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Analysis & Opinion

Crypto exchanges should help newcomers distill the real Bitcoin from forks before buying, crypto community suggests

Crypto exchanges should help newcomers distill the real Bitcoin from forks before buying, crypto community suggests

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Crypto exchanges should help newcomers distill the real Bitcoin from forks before buying, crypto community suggests

The cryptocurrency community on social media platforms is calling for crypto exchanges to help newcomers make the difference between the real Bitcoin and others that have the name bitcoin.

Some suggested that a pop-up notice should be included when someone clicks the term ‘Bitcoin.’ Some suggestions on the wording included a pop up that reads:

“There are numerous crypto-assets that have the word ‘Bitcoin.’ To avoid confusion and accidental selection, please view the information below to assist you with the selection. Bitcoin (BTC), the original Bitcoin that was founded in 2009; Bitcoin Cash (BCH), Bitcoin fork that surfaced in 2017; Bitcoin SV (BSV), Bitcoin Cash fork that surfaced in 2018.”

Without such direction, crypto enthusiasts on social media lamented, newcomers will have a hard time deciding which among the three ‘bitcoins’ they should buy. Others noted that the confusion caused has already driven some BTC enthusiast away from buying and they may never return any time soon.

For example, a Redditor noted:

“I have a friend tell me he was going to get home and put up an account on an exchange. The next day, I get a call and literally said ‘uhhhh… there are a few bitcoins, which one is it?’ I told him that [which] said BTC. His response was ‘okay, but why is there a few bitcoins? That makes no sense.’ Because of that, till this day he never bought bitcoin or any cryptocurrency for that matter.”

The suggestion was welcomed with open arms. To make the decision more effective, the ‘friendly notification’ should also include “the fees and waiting times” to also reduce the anxiety of waiting for your crypto coins to get into your wallet.

However, others had a different idea; all other coins with the word ‘bitcoin’ “should all be delisted so that we can finally move on.” With others alluding that them having the same name was initially meant to confuse buyers. The idea of a popup seems timely as Bitcoin commands higher prices.

Jason Lee is a writer for various crypto publications and manages a small team on Medium. His love of technology and inquisitive nature set him up with crypto back in early 2016 and he hasn’t looked back since. In his spare time, Jason enjoys rock climbing and wakeboarding.

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