Tag: bitcoin cash

Hong Kong Protests Powering Through Bitcoin Adoption

The Hong Kong protests, which has now entered its 12th week, affected Hong Kong’s economy, including the property market, stock exchange, shop owners, and banks. As the demand for democratic rights along with other requests from protesters, the use of tear gas and serious resistance has been observed from police authorities.   

  

Hong Kong-based department store, Pricerite made an announcement on Facebook that it would begin accepting cryptocurrencies including Bitcoin, Ether, and Litecoin in fourteen locations in Hong Kong.  

  

By utilizing Bitcoin’s Lightning Network, Pricerite will be able to convert crypto payments into Hong Kong Dollars in real-time in a matter of seconds.   

  

There are several cryptocurrency ATM machines run by Genesis Block, which helped provide funds and supplies for those involved in the protests. Supplies such as water bottles and umbrellas can be purchased through cryptocurrencies – primarily Bitcoin Cash and QR codes are used to tell users where they can donate cryptos.   

  

Earlier this month, protesters withdrew large amounts of money from their bank accounts and converted into US dollars as a new tactic.   

Bitcoin becoming the last resort in Argentina and Hong Kong  

Images via Hong Kong Free Press and Shutterstock

How to Buy Bitcoin Cash in South Korea: Bitcoin.com and Mecon Cash Will Enable BCH Withdrawals at ATMs

A strategic partnership between Bitcoin.com and Mecon Cash made it possible for Bitcoin Cash to be added to Mecon Cash’s M.Pay platform which has over 13,000 ATMs in South Korea, thereby making the withdrawal of BCH to South Korea nationals easy especially in places that are yet to integrate peer-to-peer electronic cash transactions.

Bitcoin.com Executive Chairman, Roger Ver explained in a statement saying, “Mecon Cash is enabling Bitcoin Cash to be used at 13,700 ATM locations across Korea. Bitcoin.com is proud to be working with Mecon to help bring Bitcoin Cash and Mecon Cash to Korea and the world.” Bitcoin.com’s mission to bring economic freedom to the world and thus, it keeps supporting and promoting the global adoption of BCH as P2P electronic money.

The service being provided by this collaboration is meant to serve crypto holders who are in need of quick cash. It is also meant to help people who transfer more than $6 billion in remittances to Korea from other countries on a yearly basis.

This partnership will also increase Bitcoin Cash adoption as Mecon Cash also has other services other than payment options. Mecon Cash operates an e-commerce platform that allows users to buy a wide range of products, known as the Mecon Mall. It also has mobile games that make use of  M.Pay for rewards.

Jo Jae Do, Chairman of Mecon Cash stated, “Through our partnership with Bitcoin.com, we will grow the presence of Bitcoin Cash throughout the Korean market starting with the ATM withdrawal services. We have huge applications coming up where the close collaboration between Mecon Cash and Bitcoin.com will see positive synergies in the upcoming future not only in the Korean market but also in the global market.”

Image via Shutterstock

Can We Expect a Bitcoin Bull Run Amid the Upcoming Bitcoin Halving and Coronavirus Pandemic?

The next Bitcoin halving is expected to take place in May 2020. Each time Bitcoin halving takes place, the number of Bitcoins entering circulation every 10 minutes, also known as block rewards, will fall to half, to 6.25 from 12.5 in May. As the amount of supply of the crypto is decreasing, the demand most likely will stay the same, but possibly lead to an increase in Bitcoin’s price. Experts believe that there will be less Bitcoin available in the market if the miners will be selling less of the cryptocurrency. 

Around every four years, and in precisely 210,000 blocks, the total number of Bitcoin that miners are rewarded with is halved. Blocks are produced by miners who use extensive electronic equipment to earn and mine Bitcoin. The process is expected to end with a total of 21 million Bitcoins, predicted in the year 2140.

Bitcoin differs from most state-issued currencies such as the US Federal Reserve, which uses securities as a tool to enable to addition or removal of dollars from its circulation if the economy is under duress. The supply schedule for Bitcoin has been locked in from the beginning, and Bitcoin’s monetary policy has been written into code and distributed through the network. With its fixed supply and predictable inflation schedule, its predetermined number enables Bitcoins to be made scarce, although its utility will ultimately depend on its market value. 

What can we expect from the coronavirus pandemic-induced market crash?

Central banks and governments around the world have released trillions of dollars in aid to combat the economic impacts of the coronavirus into the financial system. 

Some experts believe that the COVID-19 market crash has reduced the risk of a halving price dump and could lead to a Bitcoin bull run. Chainalysis hosted an online panel with a group of industry experts to discuss the possible impacts of the coronavirus pandemic on Bitcoin and what lies ahead.

