UK Crypto Exchange to Delist Ethereum and Support Only Bitcoin from Now On

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Since cryptos went live, it’s fair to say that only one has stayed strong – Bitcoin. Bitcoin’s price may be locked in free fall this year, but when you consider everything going on the crypto market, it’s definitely the most stable cryptocurrency.

There have been a number of attempts to create a Bitcoin alternative and some have been pretty great. Ethereum, for example, has been a bright star and a stable cryptocurrency backed by big corporations. However, just like Bitcoin’s price, the altcoin market has suffered a lot recently. Things aren’t going to get better soon after the oldest UK crypto exchange announced that’s it is delisting Ethereum and supporting only Bitcoin from now on.

Hard Times for Altcoins

Altcoins have been bleeding for a while now proving doubters right about the once-blooming market. From Ethereum to Ripple and TRON, no altcoin has shown the stability of Bitcoin in the past few years. With a number of altcoins already dead, experts predict that another one will bite the dust soon, and if the oldest UK crypto exchange is to be believed, it’ll be Ethereum.

Coinfloor, the oldest and one of the top UK crypto exchanges, announced that it will delist Ethereum and Bitcoin Cash and favor only Bitcoin from now on. As CEO Obi Nwosu explained, the technology behind Ethereum is unproven and the altcoin has yet to overcome major challenges before the launch of the altcoin’s second version. In short, Nwosu believes that if developers are working on a replacement, they don’t believe the current iteration works. In comparison, he considers Bitcoin as a good crypto solution that has been stable for years now.

The planned delisting will take place in January. After that, Coinfloor users won’t be able to make Ethereum transactions on the platform, although Ether withdrawals will be possible at a small administrative fee. It’s another dent in altcoin’s armor, but Nwosu didn’t exclude the possibility of bringing Ethereum back if it becomes proven in the future. Right now, though, things aren’t going well for the altcoin.

Bitcoin Way Ahead of Others

Just like many crypto experts, Nwosu believes that Bitcoin is light years ahead of others. It dictates the whole cryptocurrency market even when it struggles which shows how much pull it has. Bitcoin is the only stablecoin right now and if it’s price explodes just like it did a few years ago, it will surely make many countries rethink their legal stance on the leading cryptocurrency in the world.

A number of industries hold Bitcoin in high regard including the online gaming market. This year alone, there have been hundreds of Bitcoin online casinos arriving on the market. Gambling is one of the favorite pastimes around the world, and with the addition of Bitcoin to the list of payment options, online casinos have gained more than a few new fans.

Although many operators allow you to gamble with altcoins, Bitcoin is the preferred cryptocurrency. With Coinfloor’s upcoming decision, that surely won’t change anytime soon.

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December 18, 2019: • No Comments

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