Category Archives: Bitcoin cash

Bitcoin Cash Drops From $2,800 to $1,300, What Lies Ahead in Long-Term

The Bitcoin Cash price has dropped from $2,800 to $1,300 in a matter of hours, as the price of bitcoin rebounded from $5,500 to $6,400.

Many bitcoin experts including former Coinbase executive and Litecoin creator Charlie Lee stated that in the long-term, it is less likely that Bitcoin Cash would be able to compete with bitcoin due to its lack of infrastructure and developer activity.

Lee stated:

“The BCH pump in the past few days is super impressive. I should have kept my BCH. I still don’t think BCH can compete with BTC long term, but markets can stay irrational for a long time. I’m glad there’s a blockchain for big blockers though. Hopefully, resulting in less drama.”

He further emphasized that there exists a clear gap between the development teams of bitcoin and Bitcoin Cash, which could play as a major role in the long-term growth of the two cryptocurrencies.

“Without decentralization, you lose censorship resistance. Censorship resistance is what gives Bitcoin value. Without that, it’s just PayPal 2.0, which is not revolutionary. BCH also has a very weak dev team when compared to Bitcoin Core. It’s like high school team against pros,” Lee added.

Since Bitcoin Cash has fallen from $2,800 to $1,300, the global cryptocurrency exchange market has stabilized to a certain extent, with Ethereum retaining its spot as the second largest cryptocurrency behind bitcoin. While the trading volume is still exceedingly high at over $26 billion, given the major correction of Bitcoin Cash in such a short period, it seems as if the current trend of bitcoin leading the market and Ethereum being the distant second will continue in the mid-term.

With Bitcoin Cash being marketed and used as a currency, mainstream adoption will be key for the long-term growth of Bitcoin Cash in terms of market valuation and user base. Bitcoin Cash will require businesses to adopt it as a payment method, as many leading Japanese conglomerates have done for bitcoin, and large-scale businesses within the cryptocurrency sector to build infrastructure around it.

If SegWit2x supporting businesses have moved on from their plan of increasing the bitcoin block size to 2MB to Bitcoin Cash, in the upcoming months, many existing bitcoin businesses will likely provide support for Bitcoin Cash, which include wallet services, exchanges, and brokerages.

However, if existing bitcoin companies do not move towards adopting and integrating Bitcoin Cash, it will significantly limit the potential of Bitcoin Cash.

Earlier today, prominent bitcoin and security expert Andreas Antonopoulos encouraged the bitcoin community to focus on the development and the growth of bitcoin, rather than discouraging the Bitcoin Cash market and its industry, as there is space for the two cryptocurrencies to co-exist.

In the long run, Bitcoin Cash will serve a different market to bitcoin, while bitcoin continues to evolve into an established robust store of value, with strong infrastructure to process payments with lower fees.

The post Bitcoin Cash Drops From $2,800 to $1,300, What Lies Ahead in Long-Term appeared first on NEWSBTC.

Bitcoin Cash Targeting Below $350: BCH Price Analysis

Bitcoin Cash price is finding no edge to grab on while the price continues to decline as this is written. Despite its very promising start when it launched which showed a very solid value surging, the price now is acting totally in contrary as what holders were hoping. For quite some time BCH price against the US Dollar was hovering between the major levels of $400.00 and $600.00 before and after...

Source

Bitcoin’s Rally After the Infamous Hard Fork Simplified

For the sake of simplicity, let us assume the Bitcoin Network as a large and publicly accessible logbook where both the giver and the receiver can write down and sign the the details of their transaction by paying a small fee which is then verified by a third party (through mining), one page (1MB Block) at a time (mined Blocks).

But as the network expands and more and more people want to write down their transactions, meaning people have to wait longer for new pages or pay higher fees to prioritise their writing in the book.

Now this becomes an issue which has to be resolved else it might end up being a burden for both the users as well as the teller who verifies them – the Miners. This can be resolved in two ways.

First solution is removing unnecessary transactional data from the entries, thereby making space for more number of entries to be written in each page without increasing the size of the page, which technically is Segwit aka BIP 141 through UASF (User Activated Soft Fork) where select data related to the signatures are removed from Bitcoin transaction entries thereby resulting in additional transaction capability per block. This in turn can help in scaling the network without increasing block size and can result in faster confirmation times.

The other alternative is to make a new logbook with all the old transactions plus increased page size (8 MB Blocks), hence solving the issue. This is the network split that resulted on August 1st, resulting in our little brother BCH (Bitcoin Cash) via UAHF (User Activated Hard Fork) by making a clone of the existing ledger (not a fork) and users holding BTC before August 1st were given an equal amount of BCH.