Head of Research at CoinShares, Chris Bendikson, believes that Bitcoin’s price crash in March acted as preparation for miners in light of the Bitcoin halving event. With the price crash, the sudden impact on profitability would be reduced. However, the periodic decrease in mining rewards will eventually become an issue, as miners need to get paid to run those electronic equipment to be able to mine cryptocurrency. Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, wrote, “In a few decades when the reward gets too small, the transaction fee will become the main compensation for nodes. I’m sure that in 20 years, there will be either be very large transaction volume or no volume.”

Bitcoin Cash and BSV halving considered to be a non-event

Bitcoin Cash, the cryptocurrency that forked from the Bitcoin blockchain in 2017, had its first programmable halving on April 8. Bitcoin Cash’s rewards were halved, which had a tremendous impact on miners’ gross revenues, as the mining difficulty and hash rate were already on a downward trend up to the halving. 

Roger Ver previously said, “The last two times, basically nothing happened at all. It was a non-event; it wasn’t exciting at all, and that’s my prediction for what’s going to happen this time as well. Bitcoin SV’s halving is expected this Friday, April 10.

As it Happened: Binance Denies Ripping Off $1 million From a User's Account

Binance, one of the largest crypto exchanges based on trade volume, has hit back at embezzlement claims made in November 2018 after it froze a user’s account with crypto assets worth $1 million. It claims that its actions were based on a tip-off by the South Korean police to return the funds to a scam victim.

Binance on the defense

Binance noted that the theft allegations made against the company were misplaced as the suspension of the user’s account was triggered by requests from the South Korean authorities. As a result, it carried out a thorough investigation as stipulated under the KYC/AML policy to ascertain the origin of the funds. 

Nevertheless, the user stipulated that upon contacting the police, these claims emerged to be false as no complaints had been made against him. He added that the value of digital assets, such as Bitcoin, Litcoin, Bitcoin Cash, and Ethereum, blocked by the exchange at that time, stood at $860,000. 

Binance has refuted these allegations by tweeting that it continues being committed to tackling fraud without jeopardizing the truth.

Binance added that the user had ripped off 3,995 ETH, valued at $685,700 at current rates from a Korean cryptocurrency project. It also accuses the user of pretending to be its representative and, in the process, received a 10 billion KRW, approximately $8 million deposit to have the project’s cryptocurrency listed on the exchange. 

Binance revealed that it was requested by the South Korean authorities to have the funds channeled back to the victim on Jan. 18, 2019. 

Binance making waves

The revelation by Binance seeks to let the company off the hook in any wrongdoing in embezzling its user’s crypto assets. It even revealed a letter from the police to ascertain its claims.

Binance continues being a force to reckon with in the crypto space based on its notable strides. Recently, it acquired CoinMarketCap, the most popular crypto data aggregator, for an undisclosed fee, but it was previously alleged to be $400 million. 

Image via Shutterstock

Grayscale Investment Company Receives FINRA Approval to Trade Bitcoin Cash and Litecoin Publicly

The Financial Industry Regulatory Authority (FINRA) in the US has approved shares of Grayscale’s Litecoin Trust and Bitcoin Cash Trust for public trading. 

New York-based Grayscale institutional investment cryptocurrency company will now make Litecoin and Bitcoin Cash available for public trading through shares of the company’s cryptocurrency trusts. This marks the first publicly-quoted securities in the United States, deriving value from Litecoin (LTC) and Bitcoin Cash (BCH).

Now BCH and LTC Trading on OTC markets

Both Trusts would be available on OTC markets under “LTCN” for Litecoin and “BCHG” for Bitcoin Cash. Buying these shares would enable people to invest in cryptocurrency without having to hold the underlying asset.

According to Grayscale, this strategy avoids the challenges of safekeeping, storing, and buying digital Litecoin or Bitcoin Cash directly.

Public trading for the two crypto assets remains subject to full compatibility with the Depository Trust Company (DTC), the world’s largest securities depository. Grayscale stated that: “There will be no trading volume in the shares’ public quotations until the respective shares are DTC eligible, which BCHG and LTCN are expected to receive soon.”

As of June 30, 2020, Grayscale has reported it has 509,400 shares of the Litecoin Trust, with each share worth 0.09433120 (4.11) Litecoin, totaling $2 million assets and 2,725,300 shares in its Bitcoin Cash Trust, with each share worth 0.00943312 ($2.16) Bitcoin Cash, totaling $5.8 million assets under management.  

As of now, Litecoin and Bitcoin Cash are trading at $43.42 and $228.86, with both up 2% and 1.2%, respectively. Current CoinMarketCap figures show that Bitcoin Cash is rated as the fifth-largest cryptocurrency, while Litecoin is the ninth.

