Words by Danny Scott
Last week Coinfloor announced that they will delist their Ethereum (ETH) and Bitcoin Cash (BCH) options, in favour of providing “Bitcoin only” services next year.
This is 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.
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.
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.
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 aims to educate people about Bitcoin’s history in a fun and friendly way.
Going Bitcoin only is very much on the radar for CoinCorner’s roadmap in 2020.