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Bitcoin ‘obsolete because of Ethereum’, says failing Bitcoin exchange

February 12, 2018 | By Tom Hart | 0

Bitcoin will soon become ‘obsolete because of Ethereum’, Coinprism claims. The Dublin-based Bitcoin exchange platform plans to shutdown due to a lack of demand for the world’s most popular cryptocurrency, its creators have announced.

The exchange, which was founded in 2014, is a cryptocurrency wallet service and will officially cease operations on March 31.

Users advised to withdraw funds immediately

All users have been advised by Coinprism to transfer funds to a different wallet or exchange as soon as possible to avoid losing funds.

Ethereum versus Bitcoin

Ethereum has long been Bitcoin’s closest rival and, although one Ether token is worth far less than a Bitcoin, the network itself outshines Bitcoin in terms of functionality. More than just a cryptocurrency, the Ethereum network caters for smart contracts, computer programs and, perhaps most importantly, is the go-to currency for the funding of ICOs (initial coin offerings).

The rise and rise of ICOs

ICOs have exploded in popularity during the last year or two. Last year, the total amount raised via ICOs, worldwide, was $2.6 billion, up from $228 million in 2016. Many expect this trend to continue in 2018.

Ethereum

The price of Ethereum sits at $863.04, at time of writing, up 5.77% in 24 hours, according to data from CoinDesk. Bitcoin, on the other hand, is still struggling after hitting a high of almost $20,000 last year. One Bitcoin is currently trading at $8,680.68, up 7.56% in 24 hours.

‘Coloured Bitcoins’

Coinprism’s novelty when it launched was that it allowed users to create what it dubbed ‘coloured Bitcoins’.

Its website said: “You can create, issue, send and receive these Coloured Coins across the bitcoin network (all these for the price of a bitcoin transaction) to anyone with a bitcoin address, the same way bitcoins are sent (note that you can also use Coinprism as a normal bitcoin wallet to store, send and receive bitcoins).”

To keep colour coin assets, users are being advised to find an open-asset compatible wallet.

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