The Winklevoss Twins are making headlines again today. Thanks to a spotlight article on Bloomberg, everyone is talking about the billionaire duo and their cryptocurrency purchasing platform: Gemini Exchange. For the time being, their exchange still only supports Bitcoin (BTC) and Ethereum (ETH), but they said today that have plans to add new cryptocurrency options.
Honestly – that’s a pretty obvious one, guys. You only offer two top coins at the moment, so there is no way you could survive unless you add more of a selection. There are decentralized, multi-coin exchanges slated for 2018 launches, like OmiseGo (OMG) and Ethos (ETHOS), so how can a simple ETH and BTC buying platform possibly compete with that?
Getting more coins or tokens and lowering fees will be the necessary strategy that the Gemini Exchange will have to eventually embrace, so this is a step in the right direction. Binance, Bitfinex and Kraken have all already dropped their fees.
The Winklevoss Twins Say Litecoin (LTC) and Bitcoin Cash (BCH) are Likely
When speaking with Bloomberg, Mr. and Mr. Winklevoss said that their main goal for this year is to figure out which new coins should be added onto their exchange. Two clear possibilities, according to Tyler Winklevoss, are Litecoin (LTC) and Bitcoin Cash (BCH) – which are both “from the Satoshi Nakamoto family tree,” as he puts it.
If they add those two specific coins, that means they will have the exact same four offerings as Coinbase – one of the largest cryptocurrency-buying platforms. With fees that are already lower than Coinbase fees, Gemini Exchange would certainly have an advantage – but they still only have four coins.
Also, that would be a weak copy-cat move. Why just go in the exact same direction as Coinbase instead of mentioning coins like Ripple (XRP), Cardano (ADA) or NEO (NEO)? Maybe they just said BCH and LTC because they seem like obvious choices, and they want to be a little mysterious about their decision.
Or they just don’t want to be unique or remarkable compared to their market competitors.
Bitcoin Cash (BCH)? Maybe go with Ethereum Classic (ETC) instead
Litecoin (LTC), in our opinion, would be a smart move for Gemini Exchange to choose. It is much cheaper and scalable than Bitcoin (BTC), and it also has the just-launched LitePay payment gateway tool that will hopefully make mass adoption more realistic.
But Bitcoin Cash (BCH) is a strange choice, if I’m being honest. First of all, it’s not even the strongest currency that was forked from Bitcoin (BTC) – what about Bitcoin Diamond (BCD)?
BCH is also a simple fund-transfer coin. You can’t build decentralized applications (dApps) or launch other tokens on the network, unlike a massive amount of its rival up-and-coming altcoins.
When it comes to forked currencies, we think there are a ton of better options – and Ethereum Classic (ETC) is one of them. (NEO, Stellar, etc. would be better choices too, but ETC would be a good addition given the fact that Ethereum (ETH) is already on Gemini Exchange.
Ethereum Classic (ETC) is much faster and cheaper than BCH, BTC and ETH – and it has the benefit of supporting side chains.
Guys, just ditch the Bitcoin Cash (BCH) idea and go with Ethereum Classic (ETC) – or pretty much any other coin in the top 20.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.