The fork was carried out by a sector of Bitcoin community who were not satisfied with the existing Segwit proposal. Now not everyone will want to use the New Book (BCH), some might still want to stick with the upgraded old book (BTC post Segwit) and vice versa.

This move has supposedly ended the ongoing scaling debate which was going on for years, and split the Bitcoin community into two camps. Now that BCH has the required block space they needed, they must work on on-chain scaling and bring up the adoption rate.

Post Segwit implementation BCH price saw a steep rise and Bitcoin traded sideways for many days. During this period BCH also became more profitable to mine than Bitcoin. BCH price kept going up reaching its peak just below $900. But once Bitcoin picked up momentum it soared to an all time high of $5000.

Since then price of both Bitcoin and Bitcoin cash have settled down. At the time of writing Bitcoin Cash is trading at $489 and Bitcoin can be bought for $3933 a piece, according to the CoinMarketCap Index. It is worth noting that proposed Segwit2x allowing 2MB blocks and is expected around the end of November, but it is still uncertain over how certain stakeholders might react to another fork.

The real scalability issue, assuming Bitcoin were to become mainstream currency, for a population of say 7 billion people doing 2 blockchain transactions per day, results in the block size of 24GB ~ 1.27PetaBytes/year resulting in centralised mining which falls dead against the whole idea of a decentralised network.

This can possibly be resolved by the use of lightning network which proposes using an additional network micropayment channels topped with HTLc (Hashed Timelock Contracts) to enable billions of transactions per day. Current limit is 225 million transactions per year. It also solves the issue of micropayments and instant transactions.

The path ahead for Bitcoin is dark and bumpy indeed. Extending on what Vinny Lingham says, Bitcoin might just have to “die” a few times in order to live forever.

The post Bitcoin’s Rally After the Infamous Hard Fork Simplified appeared first on CoinSpeaker.

An Update on BCH in Jaxx

The decentral & blockchain ecosystem has been growing rapidly this year and we’ve been working hard to stay right on its forefront. There are so many tokens & projects we are eager to support! The innovation and creativity we see in this industry are inspiring. This past Spring we began planning a significant expansion of our own infrastructure to support our rapid growth and to facilitate much more rapid integration of new tokens in the future.

Jaxx uses Insight Server – the same service used by several other major platforms. Insight, you may be aware, decided not to support Bitcoin Cash. This left us with a rather lot of work to sync and reindex the BCH blockchain on a completely new system.

This process has taken longer than expected. The BTC blockchain is quite large!

We’re quite close to being complete with BCH integration. We spent most of this past week testing and, as of the end of day Friday, still see performance issues. I promise that when we do release BCH support in our wallet that it will be reliable. User experience & user control are our highest priorities here at Jaxx. The masterseed, the interface and the nodes we run are the source of that empowerment; our team is proud of our platform & we’ll always hold ourselves to these high standards.

We’re not just employees here – we’re users, too, and we’re also anxious to be able to control our BCH in our own Jaxx wallets. We’ll be ready soon. In the meantime, if you received BCH in the August 1st fork and have not moved it off to a different address, that BCH is safe and will be accessible in Jaxx next week.

 

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Prepare for a new Bitcoin Fork in 2017.

After the hard fork in the beginning of august, a new cryptocurrency appeared out of nowhere. As you may already know, we are talking about BitcoinCash. If you felt contraried by the hard fork take a seat, as it seems that a new fork will happen this year.

The Segwit2x working group has announced their plans after the upcoming Bitcoin Core client 0.15.0 will automatically disconnect nodes supporting the SegWit2x fork.

Extract from the original announcement.

The November 2017 upgrade to 2MB blocks is a hard-fork, but necessary changes are trivial to perform. Some SPV clients are expected to work without any change at all. Most clients will need to tweak only two constants to remain compatible with the new larger blocks.

The main stake of Segwit2x controversial plan is to enlarge the transaction capacity of Bitcoin.

What could this mean for Bitcoin and how could affect it?

This new fork will create a new Bitcoin Blockchain version as well, but the question is wheater it will get support from miners or not. This is one of the most important aspects, without which it’s impossible to thrive. Because of necessity, Segwit2x supporters are keen on splitting the chain once again.

The first signs could be seen in late October but in November, the prices may really become more volatile than ever.
A major impact for the main Bitcoin, in the long run, is hard to predict.

In may on New York, after the agreement was signed, SegWit2x group got support from more than 50 companies around the world and more or less 83% of the hashing power. Taking this into consideration, you may think that Segwit2x plan will go smooth but if the mining gets unprofitable, miners could easily change minds and go back to mine the main Bitcoin or even Bitcoin Cash.

