What’s behind Coinfloor’s ‘Bitcoin only’ stance? (Includes interview)

CoinFloor, one of the oldest running exchanges, has indicated that it will be delisting ETH reportedly to enable the exchange to offer more unique services for the flagship cryptocurrency, and to focus on simplicity. Coinfloor is also reportedly also delisting bitcoin cash (BCH) and will focus on new services such as lending in the coming year.

Speaking with Digital Journal, CoinCorner’s CEO, Danny Scott, see this as a “a positive development for the Bitcoin industry as it highlights the lack of demand for altcoins when compared to Bitcoin, reinforcing Bitcoin’s dominance. If the resource and cost expended on maintaining the altcoins doesn’t equal the revenue, then it makes complete business sense to delist.”

In terms of what delisting is, Scott says: “Delisting altcoins is on CoinCorner’s board meeting agenda every month as we continue to verify whether the pros outweigh the cons. Going Bitcoin only will allow the company to dedicate 100% of their time on improving the product offering for Bitcoin, ultimately creating a better user experience.”

Looking behind the issue, Scott notes: “Since CoinCorner was founded in 2014, Bitcoin’s been our core product and focus. After the bull run of 2017, we saw the market begin to move as interest levels in altcoins grew. In response to customer demand, we added ETH, Litecoin (LTC) and Ripple/XRP but have only seen interest in buying and selling these coins decrease over time. ”

In terms of being proactive, Scott discusses what his company has been up to: “During this time we’ve continued to prioritise and expand our Bitcoin services. Earlier this year we introduced a Bitcoin only payment gateway – CoinCorner Checkout – which helps businesses in the UK and many European countries to accept Bitcoin payments. Most recently on Bitcoin white paper day (31st October), we also launched a new Bitcoin eCommerce venture – MtSocks – an online shop selling limited edition Bitcoin socks worldwide. Each sock design…

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