Institutional Interest in Crypto Investments Skyrockets

Grayscale investments company has been at the forefront of providing a means of investing in cryptocurrency without having to actually hold the digital assets. This service has gained lots of popularity among traditional investors who want to bypass volatility in the crypto space.

Grayscale has been providing several cryptocurrency products for OTC trading, and the latest being shares of the company’s Litecoin and Bitcoin Cash Trusts for trading on OTC markets. 

In the recent past, the company obtained approval to offer shares for Bitcoin (BTC), Ethereum Classic (ETC), and Ethereum (ETH). Zcash (ZEC), Stellar Lumens (XLM), Horizen (ZEN), and XLM are also offered for trading via a trust at the company. 

Litecoin and Bitcoin Cash are the company’s sixth and fifth publicly-quoted cryptocurrency products.

Bitcoin Cash Network Upgrade Will Continue as Planned Despite Tensions Within the BCH Community

The Bitcoin Cash (BCH) network’s planned upgrade has been scheduled for November 15, 2020, which includes improvements to the Bitcoin ABC node software.

According to Amaury Séchet, the lead developer of Bitcoin Cash (BCH), the upgrade in November will involve two primary improvements to the Bitcoin ABC full node software implementation.

The Bitcoin ABC network will be implementing the aserti3-2d (ASERT) algorithm proposed by Jonathan Toomin and Mark Lundeberg, which is also supported by a number of Bitcoin Cash full node implementations. 

The second improvement mentioned by Séchet is the inclusion of the new Coinbase Rule. The Coinbase Rule improvement means that newly mined blocks will definitely contain an output assigning 8 percent of the newly mined coins to a specific address.

The November upgrade will witness Bitcoin ABC’s addition of a Coinbase Rule, which “fully aligns the incentives of Bitcoin ABC with the sustainability and security of the network.” according to the lead developer.

“The addition of this new rule represents a significant step. This step is not being taken lightly. Less significant alternatives have been attempted for years,” wrote Séchet. “Node implementations, as a result of those alternatives, have developed a financial reliance on powerful interests such as mining corporations, venture capital funds, and angel investors.”

Séchet concluded that although some users in the crypto community may not prefer this new Bitcoin ABC implementation. However, Séchet added that the decision has been made and the November upgrade will continue as planned.

Bitcoin Cash recent tensions—another split?

Chris Pacia, the lead developer of the peer-to-peer marketplace OpenBazaar and BCH developer tweeted on Aug. 4 that a meeting consensus was not reached over whether to make adjustments to the network’s difficulty algorithm.

A difficulty algorithm adjustment (DAA) is an algorithm that adjusts the mining difficult parameter. Bitcoin (BTC) has the adjustment of the mining difficulty parameter every 2016 blocks.

Vitalik Buterin responded to the tweet saying that Bitcoin Cash people “care so much” and that its algorithm is fine as is.

The Bitcoin Cash community plans for an upgrade every six months, and users are concerned about another chain split.

The crypto community has reported that there have been growing tensions over the difficulty algorithm—which may lead to another Bitcoin Cash split.

New York Regulatory Authority Approves 8 Cryptocurrencies for Listing and Trading

The New York State Department of Financial Services (NYDFS) approved 8 cryptocurrencies for trading, and 10 for custody by licensed entities. 

According to the NYDFS update, state regulators approved 8 cryptocurrencies for listing and trading, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard Token (PAX).

Ripple (XRP) and Ethereum Classic (ETC) were also approved for custody along with the eight cryptocurrencies mentioned.

The NYDFS mentioned that it has the authority to remove any coin from the Greenlist. The NYDFS announcement read:

“Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use.”

The regulator explained that there are a few ways that cryptocurrency companies can adapt and list cryptos, with the approval of a request to the NYDFS for a material change in business; self-certification of an NYDFS-approved policy for listing currencies, and the use of the cryptocurrencies list on the Greenlist.

NYDFS reviewed BitLicense guidelines

The New York Department of Financial Services (NYDFS) reviewed its 5-year old BitLicense guidelines, which will allow blockchain-based firms to apply and receive conditional BitLicenses.

Since its introduction in 2015, just about 25 firms have been found worthy to be issued a BitLicense and the license gives approved agencies the authority to carry out predefined virtual currency business activity. The old provisions of the BitLicense gave little room for blockchain startups as the conditions to be met are quite stringent.

The new guidelines will empower unlicensed firms to carry out their virtual currency business activity under a company that holds the license. The allowance is predicated upon the belief that a company that seeks a conditional license will eventually apply for its own license.

US Federal Regulator: Banks can offer crypto custody to customers

The United States Office of the Comptroller of the Currency (OCC) issued a public letter on July 22, clarifying that federal savings associations and national banks have the legal right to take custody of crypto-assets.

