FuzeX Card to Adopt Bitcoin Cash as Default Crypto, Replacing Bitcoin
Cryptocurrency payment startup FuzeX joins the many companies embracing Bitcoin Cash embracing Bitcoin Cash (BCH). On July 23, 2018, the startup has signed a partnership with Bitcoin Cash-affiliated website Bitcoin.com to add the altcoin to FuzeX’s card project as the default crypto.
The FuzeX card lets users store up to 30 accounts—including credit, debit, rewards, and cryptos. The team behind FuzeX plans to release the payment card in the third quarter of the year.
Jaehun Bae, FuzeX project leader, said:
“We are happy to announce the partnership. With the help of Bitcoin.com, we will be able to provide a useful and pragmatic payment service. We are going to work with Bitcoin.com to bring about interesting projects that can help cryptocurrencies be used in the real world.”
The deal also welcomed Bitcoin Jesus and Bitcoin.com CEO Roger Ver as a consultant to FuzeX. Ver is a known Bitcoin Cash advocate and a non-believer of Bitcoin. In addition, many consider him as one of the trusted experts in the crypto scene.
“We are happy that this partnership will help Bitcoin Cash lovers all around the world use BCH as an everyday currency… [We] are going to cooperate with FuzeX in an effort to continue coming up with win-win situation for all users.”
FuzeX’s initial coin offering (ICO) and published whitepaper initially stated that the project would integrate Bitcoin (BTC) and Ethereum’s Ether (ETH) into the FuzeX card. However, the recent partnership replaced the project’s current default crypto—Bitcoin—with Bitcoin Cash because of the former’s deficiencies.
Bitcoin Cash Better?
FuzeX argued that the replacement from Bitcoin Cash to Bitcoin made sense because the former provides faster transaction speed and cheaper rates compared with the latter.
In fact, FuzeX continued, the number of Bitcoin users slowed down transactions and pushed up the required fees. Bitcoin dominates the crypto market in trade volume with 31 percent, miles ahead of Bitcoin Cash’s 3 percent. Furthermore, Bitcoin’s average withdrawal fee of US$10 is 1000 percent higher than Bitcoin Cash’s fee, according to FuzeX.
The FuzeX team explained further:
“FuzeX team reviewed BTC in many aspects including marketability, usability, popularity, and community, and deemed that BTC is used less as payment in daily life and more as an investment asset. The team reached a conclusion that in order to make the FuzeX card more accessible for more users, the risks deriving from convenience, and fluctuating exchange rates need to be minimized.”
Ver, once a supporter of Bitcoin, added:
“Bitcoin Core, which is more expensive, slower, and less reliable is thus unusable in the FuzeX payment system. It will be dropped and replaced by BCH as the base currency on the platform.”
Nevertheless, the team added that it plans to support more virtual currencies as the technology improves in the future, including Bitcoin.