Bitcoin

Is Bitcoin on the Verge of Launching Its Own Exchange?

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We've already seen the extent to what blockchain can do in the future
We’ve already seen the extent to what blockchain can do in the future

Bitcoin has dominated much of the conversation around blockchain and the cryptocurrency options of the future. For investors and those in the mainstream alike, the moves of the blockchain giant have huge repercussions for the entire industry. That’s why news out of Malta from Roger Ver, chief executive officer of digital wallet provider Bitcoin.com, that Bitcoin will launch its own exchange throws up so many interesting questions for the industry.

Bitcoin.com to Launch Own Exchange

Ver has claimed that he will either find an investment partner who can help produce the platform, or will just have Bitcoin (BTC) build it themselves. While debating his options, Ver claims that the benefits of building it themselves will allow for greater control and to ensure they receive the right kind of design for their exchange. However, he has cited the lack of a tried and tested exchange as a possible drawback to the self-build. Indeed, finding someone who has experience in a safe and secure exchange could enable the project to find its footing. Ver’s connection to Bitcoin has been strong since the start and, as an early adopter, he understands the industry better than most. With such a pedigree in the industry, Ver’s comments on the exchange should definitely be heeded.

Bitcoin Cash Looks to Take Off

The site, Bitcoin.com, already has a high amount of traffic for the digital wallet services offered. However, in 2017 Ver invested money in the Bitcoin.com spin-off Bitcoin Cash, which he hoped he could launch to a wider audience. Ver claims that Bitcoin Cash will be the base currency for the exchange, which would not only help the spin-off do better, but would also provide greater credibility for the exchange, which is on a trusted site that gains a lot of attention for its connection to the blockchain cryptocurrency. The platform will be posted on Bitcoin.com, so Ver is confident that there will be the tens of thousands of users of the site available to use the platform. Footfall for the platform means that it will do better and achieve higher liquidity.

But Is Bitcoin the Right Platform?

The rise of blockchain makes it a lucrative investment
The rise of blockchain makes it a lucrative investment

Some claim that Bitcoin has become less of an attractive offering than it once was. Indeed, other cryptocurrencies have come to the fore with different offerings with their blockchain capabilities. Ethereum (ETH) and Ripple (XRP) have both shown what they can do differently, such as embarking in smart contracts, that Bitcoin might not be strongest to do. Bitcoin definitely paved the way for the world to see both blockchain and cryptocurrency as not only a viable payment method, but also a solution to some common problems. By launching its own exchange, Bitcoin would definitely gain traction in the industry. Despite, other cryptos doing well, Roger Ver was confident about the scheme, and claimed that they would have “instant liquidity.” For the exchange to succeed, there would need to be liquidity on the exchange to allow users to gain benefits from being involved with it. This should be no problem for such an established commodity as Bitcoin, so an exchange would likely, as Ver claims, do well.

Bitcoin.com hosting its own platform would allow people to further invest in Bitcoin and become involved in crypto trading. Those already on the site are using services such as the digital wallets, so will be the right kind of audience who might want to use the exchange. Regardless of whether Ver’s claims may be larger than life at the minute, there is a definite buzz in the air still for Bitcoin. Although there are no solid plans moving forward with the project, Ver’s optimism about it is enough to convince even the staunchest critics. A Bitcoin exchange on Bitcoin.com would definitely be a game-changer for the blockchain industry and add another brick to the wall of the blockchain revolution.

Featured image source: Pixabay

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