Paxful Takes Ethereum Off Their Platform
One of the biggest peer-to-peer exchange platforms, Paxful, has said that it will take Ethereum off its market. In a statement, the companyโs founder, Ray Youssef, said that the company puts integrity above all else, even though making money is important.
Paxful, which lets people buy and sell bitcoin using a number of different payment methods, is popular with more than just bitcoiners. But the company has decided to take Ethereum off its platform because they are worried about how reliable and safe it is.
Youssef said, โWeโve been keeping a close eye on the Ethereum network and have decided that itโs no longer right for our users.โ โWe care a lot about the safety and honesty of our platform, and we think this is the best choice for our business and our customers in the long run.โ
Bitcoiners are happy about the decision to remove Ethereum because they think that altcoins canโt succeed unless Bitcoin does, which slows down the adoption of Bitcoin.
Experts like Jimmy Song have warned about the technical risks and pitfalls. People who support Ethereum say that the network is just as safe as other cryptocurrencies and that Paxfulโs decision was wrong.
In a podcast called โKilling the hopes and dreams of shitcoin bagholders,โ Song said that Ethereum is not safe because the protocol could become more and more centralized.
Youssef has become a Bitcoin purist over the past few years, which led him to decide to get rid of Ethereum completely. Paxful was quick to add Lightning, and the company has worked on its image to show that it cares more about getting people to use Bitcoin than about making money.
Other Ethereum supporters, like Udi Wertheimer, have pointed out that stablecoins are based on the Ethereum network and asked if they would be taken away:
โAccording to the tweet you quoted, this is about engineering. If so, will you also get rid of stablecoins? โThey use the same infrastructure as Ethereum.โ Udi Wertheimer
Ray Youssef of Paxful replied:
โStablecoins stay, which is why we keep Ether in the wallet for stablecoin transactions. Stablecoins work to solve real issues. But I wish they took bitcoin.