Important to remember is that the signatories of the New York Agreement, are under no obligation to mine exclusively the “2xchain”. This means that Segwit2x will let Bitcoin miners choose to run the new software and the keyword here is “profitability”.

Bitcoin Cash Market Report: $BCC Surges After Early Demise

Brief:


Bitcoin Cash surges after an early demise. Bitcoin Cash is up 58.20% in 24 hours and up 166.78% on the week on a last price of 0.21689193 or about $882.47. $BCC/BTC is trading between a 24hr high of 0.24398998 and a 24hr low of 0.13753500 on a 24hr Bittrex volume of 84065. The weekly trend is mixed.

Contents

Last price

0.21689193 $BCC/BTC

$USD

last price $ 882.47
one week ago $ 327.59
percentage 169.38%

Volume

Volume

The 24 hour volume on Bittrex is 84,065 BTC. This is a heavy volume for any digital asset. In dollar value that’s about $339.6 million dollars in 24 hours.

Remarks

Bitcoin Cash surges after an early demise. Bitcoin Cash is up 58.20% in 24 hours, up 166.78% on the week and up 0.00% on the month on a last price of 0.21689193 or about $882.47.

Earlier launch reports had seen a price loss of more than sixty-eight percent from the launch opening price, making for an early demise.

CoinMarketCap YTD Chart

One Day Candles

Bitcoin Cash Reports
Browse our historical collection of Bitcoin Cash reports from ViaBTC, Kraken, Bitfinex and others.

XBTLivePriceTM
Bitcoin spot prices from four major exchanges at print time:

Yesterday

Altcoin Market Reports
We publish recent and topical Market Reports on many altcoins. Browse our extensive collection of Altcoin Market Reports.

Price change

Price change is the percentage change within the period:

period change
day 58.20%
week 166.78%
month asset has been trading for less than a month

Featured Chart

Data source

50.png

Bittrex is the data source for this market report – except as noted.

Market capitalization

Market capitalization is the total $US dollar value of the Bitcoin Cash market calculated using the formula:

market cap = ( circulating supply x last price )
Market cap $ 14,557,423,676
Circulating supply 16,496,225
Last price $ 882.47
Circulating supply data courtesy of CoinMarketCap.com.

Daily High Low

daily high 0.24398998
daily low 0.13753500

Trend

The weekly trend is mixed.

trend is MIXED

Support

Support is the lowest price within the period:

period support
day 0.13753500
week 0.06817530

Resistance

Resistance is the highest price within the period:

period resistance
day 0.24398998
week 0.24398998

Range

Range is the difference in price within the period:

period range
day 0.10645498
week 0.13559193

Market sentiment

Market sentiment is bullish.

sentiment bullish
Image courtesy Pixabay.com

Summary

Bitcoin Cash surges after an early demise. Bitcoin Cash is up 58.20% in twenty-four hours and up 166.78% on the week. The weekly trend is mixed. $BCC/BTC saw weekly resistance at 0.24398998 and weekly support at 0.06817530. Market sentiment is bullish.

Disclaimer

Past history is NOT an indicator of future results. Read the legal disclaimer:

http://kittybitcoin.com/docs/disclaimer.php

Printed

This report was printed on Saturday August 19 2017 17:15 hours UTC. Contact KittyBitcoin to request custom reports. Share your thoughts with @KittyBitcoin on Twitter.

Coming soon

Thanks for reading! 🙂

Tags

Bitcoin Cash, $BCC, BTC, Bittrex, Market, Report, $BCC/BTC, altcoins

Bitmain not Mining Bitcoin Cash Hints at Continued Support for SegWit2x

There are many things we can learn from the initial launch of Bitcoin Cash. First of all, a lot of people sold their coins too early and will regret that decision by now. Secondly, Bitmain has no plans to support BHC for the time being. Otherwise, they would have mined at leas tone network block, … Continue reading Bitmain not Mining Bitcoin Cash Hints at Continued Support for SegWit2x

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The Upcoming Bitcoin Cash Hard Fork: The Choices for Bitcoiners

On August 1, the Bitcoin network will split with the emergence of Bitcoin Cash (BCH). This article will outline the choices you have if you hold bitcoin and some potential outcomes of the split.

What is Bitcoin Cash?

The project’s website states that Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is 'fully decentralized, with no central bank and requires no trusted third party to operate.' Bitcoin Cash is aiming to be a cryptocurrency that focuses on transactional capacity.

Most within the Bitcoin community did not see this coming; a User-activated Hard Fork (UAHF) was initially supposed to be used as a backup plan if the UASF were to activate on August 1. However, on July 22, Bitcoin Cash announced its plan to hard fork anyway.

