Day: September 18, 2017

The European nation of Malta is moving to advance its ongoing blockchain strategy with the creation of a new advisory board.

Creating a native cryptocurrency token for a specific business is an unusual concept. Although we have seen native tokens in cryptocurrency, they are hardly used for real-life purchases. In San Diego, that situation is vastly different, at least where the Medicine Man Club is concerned. Their native currency is the Medicine Man Token which grants … Continue reading San Diego’s Medicine Man Club Uses Native Cryptocurency Token Rather Than Cash

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The chaos of bitcoin’s scaling debate has pushed other public protocol’s consensus mechanisms into a more strict and orderly framework.

No one can deny the yo-yo effect is clearly visible across all cryptocurrency markets right now. After a week filled with ups and downs, it seems the Bitcoin price may finally head back to $4,000 and more. Thanks to a 10.05% price increase over the past 24 hours, things are looking pretty solid once again. Breaking the resistance at $4,000 will not be easy, though.

Can the Bitcoin Price Surpass $4,000 Again?

Zooming out to see the bigger picture, the bullish trend for Bitcoin is still intact as of right now. Even though the past few weeks have been volatile, the upward momentum is still there and hasn’t missed a beat whatsoever. During these volatile times, many people tend to forget Bitcoin was worth Less than $1,000 on January 1st. Right now, that same BTC is worth nearly $4,000 even though it has declined in value quite a bit compared to the all-time high.

With a 10.05% gain in the books over the past 24 hours, the Bitcoin price is heading back to the $4,000 mark as we speak. It is important to keep in mind overcoming that particular has happened before, although it remains to be seen how long it will take this time around. With so much volatility affecting the markets over the past two weeks, no one should expect any major uptrend out of the blue right now. Then again, the China news is effectively irrelevant for Bitcoin itself, and the market is slowly responding in a positive manner.

Most people tend to overlook how the Chinese exchanges will not close down entirely. Instead, they will disable CNY trading, but any activity taking place between cryptocurrencies directly will still go through. Moreover, the CNY trading will not be halted until the end of October 2017, which means there are still six full w weeks of trading opportunities. There was never for the Bitcoin price to decline in the first place, although that is all water under the bridge right now.

Looking back at the information that actually matters, the Bitcoin price sits at $3,864 according to Coinmarketcap. Bitfinex is trading it at $3,970, whereas Chinese exchanges are still driving down the value by valuing Bitcoin at $3,250. This gap between China and the Western platforms will remain in place for quite some time to come. In fact, it may never disappear again, given the government’s stance on cryptocurrency altogether, which raises a lot of questions.

That being said, Bitcoin has seen $1.65bn in 24-hour trading volume, which is pretty solid for a Sunday. Most of this volume originates from Bitfinex, OKCoin, and BitFlyer. All of these exchanges have dominated the charts for several days in a row now. Huobi and Bithumb complete the top five as we speak. It is pretty intriguing to see South Korea value Bitcoin at the same price as the West, rather than following China’s example in this regard. Whether or not that will remain the case, is anybody’s guess for now.

For the time being, the first objective is to push the Bitcoin price back above $4,000. That will not be easy, though, as a lot of people have bought the previous dip and are looking to cash out around that price point. It will take some significant bullish momentum to topple $4,000 and maintain that level for longer than an hour or two. Whether or not that will happen today, remains a big question mark. The uptrend is still there, but n one should bank on any major positive market movements right now.

It’s been over forty-eight days since the hard fork, and the Bitcoin Cash (BCH) network is alive and well.

Also Read: Bitcoin Exchange BTCC to Halt Trading as Regulatory Storm Brews in China

Five Different Development Teams Are Working With the Bitcoin Cash Project

As the blockchain’s days continue, BCH developers have been revealing the upcoming plans to improve the cryptocurrency’s protocol. Discussions revolving around bitcoin cash development shows the protocol’s programmers have a very ambitious roadmap for the digital currency’s future. This includes a deep focus on on-chain scaling, and not fearing hard forks down the road in order to upgrade the BCH software. Currently, there are five development teams who say they are working with the BCH project, which include developers from Bitcoin ABC, Unlimited, Nchain, XT, and Classic.

Bitcoin Cash Developers Don’t Fear Hard Forks

At the moment there are lots of ideas being tossed around like a malleability fix without the  additions Segregated Witness adds, and a different difficulty adjustment algorithm. To push these new ideas forward, some BCH developers are not afraid to hard fork the network occasionally.   

