How Indian bitcoin exchanges are scamming people- “Bitcoin Cash Scam (BCH)”!

Well, what was claimed to be an Independence day for Bitcoin turned out to be a candy treat for bitcoin holders with most (Yes, not all !) of them receiving their shares of new Bitcoin cash(BCH) coins. In short it means:

“ that if you hold Bitcoins, after the split/fork, you will have both BTC and Bitcoin cash balances; in other words, your coin holdings will double.

Wowowow… double!!

There were speculations that this new kid in the market would find it hard to find a reasonable price. But that’s not true! Bitcoin cash is getting enough support from users, miners, and developers. And in reality, to start with, you only need support from these key players.

But the condition isn’t same for everyone!

While the world is busy in collecting their shares of Bitcoin Cash, the Indian exchanges are busy in looting their customers! Zebpay, coinsecure and Unocoin are the major cryptocurrency exchanges in India catering almost 80% of the cryptocurrency trade in country. But they’ve stated clearly that they would not support the new currency meaning the customers having bitcoin would not receive any Bitcoin cash unlike other exchanges throughout the world.

I’m just a simple Indian who has few bitcoins on unocoin and was expecting BCH treat for myself. I just want the world to understand the true “centralized ” nature of these exchanges in countries like India.

This is the response of these major exchanges towards the event:

“If you are interested in having access to Bitcoin Cash, you will need to remove Bitcoin from your Coinsecure wallet to an external wallet by July 31st at 9pm IST,” Coinsecure said in a post.

“We won’t be supporting Bitcoin Cash and I don’t see any exchanges in India supporting it. We will be suspending operations at the end of day today (Monday), because it is unclear what is going to happen. So, we will wait for another two-three days, and once everything settles, we will be back online,” Sathvik Vishwanath, CEO and cofounder of Bitcoin exchange Unocoin, told FactorDaily

Bitcoin exchange Zebpay said in its blog post that it will not support BCC, and asked users to move their Bitcoins to their private wallets if they wished to use BCC. “Zebpay will NOT support Bitcoin Cash or its trading. If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July,” the post read.

Is it a scam like none other in Crypto market with whole idea of decentralization at stake?

Apart from this unexpected nature of these Indian exchanges there are few other points that raise questions on this deceitful decision made by these exchanges:

  1. Have they already sold their customers Bitcoin Cash?

These exchanges reported that they would not be supporting Bitcoin Cash, but they are not clarifying the point that what will they do with the equivalent bitcoin cash that they would get against customers bitcoins which is obvious after the fork. Will they will utilize them for their own benefit?

some exchanges worldwide have said that they would immediately sell the equivalent bitcoin cash coins and distribute them along the bitcoin owners proportionately. Their stand of not going with bitcoin cash is OK but the decision of these exchanges not passing on the benefit of bitcoin cash is worrying.

2. Why go against the worldwide community?

As the official website of Bitcoin Cash states:

“All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split”

Notable Supporters (Exchanges, Mining Pools, and Wallets)

Together, these four pools (ViaBTC, ViaBTC Minning Pool, Bitmain- it owns antpool, and Bitcoin.com-Roger Ver’s Pool) in total make 30% of the entire hash power, which is not small.

Even with this huge support for Bitcoin Cash adoption the reluctance of these exchanges for the same definitely raises question over their collective decision to not support Bitcoin Cash.

3. Why no problem with ETC and so resistance for Bitcoin Cash?

While creation of ETC was a similar event triggered a while back most of these exchanges showed their support in one or the other way. The reaction towards BCH in all ways shows a temptation towards stealing the Bitcoin Cash from rightful Bitcoin owners.

While this is not an exclusive list, this kind of decision certainly raises question. What it looks is definitely a scam, a wrong use majority which is all against so called “decentralised” image if this industry.

Well this Indian scam for bitcoin cash resumes a debate whether centralized functioning of these exchanges must be continued or not. It at least asks for alternative solution especially in countries like Indian where majority trade is controlled by few exchanging raising questions over the decentralized model of cryptocurrency.

These are just my views which I thought shall be presented before you all. I’m just confused and your suggestions are welcome!

Thanks.