Bitcoin.com Stops Labeling Bitcoin Cash (BCH) the Real Bitcoin Amid Lawsuit Threat

Francisco Memoria
  • Bitcoin.com has recently changed its "Bitcoin Cash is Bitcoin" narrative, as the Bitcoin community is organizing a class action lawsuit against it
  • The website seemingly stopped referring to Bitcoin Cash as "Bitcoin," which could mislead newcomers.

Popular cryptocurrency news and information portal Bitcoin.com has recently changed its “Bitcoin Cash is Bitcoin” narrative, after over 1,000 Bitcoin community members joined forces to take legal action against the St. Kitts-registered company.

As recently covered, Bitcoin users took to Telegram to organize a lawsuit against Bitcoin.com and its CEO Roger Ver, as the popular website was allegedly deliberately misleading towards new users, as it tricked them into buying Bitcoin Cash (BCH) instead of Bitcoin (BTC).

While Bitcoin Cash has forked off the original Bitcoin blockchain, the cryptocurrency’s proponents claim its design is the one closer to Satoshi Nakamoto’s original vision. Hence, they claim Bitcoin Cash is “Bitcoin” and call the original chain “Bitcoin Core.”

In what seems to be an initial victory for the community members who believe Bitcoin.com is tricking newcomers, the website has now altered its content to refer to BCH as Bitcoin Cash, and not as “Bitcoin.”

Some of the company’s other products are still seen as somewhat misleading, however. The company’s cryptocurrency wallet, “Bitcoin Wallet,” creates Bitcoin Cash addresses by default, which could still trick newcomers into buying the wrong cryptocurrency, or sending funds to the wrong address.

Lawsuit Carries On

Taking the misleading language into account, various influential community members support the lawsuit. Litecoin creator Charlie Lee, who initially claimed it was “stupid,” recently retracted his statement after seeing Bitcoin.com changed the language on its website.

The lawsuit’s website, bitcoincomlawsuit.info, has recently been updated to reveal funds are necessary to “pursue this full time and protect users from businesses committing fraud and switch practices in the bitcoin eco-system.”

The website is now asking or bitcoin donations, and has at press time only received one for about $3. It adds:

"Already in very short timespan we won a battle and had a positive impact by making bitcoin.com change most (not all) of its misleading and fraudulent practices. With the donations we receive, the team will devote its time and energy to protecting the eco-system from businesses executing fraudulent practices.”

Lawsuit website

Billionaire Calvin Ayre’s CoinGeek has recently issued a statement claiming it will support Bitcoin.com in the “lawsuit over the real Bitcoin.” The statement notes that CoinGeek “welcomes this as an opportunity to challenge the cultist dogma and subject to scrutiny the merits of BCH against that of BTC in court.”

Could President Trump Ban Bitcoin? Experts Weigh In

  • Experts weigh in on the possibility of President Trump banning bitcoin.
  • Increasing concern over libra and large platform digital currencies is driving political agenda. 

Following last week’s attack on bitcoin and Facebook’s libra, experts have voiced their opinion on whether US President Donald Trump could realistically impose a ban on cryptocurrency. 

Not a Fan of Bitcoin

On July 11, President Donald Trump published a series of tweets attacking bitcoin and digital currencies, while championing the dollar. 

President Trump’s comments come in the midst of growing concern over Facebook’s libra, as political regulators around the world scramble to enact policies to deal with the rise of digital currencies. 

Members of the crypto community have questioned the impact of the US President taking an unfavorable stance towards bitcoin. Some crypto pundits predicted the tweets would be good for the price of BTC and ultimately increase exposure to cryptoassets. However, others worry that political influence may lead to a crackdown on cryptocurrency usage. 

Scenarios for Banning Crypto

Alex Kruger, economist and market analyst, published a tweet thread examining the legality and possibility of President Trump banning bitcoin. 

According to Kruger, It would be almost impossible for the US government to outlaw bitcoin as a technological instrument. Aside from the Herculean task of eradicating a decentralized, digital technology, bitcoin is code, which is protected under the first amendment.

However, that same protection is not extended to third-party operators, including cryptocurrency exchanges. 

Kruger quoted Abra CEO and Founder BIll Barhydt, who explained in a Forbes article how the government could target fiat onramps to exchanges, 

“You can’t prevent people from holding ones and zeroes on a device in their pocket. That ship has sailed. We already know that. The question is: What can they do at the edge of the network -- the onramps and offramps, the places where they exert control over the banking system, the exchanges, [and the] stablecoins.”

The US government could prevent retail investors from having access to crypto-assets through exchanges and prevent banks from allowing transfer of funds. Users would still be able to buy crypto through alternative channels, but the current ease of investing would be severely hampered. 

Unlikely, But Not Impossible

President Trump could also issue an executive order banning citizens from dealing in bitcoin, similar to the one he issued against the Petro. While there is a precedent for this route, Kruger claims the order could be easily overturned by Congress, 

Ultimately, Kruger believes that it is unlikley the President or Congress would move to ban bitcoin, and it would be difficult to enact fool-proof policy. However, it's worth considering the political landscape as regulatory concerns mount over Facebook's libra.

Just last week, a copy of a bill reportedly drafted by the House Financial Services Committee surfaced online, under the title "Keep Big Tech Out of Finance." The bill would put an end to Facebook and other large platforms from issuing digital currencies without incurring a severe penalty.

The same could be extended to bitcoin in the event the government finds crypto-assets no longer tolerable for the general public.