Paxful has just made an announcement in regard to Ethereum (ETH), the second-largest cryptocurrency as per market valuation.

Paxful has confirmed that it will proceed with the elimination of ETH from its exchange platform. Paxful is a peer-to-peer (P2P) crypto exchange that is based in New York.

Ethereum to be eliminated from Paxful

The operator of a P2P crypto exchange in the United States has confirmed that it is to proceed with dropping ETH from the platform.

The company has reportedly made the announcement through an email to all the users. In addition to the emails, the company has also made the announcement through social media platforms.

Ray Youssef, the chief executive officer of Paxful made the announcement and communicated the reason with all the concerned parties.

Ethereum is No Longer a Crypto

Youssef recently shared his concerns about the very nature of Ether. He has questioned the current nature of ETH after the change of its consensus in September 2022.

It was on September 15, when the Ethereum protocol underwent an upgrade. Its consensus was changed to the PoS from the PoW.

As per Youssef, ever since the protocol has undergone change, it has become a rather digital fiat currency. He argued that the asset has lost its attribute of being a cryptocurrency.

For him, the very definition of an asset being a cryptocurrency is being an asset that is not a fiat currency in any manner and is decentralized in nature.

Following its consensus change, Ether has become a centralized crypto, moving away from its base of being a decentralized crypto.

Therefore, as Ether is no longer a decentralized crypto, they can no longer keep offering the asset through their platform to the users.

Youssef’s Comparisons between ETH and BTC

The CEO of Paxful went on to talk about the very nature of Bitcoin. He stated that the Bitcoin network and its native token are used to undergo pivots.

Still, Bitcoin has never lost its main consensus and the token has stuck to its basics. Bitcoin has remained loyal to its main and basic protocol, not inching away from it for once.

Bitcoin was always the proof-of-work consensus and aims to remain the same. To this day, Bitcoin honors the same consensus, making it the only true and honest money in the crypto industry.

However, the teams behind the development of Ether have drifted the token away from its fundamentals. The asset has moved away from being a proof-of-work asset.

Now, the token is within the reach of corporates and businesses. Those who spent the highest amount of money in ETH get to choose the fate and future of the asset.

There was a time when every independent user holding ETH had the ability to be part of its system. They always had some sort of say and control over the ETH market.

The consensus change has taken the power away from individual investors and has given it to businessmen and billionaire investors.

More Criticism of ETH

Youssef continued with his barrage of criticism and negative remarks over the very nature and misusage of Ethereum.

He claimed that ETH is being used by scammers and hackers to take advantage. There are too many scams out there that hackers and swindlers are running that involve Ethereum.

As a result, investors have continued losing billions of dollars on a yearly basis. Therefore, they have decided to make a final decision about ETH and remove it from their platform.

Youssef made it clear that they have made the decision despite knowing that their company will suffer tremendously by removing ETH.

However, he is willing to take the risk to make sure that the people on their exchange platform are safe and are dealing with actual cryptocurrencies.

For him, ETH is no longer pure, and therefore, it cannot be allowed to remain on their platform.