Bitcoin exchange COLLAPSES as cryptocurrency platform ‘obsolete because of Ethereum’

A BITCOIN platform has announced it will be shutting down over claims its technology is “obsolete” following the rise of ethereum.m-value 

Coinprism was a bitcoin wallet which allowed users to store and create ‘coloured bitcoins’.

The company’s website said: “Coinprism allows you to ‘colour your bitcoins’. 

“You can create, issue, send and receive these Coloured Coins across the bitcoin network (all these for the price of a bitcoin transaction) to anyone with a bitcoin address, the same way bitcoins are sent (note that you can also use Coinprism as a normal bitcoin wallet to store, send and receive bitcoins).”

In an email seen by CNN, the company told its users that while bitcoin and “coloured coin” funds are independent of the Coinprism platform – instead residing on the blockchain – they cannot be accessed without the use of a private key.

As a result their funds will not disappear alongside the Coinprism exchange but users will not be able to access the unless they export their key.

To keep colour coin assets, users are being advised to find an open-asset compatible wallet.

Coinprism’s social media accounts have not been updated since 2016.

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