“If we want to scale big we’ll have to do a hard fork from time to time,” explains Bitcoin ABC developer Amaury Séchet recent developers mailing list post. “Longer term, we may want to use extension point to add new features, but we are not there yet — more on extension points later on.”

Séchet and many other developers have been discussing quite a few different concepts regarding the future of Bitcoin Cash. The lead Bitcoin ABC developer Séchet mentions a new Merkle tree format and improving light client security with UTXO commitments. Other developers would also like to work on non-consensus changes to improve and make the BCH network more reliable. Development discussions have also revolved around how a hard fork should be coordinated and combining multiple changes in a consensus change.

Bitmain’s Jihan Wu: ‘Satoshi Made it Clear That Blocks Would Have to Grow’

Last week the CEO of Bitmain Technologies, Jihan Wu, was interviewed by the Chinese exchange Huobi and discussed the Bitcoin Cash network in great detail. Mr. Wu explains that he believes Satoshi made it clear that blocks would have to grow and hard forks were important to Bitcoin’s upgrade process.

“This was already apparent in Satoshi’s white paper, emails, and his discussions on bitcoin forums where he expressed similar views,” explains Mr. Wu’s translated interview.           

Before Blockstream and their allies strangled opinions on certain important channels and media platforms, the entire bitcoin community was largely aligned with the plan towards Bitcoin’s block size upgrade.          

‘These Events Have Never Occurred Before in Bitcoin’s History’

Mr. Wu says what left the deepest impression on him regarding the BCH network was how it found its initial price valuation during the first two weeks. “The price fluctuated violently and would triple in a few days then fall, because everyone was in the process of getting to know and accept it — This left the deepest impression on me.” The Bitmain founder also thinks the BCH difficulty adjustment mechanism is intriguing.

“These events are fascinating and have never occurred before in Bitcoin’s history,” Mr. Wu tells Huobi. “When we first saw this phenomenon with our own eyes we felt it was really fascinating.”

It has many implications for the switching over of computing power and how the value of assets are determined, and is worth researching.

It’s been over 8000 blocks since the hard fork and the BCH chain is 1200 blocks ahead of the legacy chain. It is currently 13.5 percent more profitable to mine BTC, but profit parity has been close and consistent for the past two weeks. At the moment, there are five known mining pools processing BCH blocks, and allegedly three unknown pools mining roughly 63 percent of the last 144 blocks. So far the BCH network has continued to grow stronger as the days continue with more supporters and infrastructure built around the protocol.

What do you think about the current state of the Bitcoin Cash network? Let us know in the comments below.

Images via Shutterstock, Bitcoin Cash, Twitter, and Pixabay. 

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Rapid growth of new and already popular cryptocurrency, legalization of online exchanges, lifted ban on cryptocurrency advertisement online, and many other new projects based on blockchain in different technological areas – this is all happening in the latest month in the most popular market our days – cryptocurrency and blockchain market. Blockchain Life 2017 is … Continue reading One month is left before Blockchain Life 2017 – the biggest conference on bitcoin, blockchain, cryptocurrency, and mining in Russia.

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Well-known illegal piracy site, The Pirate Bay has been “borrowing” its visitors CPU processing power in order to mine digital currencies.

Ripples (XRP) is currently sitting as the number three cryptocurrency by market capitalization, largely due to it’s totaly supply of ~100 billion XRP. The cryptocurrency is sold and managed by a company of the same name, Ripple, founded in 2012 by Chris Larsen and Jed McCaleb.

Russia’s central bank doesn’t want to see cryptocurrencies classified as a form of foreign currency, according to statements from its governor.

ClearPoll, a company offering public opinion polls on the blockchain, has this week launched their Pre-ICO. Contributors are able to purchase POLL tokens with a 50% bonus. The tokens are likely to be in high demand once the full ClearPoll service is launched. They will be required for subscriptions to ClearPoll Plus, a subscription-based service … Continue reading ClearPoll, Blockchain Based Public Opinion Polls Platform Launches Pre-ICO

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Samer Halimeh New York, the international diamond jewellery brand, has become the world’s first diamond dealer and ‘Bond Street’ level jeweler to start trading and retailing in Bitcoins. The luxury diamond brand is using Bitpay as its merchant services provider, and the portal will host the firm’s Bitcoin wallet and Bitcoin supply for trading. For … Continue reading Samer Halimeh New York Becomes First Diamond Dealer & ‘Bond Street’ Level Jeweller to Trade & Retail in Bitcoin

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