Who's Paying the Price for BCH suppression?
The introduction of Bitcoin Cash (BCH) has revolutionized the world’s financial landscape, but its decentralized nature has also made it a target for malicious actors who do not want it to succeed. Suppression and manipulation of BCH have had far-reaching implications for all those involved in the cryptocurrency industry, from major corporations to individual investors. This blog will explore who is paying the price for BCH suppression and manipulation, and how these senseless battles have cost those involved their money and capital.
Suppression and manipulation are not only damaging to the coin directly affected, but they can also lead to a substantial loss of trust further down the line due to resulting market volatility. The effects are often felt most keenly by smaller players in the crypto space as well as retail traders who lack sufficient experience or knowledge about the coin they invested into.
Furthermore, trust in the coin may be eroded if price suppression becomes more frequent or successful at disrupting the growth of the project, leading to long-term uncertainty among investors about whether their funds are safe when investing in a particular coin.
The Futile Attempts to Kill BCH
The unrelenting attempts to kill Bitcoin Cash (BCH) by those who opposed the P2P cash have been futile and ultimately unsuccessful. Since its inception in 2017, the cryptocurrency has faced multiple battles from malicious actors and institutions who sought to destroy it. These efforts have failed with BCH remaining resilient and well-integrated into many digital asset portfolios.
The value of BCH has remained strong despite these attempts of suppression and manipulation, showing that the Bitcoin cash community is not easily deterred by such events. Moreover, this resilience also demonstrates the strength of the Bitcoin cash blockchain technology as a whole since no single attack has been able to disrupt or undermine it significantly.
These continues but ultimately unsuccessful attempts on BCH are a testament to why the coin remains attractive and the best currency for digital payment for both institutions and retail merchants alike; they provide a level of security that other financial assets cannot match due to their decentralized nature and advanced cryptography protocols which make them difficult if not impossible to manipulate or tamper with.
As such, BCH and its value will only continue to grow and innovate, and its decentralized nature and security make it a currency that cannot be killed by price manipulation or suppression in any way.
How BCH Has Scaled Through the Battles
Unlike other coins that have launched and failed in the crypto space, BCH has not experienced significant dilution in its total market cap in the aftermath of suppression and price manipulation. Its resilience and resilience to such negative events have allowed the coin to grow its user base as well as its adoption by merchants. It is now a currency that has widespread merchant adoption and is becoming widely adopted by institutions.
First, there is the notable development by some Nations to adopt BCH as legal tender, including Antigua and Barbuda, Trinidad and Tobago, and St. Kitts and Nevis. Moreover, BCH is expected to gain legitimacy through the Economic Commission for Latin America and the Caribbean (ECLAC). This is likely due to BCH’s speedy adoption and integration into the lives of many small retail merchants as well as the increase in usage by institutions and professionals.
The rise of Bitcoin Cash (BCH) has been remarkable, and its resiliency through the repeated suppressive and manipulative attempts it has faced is a testament to the strength of the digital currency and the community.
Despite these malicious actors' attempts to disrupt or undermine BCH, they have not succeeded in doing so. The cryptocurrency has remained resilient against such attacks due to its decentralized nature and advanced cryptography protocols which make it impossible to tamper with. Moreover, this resilience also demonstrates that the crypto community is committed to protecting their values and beliefs in digital assets such as BCH regardless of any threats that may exist.
The Institutions Used in the Suppression and Price Manipulation of BCH
The fallout from the suppression and price manipulation of BCH began when Coinfloor suspended all BCH deposits and withdrawals on October 25, 2017. While many thought this was due to poor security, it was revealed that Coinfloor was upset that Coinbase did not offer to pay for the BCH used for deposits and withdrawals. As such, Coinfloor became frustrated that the BCH issued from their vault was never fully liquidated, instead stuck in digital circulation in a manner that greatly distorts the value of the coin.
On December 19, 2019, the same Coinfloor announced a total delisting of BCH from trading on the exchange. A move that was suspected to be sponsored by BTC Maxis.
The exchanges Coinbase and GDAX also came under fire and were accused of being the sources of the massive BCH price manipulation. The two exchanges processed over 95% of all BCH trades, and both were accused of using various means to manipulate and suppress the price and drain the available liquidity in the cryptocurrency.
In recent times, several institutions and exchanges have been fingered to be one of the primary sources of the massive BCH manipulation. These include Binance, which was also recently the target of BCH’s initial disruptors, Bitfinex, and FXT. Binance also voluntarily ceased all BCH withdrawals recently, an indication that the major crypto exchange may be involved in short naked trading of BCH, meaning they were selling BCH which they don't have.
Who Loses in the Battles?
The battles of suppression and manipulation attempts on Bitcoin Cash (BCH) price have the potential to cause a significant drop in the user base of the cryptocurrency. Although this is evidence, it has not affected the community's stand on the potential of the currency in any way. Instead, it has helped to remove greedy investors from the ecosystem, leaving actual users who believe in the P2P digital asset system to continue to gain from the decentralized network that Bitcoin Cash was designed to be.
Moreover, it makes the BCH adoption message saner with an emphasis on the effects of the peer-to-peer network and not the selfish reasons of those who have been manipulating the BCH price for their profit.
Furthermore, most of the institutions and exchanges used to suppress BCH are no longer in business today, several of them have gone bankrupt and others have decided to cancel their BCH trading platforms.
In conclusion, it’s worth noting that the price of BCH has nothing to do with its potential. The value of BCH is instead based on its security, resilience, and market demand which makes it more relevant to its users than any positive attempt to manipulate its value.
This view is what the true BCH users hold dear and therefore will not allow the selfish nature of exchanges and other institutions to damage its value.
Bitcoin and cryptocurrency can be powerful tools for revolutionizing economies and even now national governments have started embarrassing them. It’s time that the cryptocurrency community refocuses its energy from the money to the business and the underlying value of the currency.
Disclaimer
This article is the opinion of the author and should not be taken as financial advice by anyone.
