Coinfloor Goes Solo: The Rise of Bitcoin-Only Trading

Coinfloor’s Bold Move

It seems like Coinfloor, the United Kingdom’s oldest cryptocurrency exchange, is ready to drop the crypto party and dance solo with Bitcoin. Effective January 2020, they will be waving goodbye to all other cryptocurrencies, including popular names like Ether (ETH) and Bitcoin Cash (BCH). This decision coincides with the 11th anniversary of Bitcoin’s launch, which is like celebrating your birthday by unfriending everyone on social media.

Why the Change?

Obi Nwosu, Coinfloor’s CEO and the mastermind behind this radical shift, explained that the inspiration behind this drastic action stems from a desire to focus on what he deems the only “proven” cryptocurrency—Bitcoin. Nwosu argues that while Bitcoin is performing its intended role as a digital gold, other coins are like uninvited guests who just won’t leave the party.

Is Bitcoin the Only Game In Town?

Nwosu asserts that Bitcoin is, in fact, the only game in town. He believes that Ethereum’s ongoing transition to Ethereum 2.0 suggests it hasn’t quite hit the mark yet. In his own humorous words, if the developers are busy on a “replacement program,” it implies the original isn’t cutting it. He stated:

“Purely objectively speaking, if the developers are working on a replacement to Ethereum, they don’t believe that it currently solves the problem it is meant to solve.”

What’s Next for Ether?

So, what does the future hold for Ether on Coinfloor? As of January, users won’t be able to deposit or trade ETH on the platform. However, you can still hold on to it and withdraw it—just expect to pay an increased administrative fee for the pleasure. A little more cash for their decision-making gamble, one might say!

The Bitcoin-Only Exchange Trend?

Nwosu seems to think Coinfloor might have opened Pandora’s box on exchanges becoming Bitcoin-exclusive. He envisions more exchanges following suit soon. It’s like being the first guy to wear socks with sandals; once people see the boldness, who knows what will happen?

In the end, Coinfloor’s efforts highlight the ongoing debate in the crypto community over which cryptocurrencies really have staying power. Are we witnessing the dawn of a Bitcoin renaissance? Time will tell if this strategy pays off or if they’ll have to let the others back into the fold once they prove their worth.