#1 Source for BlockChain News

Category archive

Bitcoin Cash

Bitcoin Cash Hard Fork Controversy

Hard forks and lack of governance were a huge issue during the rise of cryptocurrency back in late 2017. It seems this hasn’t changed in 2018, as we have just encountered a new Bitcoin Cash hard fork controversy.

Hard forks are required for large blockchain network updates and require all nodes running the network to switch over to the new chain at a designated block number. Unfortunately, not every node running the network agrees with the direction of the project and decides to start its own fork with other nodes—creating a new ‘forked’ chain and new digital currency.

Hard fork splits in 2017 brought about the digital currencies Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum Classic (ETC), Bitcoin Diamond (BCD), Monero Classic (XMC), and Monero Original (XMO).

Bitcoin Cash Hard Fork Controversy

On November 15th, Bitcoin Cash underwent its second scheduled protocol upgrade. However, a competing proposal emerged that was not compatible with the original roadmap and caused the BCH community to be split into three fractions: Bitcoin ABC, Bitcoin Unlimited, and Bitcoin SV.

Bitcoin ABC represents the conservative approach to the update, which aims to preserve Bitcoin Cash from radical changes. ABC is led by Roger Ver, CEO of Bitcoin.com. Bitcoin ABC is also backed and represented by Binance, Coinbase, and Bitmain.

>> Bitcoin Hits Lowest Level Again—This Time Last Year Things were Very Different!

Bitcoin SV, or Satoshi’s Vision, was founded last Friday by a blockchain firm that is associated with Craig Wright—who has in the past deemed himself as Satoshi Nakamoto and has often been mocked by the crypto community. Bitcoin SV seeks to increase the block size of BCH from 32MB to a max of 128MB in hopes of increasing the network’s capacity and scale.

Bitcoin Unlimited is a neutral fork and the leaders are looking for a compromise between Bitcoin SV and Bitcoin ABC, asking for a vote between all the miners.

Hash War: Who’s Winning?

Currently, Bitcoin ABC has the most support but Craig Wright isn’t backing down.

This just shows the need for proper governance and voting within these blockchain projects, because this Bitcoin Cash hard fork controversy has become a circus.

Featured Image: Depositphotos/© olly18

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bitcoin Cash Hard Fork Approaches

A Bitcoin Cash hard fork will happen on Thursday, November 15th.

Bitcoin Cash is already a hard fork of Bitcoin and has since grown to become the fourth-largest cryptocurrency. Now the digital currency will split in two, creating a second cryptocurrency.

The two digital currencies go by the names Bitcoin ABC, which is the continuation of the current or core Bitcoin Cash, and Bitcoin SV, which will follow new rules and stands for Satoshi’s Vision.

Bitcoin Cash Hard Fork

A hard fork occurs when network participants no longer agree on a proposed change to the running of the blockchain. This change is implemented via a software update.

Participants will decide what they agree with and when the fork happens, those that wish to adapt to the new rules will upgrade to the new software and those that don’t won’t upgrade their network.

The result is a split network. This means two separate blockchains, each running on different rules and with their own currency. Therefore, there will now be two separate digital currencies.

What Happened?

This Bitcoin Cash hard fork has come about after developer Amaury Sechet proposed an upgrade that made a small change to transaction ordering.

An escalating disagreement ensued and two well-known crypto personalities—Roger Ver and Craig Wright—ended up pitted against each other.

>> Japanese Crypto Exchange Coincheck Resumes NEM (XEM) Trade Ten Months Later

Ver is in support of the new software upgrade (Bitcoin ABC), but Wright favors a move more reflective of the original Bitcoin whitepaper (Bitcoin SV), which seeks to raise the maximum block size to 128MB from 32MB.

Hash Power and the Bitcoin Cash Hard Fork

The computing power needed to mine cryptocurrency is called ‘Hash Power.’ Hash power is important because the success of each coin will depend on where the miners commit their hash power to—Bitcoin ACB or Bitcoin SV. Currently, tallies are swaying in favor of Bitcoin ABC, but only time will tell.

