Paxful, a large crypto exchange, has removed Ethereum from its marketplace as it believes ETH is no longer decentralized and is controlled by a small group of people. The company’s founder, Ray Youssef, has stated that he wants to see a world where Bitcoin frees billions of people held back by the economic apartheid system. In contrast, Ethereum has been blamed for creating tokens that have spawned scams and stolen valuable momentum away from Bitcoin. Meanwhile, Visa is using Ethereum to enable automated programmable payments through smart contracts, a move that has not affected the price of Ethereum.
Ethereum Kicked Off Massive Crypto Marketplace
Recently, a large company that serves millions of clients every year, Paxful, announced that they would be removing Ethereum from their marketplace. Paxful is a cryptocurrency exchange that enables users to exchange into cryptocurrency and has grown to become a large company with over 11.6 million users globally. The founder, Ray Joseph, said that the reason behind the removal was due to Ethereum’s transition from proof of work to proof of stake. He believes that proof of work is the innovation that makes Bitcoin the only honest money, whereas proof of stake has essentially rendered Ethereum a digital form of fiat.
Why Ethereum Was Removed
Joseph believes that Ethereum is not decentralized and that it is controlled by a small group of people. Furthermore, he claims that in the future, permission will be required to use Ethereum, making it less accessible to ordinary people. Additionally, he believes that Ethereum’s proliferation of tokens has created many scams that have cost billions and stolen valuable momentum away from Bitcoin. Joseph argues that the industry is under attack, and it is their responsibility to protect users, which means putting the mission above profits.
The Good News About Ethereum
Despite Ethereum’s removal from the Paxful marketplace, there is still good news for the cryptocurrency. Visa is going to be using Ethereum to enable automated programmable payments using smart contracts. This move is important because it reinforces the use cases for Ethereum, making it more valuable in the long run. Although this news has not yet affected the price of Ethereum, it is a step in the right direction.
The Value of Ethereum
The recent removal of Ethereum from the Paxful marketplace may cause concern for some investors; however, it is important to understand that Ethereum is still a valuable asset. Its transition to proof of stake has made it deflationary, and its use cases for smart contracts make it unique. While it may face some challenges, it is still one of the most popular cryptocurrencies globally. And with more companies like Visa using it for programmable payments, its value may increase even further.