There is a new petition on Change.org which has cryptocurrency implications. More specifically, the petition aims to see CoinMarketCap represent the Bitcoin Cash supply in a more accurate manner. Whether or not such a change needs a petition to succeed, is a different manner altogether. Even so, the recent burning of miner fees by Bitmain continues to cause some interesting changes.
There is some confusion as to how high the current Bitcoin Cash supply really is. More specifically, a small amount is being burned as we speak. Bitmain is destroying 12% of its generated Bitcoin Cash fees every so often. As such, the current circulating supply on websites tracking that information is not entirely correct. CoinMarketCap, for example, is showing the wrong information as of right now.
Will the new Bitcoin Cash Petition Make a Difference?
Albeit this is just a fractional difference, it still needs to be corrected. The new Change.org petition aims to achieve that goal. While one could argue a petition isn’t even needed, some people feel it is the only way. At the same time, someone has already reached out to Coinmarketcap warning them about this burning process. It will require the CMC team to make some adjustments, although things should be in order fairly soon.
All of this brings even more attention to Bitcoin Cash as of right now. There is a lot of focus on this ecosystem already, yet the petition sparks another interesting debate. With so many websites out there tracking coin supplies, they will all need to update their information accordingly. That will undoubtedly take some time, even though it is a minor process. Bitmain will continue to burn 12% of the BCH fees at all times, thus keeping track of these developments shouldn’t be overly challenging.
Whether or not the petition will make a difference, remains unclear. As of right now, it only has two out of 100 needed signatures. That number will undoubtedly go up as more time progresses. Since CoinMarketCap adjusted the circulating supply for other currencies, they will most likely do the same for Bitcoin Cash. When that will happen exactly, is a different matter altogether.
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