Importantly, most major exchanges have stated support for the hard fork. This means owners of Bitcoin Cash will receive 1:1 per new cryptocurrency once the network upgrade happens.

Featured Image: Depositphotos/© Mehaniq

If You Liked This Article Click To Share

!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

BCH Price Rally | Is the Bitmain IPO Causing the Bitcoin Cash Rise?

Hold onto your hats folks! There is a BCH price rally happening right now! But why!?

The coin has rallied almost 30% at the time of writing; according to coinmarketcap.com, BCH is currently up 28.94%. Are we seeing a repeat of what Ripple (XRP) accomplished last week?

BCH Price Rally: Is Bitmain the Cause?

So without a doubt, BCH is the best performing coin on the market right now. Analysts are attributing the BCH price rally to the successful IPO filing of Bitmain with the Stock Exchange of Hong Kong Limited.

Mati Greenspan, the senior market analyst for social trading platform eToro, said the following: “This spike was definitely caused by Bitmain’s IPO filing.”

Bitmain IPO

So how come Bitmain news is causing a BCH price rally?

Back in August, a Bitmain investor deck was leaked to the public. Thanks to this, the public got an eyeful of Bitmain’s holdings in various cryptocurrencies including Ethereum, Bitcoin and… Bitcoin Cash.

The investor deck showcased that Bitmain has held over 1 million Bitcoin Cash since late 2017. This amount accounts for nearly 6% of the entire circulating supply of BCH and was considered “a very powerful statement that they have skin in the game and put their money where their mouth is.”

Baring in mind that Bitmain is one of the largest digital currency miners in the world, this makes a BCH price rally plausible.

>> Austria will use Ethereum’s Blockchain for Government Bonds

Concern Grew

However, holding such a large amount worried investors, and rumors circulated citing liquidation concerns. Speculation grew about the IPO of Bitmain and “whether the conglomerate will be able to successfully conduct the public offering of its equity.”

But the successful filing of the IPO yesterday has allayed those concerns. The miner filed a prospectus for the offering, showing its intention to offer securities to the public, according to CoinDesk.

The BCH price rally has been an immediate indication of investors’ excitement for this news. BCH is currently trading at $580.63. At the close yesterday, that figure was $447.77.

Featured Image: Depositphotos/© SectoR_2010

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Robinhood Adds Dogecoin | Stock App Now Offers 5 Digital Assets!

Robinhood adds Dogecoin: It was all smiles yesterday when Robinhood, a stock trading app, revealed that it added Dogecoin to its platform. But behind the scenes, some are unsure of this event.

Foes say Dogecoin is a parody cryptocurrency. Moreover, they say that because Robinhood supports less than ten digital currencies, many believed the company to be selective over the coins they carried. On the other hand, fans say despite its bizarre nature, Dogecoin has accumulated mainstream interest and has witnessed price peaks throughout the year.

Robinhood Adds Dogecoin, But There’s More

On the market for the past five years, Robinhood has had its share of successes. There have been game-changing announcements, such as the addition of Bitcoin Cash and Litecoin, something that customers have wanted for a while.

Robinhood customers have also expressed an interest in “buying and selling other cryptocurrencies beyond Bitcoin and Ethereum,” explained the company in a post last week.

Some rumors have even floated around the crypto industry that claim that the stock trading app is planning on making a crypto wallet.

Perhaps, however, the addition of Dogecoin will garner the most attention in the weeks to follow.

What Do You Mean, Robinhood Supports Dogecoin?

Choose first; then trade. It’s that simple. If you’re a stock trader on Robinhood, and you’re looking to move into crypto, you will now see Dogecoin on the list of available digital assets for trading. There will be four others listed as well: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Dogecoin Price and Dogecoin Predictions

You can’t deny that Dogecoin is benefitting from the Robinhood listing. At press time, the altcoin was selling for $0.002951, which means the coin is up 12.37% in the past twenty-four hours. It is currently the 30th largest digital currency by market cap.

