Recently, Binance was called out on by a Redditor for not changing Bitcoin Cash’s ticker symbol from BCC to BCH. The Redditor further asked Binance for the reason, stating that it has been over a year since the symbol was changed.
The controversy over the ticker symbol of Bitcoin Cash has been going on for over a year now. The original symbol of the coin was BCC, after which, the symbol was changed to BCC. The main contributing factor for the change could have been the coin sharing the same ticker symbol as that of Bitconnect, which is now noted as the biggest scam in the cryptoverse. This also resulted in investors getting confused between Bitcoin Cash and Bitconnect. However, despite the official change of the ticker symbol, some exchanges continue to use the old symbol including Binance.
Nonetheless, this post drew the attention of the Co-Founder and CEO of Binance, Changpeng Zhao, aka CZ. The CEO explained why the ticker symbol was not updated on the platform. He started off by stating that this question has been bought out several times in the past including Roger Ver, Bitcoin Cash proponent. CZ added that both the symbols were originally accepted on the official website, which was changed later on. The CEO stated that the updated of the symbol might not take place any time soon.
He further 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.”
Nugget_alex, a Redditor said:
“Love the transparency. Not many exchange owners are even active on Reddit!”
Bitttburger another Redditor said:
“This is a cop out response. Would you make the same excuses for Bitcoin? Or Ripple? Or Litecoin? Just leave it there wrong, cause it’s “hard“ to fix? This is the number 4 ranked crypto in the entire ecosystem, out of 2000 coins, and you can’t be bothered to fix the ticker symbol? Utterly ridiculous. Unacceptable response.”
The post Binance CEO explains reason behind Bitcoin Cash ticker symbol being BCC instead of BCH on the platform appeared first on AMBCrypto.