Rajarshi Mitra
Independent Analyst
- Coinbase U.K. also dropped support for Zcash.
- BCH was also delisted from the Japanese cryptocurrency exchange SBI.
The virtual product marketplace CoinMall has announced it will stop support for both Zcash (ZEC) and Bitcoin Cash (BCH) due to a lack of user interest. CoinMall stated that even though they processed hundreds of trades, none were conducted in Zcash, while less than one percent of sales involved Bitcoin Cash (BCH). The crypto community largely supported the decision. One user asserted that both Litecoin (LTC) and Ethereum (ETH) should be next, leaving only Bitcoin (BTC) as the sole crypto payment option. Zcash CEO Zooko Wilcox, in response, thanked CoinMall for posting its rationale.
CoinMall isn’t the only one who terminated support for Zcash. Just two weeks ago, Coinbase U.K. began emailing customers that they will discontinue support for Zcash from August 26, 2019.
A dangerous vulnerability allowing an attacker to mint an unlimited amount of ZEC was announced and patched back in February 2019. Although inflation bugs as such are harmful, most are discovered before they are exploited. However, there is no information about whether this exploit was used, though the Zcash foundation has described it as ‘vanishingly small’ in the Sprout Vulnerability CVE-2019-7167 announcement.
Exploits as such are problematic for privacy-coins. It is tough to figure out if they have been used while blacklisting any resulting coins is practically impossible. However, Zcash has gradually declined since January 2018, losing close to 95 percent of its value at this time. On the other hand, Bitcoin Cash (BCH) was delisted from the Japanese cryptocurrency exchange SBI. Many believe that BCH is used for its intended purpose culminated, while many Bitcoin Cash blocks are practically empty. Despite the surrounding controversies, Bitcoin Cash has still managed to gain over 100 percent YTD this year.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.