Crypto exchange Binance has been called out for leaving the ticker symbol of Bitcoin Cash as BCC instead of BCH, with some arguing that it causes confusion for newcomers.
No Plans to Change
Yesterday, a Reddit user took to the site to question the reasons why Binance has left Bitcoin Cash’s symbol as BCC rather than changing it to BCH.
The user wrote:
Shame on you Binance for not changing the ticker symbol for Bitcoin Cash from BCC to BCH. It’s been a year now and yet nothing happens. BCH is #4 total market cap and this alone should be enough reason to list it with its correct ticker which is BCH. There’s already a lot of confusion regarding the BTC and BCH. Naming BCH as BCC just creates more for newcomers. Binance what are your reasons for leaving it as BCC?
A look on the exchange’s website shows that Bitcoin Cash is still listed as BCC. What’s more interesting, though, is that Reddit received a response from Changpeng Zhao, CEO of Binance. As some noted, not many exchange owners are active on the site.
In his response, Zhao explained that the suggestion has been brought up a few times in the past. This includes a conversation with Roger Ver, a major proponent of Bitcoin Cash. However, while BCH and BCC were both accepted symbols, with BCH eventually becoming the only one for the altcoin, Zhao states that they are unlikely to update the symbol in the near-term. He said:
The reason is: due to the large, heavily-performance-optimized, distributed architecture, changing a symbol requires updating lots of places and data in our system. It would require at least a few hours of trading halt. We felt the tradeoff is not worth it. Thank you for your understanding.
However, while some were happy with the response he gave, not everyone agreed. One user called it a “cop out response,” while another argued that the exchange is “constantly adding new coins.” Because of this, it should be able to add BCH as a new coin and stop the BCC deposits.
Confusion Works?
For those new to the game, it will cause confusion. Yet, it seems for an exchange that processed nearly $650 million worth of crypto transactions in the last 24 hours, its inability to change the symbol is questionable.
Perhaps, as one Reddit user stated, “maybe confusion is better for Binance?”
Do you think the exchange should change BCC to BCH? Let us know in the comments below.
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