As Bitcoin Developer and Entrepreneur Jimmy Song states:

"…all hard forks present two risks: replay and wipeout attacks. Wipeout is not as much of a risk since this is a permanent fork. Replay attack protection is provided as part of the Bitcoin Cash release."

Bitcoin Cash transactions will use a new flag SIGHASH_FORKID, which is non-standard to the legacy blockchain and prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa. This means you should be able to transact safely on both blockchains. But users are warned to test transactions with a few satoshis first before sending large amounts.

Bitcoin Cash will appeal to users who do not agree with SegWit and since recent events show that most miners signalled BIP 91, and hence their intention to signal SegWit, the hard fork will ease community infighting as the two sides with opposing perspectives can now go their separate ways. Also, Bitcoin Cash aims to overcome one problem that the community has not been able to reach consensus on, namely, raising the block size limit.

Bitcoin Cash will offer a larger block size of 8MB, compared to Bitcoin’s 1MB. Also, it will adjust the proof-of-work difficulty quick than the normal 2016 block adjustment interval in Bitcoin, which means in the case of a low and dropping hash rate, the difficulty of Bitcoin Cash will adjust relatively quicker; this has the consequence of making sure the Bitcoin Cash chain remains viable.

There is also added confusion surrounding the ticker of Bitcoin Cash, with most referring to it as BCC. Here in this article, we use Kraken's ticker to refer to Bitcoin Cash, that is BCH.

The split of Bitcoin Cash from the main Bitcoin network is not without precedent; most likely, the fork will fall to the wayside as with previous forks like BitcoinXT, BitcoinDark, and BitcoinClassic.

What are the Options for Bitcoiners on August 1?

The first block of Bitcoin Cash is anticipated on August 1, 2017, 12:20 UTC. Given you control your private keys, you will have the same amount of BTC and BCH after the hard fork. Futures markets on ViaBTC estimate the value of BCH to be around 0.127 bitcoin or $344.58 at the time of writing, falling in value from around $550 just a few days ago. However, it is important to make clear that the futures market for BCH is likely to be highly illiquid and manipulated by those with a vested interest in BCH.

If you own bitcoin and it is held by an exchange or third party storage provider, then there is a chance you may not receive the BCH that is due to you. Given the surprise announcement, many exchanges do not have the time to adjust to the changing landscape. For example, exchanges such as Coinbase and Bitstamp will not be crediting customer’s accounts with Bitcoin Cash.

Bitstamp, the first fully licensed bitcoin exchange in the EU, stated, “As always, the safety of our customers’ funds remains our number one priority. To this end, as a security precaution, we will be disabling bitcoin deposits and withdrawals on 31 July 2017 at 23:00 hrs UTC to ensure that all BTC funds stored at Bitstamp remain secure. Trading will remain unaffected throughout. Deposits and withdrawals will be resumed only when we deem it safe and prudent to do so."

"We will leave it to our customers to decide whether to withdraw their BTC funds from Bitstamp prior to this cut-off date if they would like to access BCC or any other hard fork, and Bitstamp shall not be held liable for any consequences of that decision, from neither a financial, operational nor regulatory standpoint."

On the other hand, many exchanges will support Bitcoin Cash and will credit customers balances with an equal amount according to their bitcoin holdings.

For instance, Kraken will credit customer balances with BCH and funding will be disabled and reenabled once the outcome of the fork is clear and the network is safe. Interestingly, margin trading will still be enabled and those with margin long positions on bitcoin will result in a BCH credit, whereas short margin positions will lead to a BCH debit. Kraken also warned traders of the consequences of holding margin positions through a period of such uncertainty:

“Margin traders are advised to be very cautious across the fork, by either reducing their position sizes or closing out entirely before the fork. In addition to the special provisions described above, margin traders should plan for the possibility of extreme volatility and unfavorable forced liquidations surrounding the fork. As always, margin traders are strongly encouraged to set stops rather than rely on perfect accessibility to the exchange.”

Bittrex also announced their support for BCH in recent days:

“If you have a Bitcoin (BTC) balance on Bittrex during the BCC UAHF time on August 1st, 5:20am (12:20pm UTC), you will be additionally credited the equivalent amount of Bitcoin Cash (BCC) on a 1:1 basis. i.e. 1 BTC on Bittrex held during the on-exchange snapshot will get you 1 BCC.”