Robinhood adds Dogecoin
Source: CoinMarketCap

That said, even though Dogecoin is up more than 10%, there doesn’t appear to be much of a dent in the Dogecoin price, which suggests that perhaps the market isn’t overly excited about Robinhood supporting the parody coin—at least not in the long-term; the more than 10% surge could fade quickly.

Or, the opposite could happen. Dogecoin has received critical acclaim, has witnessed price peaks, especially in January of 2018, is known for its focus on zero-fee trading, and has received investments from American rapper and entrepreneur Jay-Z.

So who knows? Parody or not, lack of increase in price or not, Robinhood decided to list Dogecoin over other coins (like Ripple [XRP]) for a reason.

Only Time Will Tell

Robinhood adds Dogecoin as a digital asset available for trading, but will this benefit both Dogecoin and the stock trading app in the long-run? Let us know what you think in the comments below!

>> Coinbase Gets Approval to List Coins that are Securities

Featured Image: Facebook

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Bithumb Hack | $14 million worth of BTC, ETH, BCH, and XRP Stolen

Bithumb hack: Last week, the world’s 11th largest cryptocurrency exchange by its 24-hour trade volume, Bithumb, announced that it had been hacked. The initial reports suggested that close to 35 million Korean won ($31 million USD) had been taken from its platform. Several cryptocurrencies were stolen, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).

The original translated tweet read:

“[Urgent notice] to stop the front of the withdrawal service password please stop the money transfer. Today, about 35 billion in the morning, the size of the password was stolen. Your assets are securely housed in a cold wallet. For the time being, we cease to offer passwords and monetary deposits and withdrawals services.”

In those first reports, it was said that XRP was the targeted cryptocurrency, but the latest discoveries announced this morning say otherwise.

BTC, ETH, BCH, and XRP Compromised

This morning, the Bithumb hack details were brought to light by the exchange.

The announcement translated from Korean to English reads:

“[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link.”

It seems Ripple (XRP) wasn’t the only cryptocurrency hacked from Bithumb accounts after all. As per the chart above, it seems that Bitcoin (BTC) took the biggest hit.

The coins compromised include:

  • Bitcoin Cash (BCH)
  • Bitcoin (BTC)
  • Aelf (ELF)
  • Ethereum (ETH)
  • Ethos (ETHOS)
  • Golem (GNT)
  • Hshare (HSR)
  • Kyber Networks (KNC)
  • OmiseGo (OMG)
  • VeChain (VEN)
  • Ripple (XRP)

In Bithumb’s announcement via its website, the cryptocurrency exchange states that the main reason for lowering the estimates was due to “ongoing participation, support, and cooperations of the cryptocurrency exchanges and cryptocurrencies [sic] foundations across the world.”

Bithumb asks that its users still refrain from making any deposits at this time. The company will be providing updates on the hack investigations in the near future.

>> Steve Wozniak Compares Blockchain to Dot-com Bubble

Featured Image: Twitter

If You Liked This Article Click To Share

http://platform.twitter.com/widgets.js
!function(f,b,e,v,n,t,s)if(f.fbq)return;n=f.fbq=function()n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments);if(!f._fbq)f._fbq=n;
n.push=n;n.loaded=!0;n.version=’2.0′;n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)(window,
document,’script’,’https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘894368744004449’);
fbq(‘init’, ‘447469122301599’);
fbq(‘init’, ‘1763072463990516’);
fbq(‘track’, ‘PageView’);

(function(d, s, id)
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s); js.id = id;
js.src = “http://connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.6”;
fjs.parentNode.insertBefore(js, fjs);
(document, ‘script’, ‘facebook-jssdk’));

Go to Top
%d bloggers like this: