinEx exchange will make BCH the main trading market for all other supported currencies. This means it will become the world’s first trading platform to ditch Bitcoin as the primary currency. It’s an interesting decision that may set a very precarious precedent for the other cryptocurrency exchanges.
Many people will remember CoinEx, as the platform was forced to shut down in late October after the People’s Bank of China banned cryptocurrency exchanges. Unlike what most people assumed, the CoinEx platform isn’t dead or abandoned, as it was migrated only recently to the United Kingdom. Although the platform has yet to open its doors to the public again, the ambition to make this venture a success is certainly palpable. Designating BCH as the main trading market will certainly get some attention.
All of this further confirms that this Bitcoin hard fork will continue its success despite the odds and despite negativity on the part of Bitcoin community members. CoinEx plans to open BCH trading pairs for Bitcoin, Ethereum, Litecoin, Zcash, and Dash. It is somewhat unfortunate not to see Monero on this list, but the company has made it clear that it will enable other currencies in the future. Which currencies those will be remains to be determined at this stage. An XRP/BCH trading market would be another interesting addition, to say the least.
Surprisingly, CoinEx also has no plan to support Bitcoin Gold at this point in time. This recent Bitcoin fork has not been overly successful in any regard, and it seems its struggles will only continue for the foreseeable future. A BTG/BCH trading market would allow both forks to compete with one another, even though Bitcoin Cash is clearly in a more favorable position right now.
All things considered, this is good news for all Bitcoin Cash supporters. It is not an announcement most people expected, but that is also what makes cryptocurrency so exciting these days. A lot of unexpected things have happened throughout 2017, and it seems 2018 will bring more of the same. An interesting future lies ahead for all cryptocurrencies with clear visions and solid technologies to back them up.