Own Exchange, US Merchants Acceptance…So Much Coming for Bitcoin Cash
A lot seems to be in store for the Bitcoin Cash (BCH) ecosystem if recent comments by its founder, Roger Ver, are anything to go by though a section of the community still holds their ‘see it to believe it’ card.
Ver, who owns digital coin wallet provider Bitcoin.com, says in an interview in Malta that his platform plans to buy or develop its own exchange. A decentralized exchange comes to mind and making BCH the base pair to other selected currencies would be good for the Bitcoin fork.
Presently, few crypto exchanges, including CoinEx and Voltaire, have BCH pairs and they are mostly not top-grade platforms like Bitfinex, Binance or Bitstamp. In most instances, BCH holders have to sell into Bitcoin (BTC) or USDT or Ethereum (ETH) before they can make their final purchases causing them to incur two transaction fees and market slippage. A proposed BCH-owned exchange will leave enough room for the currency to grow with more opportunities along the way. The frustration of unsatisfied traders should be expected though especially when issues like delays, deposit/withdraw problems, or shutdowns arise. Ver’s solution to such case could rub on the competitive objective the new exchange seeks to achieve for BCH.
US Merchant acceptance
In a recent interview with Cryptoglobe, Ver talks about BCH being spendable across major retail outlets in parts of the US before the end of 2018. He states:
“Another major thing we have is where you’ll be able to spend Bitcoin cash in just about every single major merchant in the entire United States like Walgreens, Walmart, Safeway, Home Depot, all these major merchants in the United States and you’ll probably wind up being able to get a 1% discount when you do it and that will be available in the bitcoin.com wallet only on Bitcoin cash not on Bitcoin core.”
Ver, who also indicates in the interview that China’s Bitmain holding a million BCH is an incredibly bullish sign despite several market insiders suggest otherwise, did not provide much information on how the plan would be achieved, leaving room for several unanswered questions. Is it a hopeful speculation or inside knowledge of something the ecosystem is yet to be privy to? Is BCH working with a POS software vendor to make it acceptable as a payment method for products/services? Could it be through a BCH for gift card system or just a plain BCH-backed debit card since Ver has been talking of having a Visa card on the network for some months?
BCH has previously had a similar plan to introduce BCH in Japanese grocery stores earlier this year – though there are claims that Japan’s regulatory environment has become much more strict following recent crypto-related hackings thus slowing things down a bit. However, since that laudable initiative has not been realized, the best bet is to wait and see what the new propositions would bring.