Hardware wallets Trezor and Ledger will also give their users the chance to access Bitcoin Cash; you will be able to send BCH from the hardware wallets to any of the exchanges suporting BCH, like Bittrex and Kraken, to swap for bitcoin. Most Bitcoin exchanges in Asia are also taking the position that BCH is an altcoin or new blockchain asset, where Bithumb, BTCChina, Huobi, Korbit, and OKCoin are all supporting BCH.

Other providers will automatically sell BCH and credit their users with bitcoin automatically, making it easier for unsophisticated investors. For instance, Xapo and Bitrefill are two companies in the space that are planning to take this course of action:

“In the event of two surviving blockchains, we will support one blockchain, the one with the most accumulated difficulty. Xapo will give you the choice to withdraw the coins in the secondary blockchain or to let Xapo sell the coins in that secondary blockchain and automatically add that value to your account in the supported blockchain.”

A word of warning; many in the Bitcoin community are wary of 'splitting services' that may be offered in the aftermath of the hard fork; they will claim to split your bitcoin for you so you can receive the equivalent amount in BCH, if you did not do so already. It is advised you check these providers very carefully, as many of these splitting services are likely to be scams, and hold your bitcoin with wallets or exchanges that are supporting BCH.

The Fallout of the Hard Fork

Much of the lasting impact depends on many questions, which are as of yet, unanswered. How much hash power will each chain command? What will the price ratio between BTC and BCH be? More importantly, how will this affect the SegWit2x plan? If Bitcoin manages to get rid of 2MB hard fork part of SegWit2x, then Bitcoin Cash may be worth holding for a few months. On the other hand, it may be best to liquidate BCH and convert into bitcoin or some altcoins.

But there is no such thing as a free lunch. As Coinmetrics.io creator Nic Carter emphasizes, the dampening of the network effect due to the split may reduce the overall value of both networks in the short run:

“Let’s pessimistically say that BCH could seize 15 percent of the userbase from BTC. If the Metcalfe property held, this would decrease Bitcoin’s marketcap by 27.75 percent, taking the price from $2730 to $1972. In this simulation, BCH would be worth $61.4 with 15 percent of the users. So a 85/15 split destroys 25.5 percent of the value of the original network. Put into other words, while BTC owners would received a cash “dividend” from the BCH airdrop (assuming they sold immediately), the money gained from this dividend is outweighed by the network value destroyed. In fact, any split whatsoever is a value-destroying activity in the short term, no matter the ultimate ratio of BTC to BCH.”

But there is also the ‘value unlock’ mechanism to account for, which was observed with the ETH/ETC split. Because a split will rally the Bitcoin community behind one cause, Bitcoin can quickly build a small block solution while Bitcoin Cash can work toward an on-chain scaling solution. Similarly, the split in the Ethereum community allowed infighting to cease and two groups to move forward with their respective visions. Therefore, the value unlocked from the divergence may outweigh the value lost as a result of the reduction in the size of the Bitcoin network.

It may be optimal to hold BTC and BCH over the long term, taking the ETH/ETC split as a precedent, until the dust settles and there is more certainty about the path going forward. But on August 1, one thing will be evident; BCH will either dump under immense selling pressure or it will live to fight another day. If the second scenario transpires, then that might be a good signal to hold BCH and see what the future holds, as the 'value unlocking' of the split may become a driving force for both coins to gain in value until it is clear one of them can present a superior scaling solution.

Bitcoin Cash Price Sees Sharp Drop as BCC Trading Volume Dries up by Two-thirds

A lot of people are keeping an eye on the Bitcoin Cash price. That is pretty interesting, considering the token doesn’t exist yet. It will be created on August 1st through a Bitcoin hard fork. However, ViaBTC allows trading of Bitcoin Cash against CNY and BTC. It appears the BCC/BTC market is slowly crashing. The … Continue reading Bitcoin Cash Price Sees Sharp Drop as BCC Trading Volume Dries up by Two-thirds

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ViaBTC’s BTC Market for Bitcoin Cash Fails to Gain Traction so far

Most people seemingly forget Bitcoin will still undergo a hard fork soon. More specifically, the UAHF will go into effect on August 1st. As a result, we will see a forked version of Bitcoin come to fruition, which will be known as Bitcoin Cash. This token can be traded on ViaBTC already and they recently … Continue reading ViaBTC’s BTC Market for Bitcoin Cash Fails to Gain Traction so far

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CoinMate is the new growing European Bitcoin exchange

The post CoinMate is the new growing European Bitcoin exchange appeared first on 99 Bitcoins.

CoinMate, a relatively new Bitcoin exchange, is quickly making strides in the industry and has been able to get quite a lot of coverage online. The UK-based exchange has a huge advantage due to their location. The company website states that “there’s a reason we’re based in the UK as a cryptocurrency company. It’s here [...]