ASHEVILLE, N.C., April 24, 2019 /PRNewswire/ -- Bitfi announced today that it has made a formal decision not to add Bitcoin Cash (BCH) to its wallet ecosystem. Management believes that Bitcoin Cash (BCH), while having a sound and useful technology, is operating a PR and advertising campaign that is confusing, especially to newcomers to the digital asset market. As such, Bitfi believes, it is acutely damaging and toxic to the industry if investors are not sure what the real Bitcoin (BTC) is. According to Bitfi, the confusion surrounding these two currencies is one of the primary reasons that cryptocurrency entered a sharp bear market at the end of 2017.
The founders of Bitcoin Cash (BCH) operate the internet property Bitcoin.com and a Twitter handle @Bitcoin, both with significant traffic and a large number of followers. Despite the fact that it is demonstrably false that Bitcoin Cash (BCH) is Bitcoin (BTC), information asserting that Bitcoin Cash (BCH) is Bitcoin (BTC) continues to be disseminated. The consequences and the disruption caused to the stability of the cryptocurrency market are wide-reaching.
In addition, at the end of 2017, Bitmain, a Chinese hardware mining manufacturer, engaged in aggressive selling of large quantities of Bitcoin (BTC) into the price rally (https://bitsonline.com/bitmain-sells-btc-bch-ipo/), using the capital to prop up the price of Bitcoin Cash (BCH) as revealed in documents that were disclosed for Bitmain's IPO filing. According to Bitfi, this was likely done in the hopes of flipping the price of Bitcoin (BTC) and Bitcoin Cash (BCH) in order to take over the name Bitcoin, which would then be controlled by several powerful companies and individuals.
Bitfi believes that as a result of the way information is presented on properties like Bitcoin.com, many new investors come to believe that Bitcoin Cash (BCH) is Bitcoin (BTC), and indeed Bitfi receives several inquiries a week from users who have accidentally sent Bitcoin Cash (BCH) to their Bitcoin (BTC) address. Savvy and accredited investors won't participate in the market at all due to the continued friction and turmoil.
Bitfi believes that this is contrary to everything that Bitcoin (BTC) stands for. Bitfi also believes that if it were not for this confusion, both Bitcoin (BTC) and Bitcoin Cash (BCH) would be currently trading at a much higher price, ordinary people would not be losing money on a daily basis by purchasing the "wrong Bitcoin" and the market would have accelerated adoption for global use.
Bitfi feels it would be irresponsible to add support for Bitcoin Cash (BCH) until the founders of the Bitcoin Cash (BCH) clarify that Bitcoin Cash (BCH) is a fork off the original Bitcoin (BTC) blockchain. Once these changes are made, Bitfi will add support for the coin.
Bitfi is a global payments technology company that is developing new methods for holding and securing digital assets to surpass cold storage. Its wallet does not store private keys, making it the world's only wallet that cannot be seized. www.bitfi.com
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