The OCC has issued a landmark announcement for the cryptocurrency industry by confirming that all federal saving associations and national banks are allowed to offer cryptocurrency custody services for customers.

Chainlink (LINK) to Expect a Bullish Trend Reversal After Recent Crash? Price Predictions are Mixed

Chainlink has had its year in 2020, reaching multiple all-time highs before slumping back to the mid $15 levels this week. Plunging 20 percent from its all-time-high in 2020, analysts have mixed feelings about the future of Chainlink.

At press time, LINK is trading at $15.20 and has been trading sideways. Chainlink has remained on the Top 10 list of cryptocurrencies by market capitalization, however, Bitcoin Cash (BCH) is now back on top. LINK previously flippened Bitcoin Cash by market cap, taking the fifth place according to CoinMarketCap, but has since dropped back to sixth place.

Given LINK’s latest bearish trend, analyst Nicholas Merten predicted that LINK will continue this downtrend. He recommended to LINK investors that they should start taking profits, before LINK gets a potential pullback. He explained in a new episode of DataDash:

“Again, I’ve emphasized the point here that as much as I don’t want to fight the trend here – I’m not trying to short this – if you hold some LINK, I wouldn’t say to just sell it all or anything like that, but start raising a stop in this case on some of your position. Take a partial share. Consider here that we might start to get a little bit of a pullback here.”

Merten added that LINK whales may start liquidating their positions to make profits. Chainlink’s recent price plunge was said to be due to LINK’s developers selling tokens, as the developers have been moving 500,000 LINK every week. 

On the other hand, on-chain data showed that this trend could just be normal market movement, with investors trying to make a profit after the massive bull runs in the past few weeks. This could mean LINK whales are moving out of the network.

Positive price predictions for Chainlink

Chainlink has seen an increase in volatility in the past weeks and has influenced the market from mainstream media attention to Barstool Sports founder Dave Portnoy. Although analyst Merten believes that there is an inevitable bearish drop to come, many still believe Chainlink still has the strength for a bull run.

On-chain data showed that Chainlink’s slump will be followed by a bullish trend reversal, according to blockchain analytics firm Santiment. Santiment wrote:

“Coinciding with the bottom of LINK’s rare major 16% drop (which many are referencing as THE dip buy opportunity), the largest token age consumed spike in 3 months occurred ~7 hours ago. Price is volatile, as is the corresponding result of these spikes.”

Others in the LINK community believe that LINK whales have increased their balances, and will continue to purchase more LINK. The recent correction only acted as a buying opportunity, according to LINK marines, and some expect a bullish signal after the recent crash.

Polkadot and Binance Coin Prices Surge, Flippening Bitcoin Cash and Chainlink by Market Cap

Polkadot (DOT) and Binance Coin (BNB) have climbed up the market capitalization ladder, overtaking Bitcoin Cash (BCH), and Chainlink (LINK).

Polkadot’s (DOT) price has increased by 10.02 percent in the last 24 hours and has been up 24.4 percent in the past week. BNB’s price has increased by 11.33 percent in the last 24 hours, and up 55.2 percent in the past week. According to CoinMarketCap, Polkadot and Binance Coin have surpassed Chainlink and Bitcoin Cash in terms of market capitalization.

Polkadot is currently holding in the fifth position in the cryptocurrency’s market capitalization rankings, with a market cap of $4,386,723,356, BNB with $4,375,202,266, and Chainlink with $4,305,688,264 at press time. 

Polkadot is a blockchain protocol founded by Ethereum co-founder Gavin Wood, which achieved $5.36 billion market capitalization in late August, six days after the protocol enabled its token DOT for transfers.

Previously cryptocurrency fund Spartan Black’s Kelvin Koh predicted that Polkadot’s price would be valued at $5 per DOT and that its market capitalization would reach $5 billion. Although Polkadot’s market cap has yet to reach $5 billion again, DOT’s price has already surpassed $5. He made another prediction, stating:

“Another prediction: within a year DOT will be Top 3 market cap on Coingecko/CMC.”

DOT tokens are the native tokens of the Polkadot network, and DOT token holders are able to control the direction of the network. Governance functions enabled by the network allow token holders to determine fees, auction dynamics and scheduling the addition of parachains. Upgrades and fixes to the Polkadot platform are also up to the DOT token holders.

Ethereum has been dominating the smart contracts blockchain protocol space. Polkadot’s protocol does not directly compete with Ethereum, according to Koh, as Polkadot continues to grow, Ethereum should not see a decline. Koh added:

“I believe in a multi-chain world interconnected by bridges. Polkadot and Cosmos will not replace Ethereum. Also wouldn’t rule out chains like Near, Solana, AVA, TRON and others seeing development activity.”

As Polkadot would be able to co-exist with Ethereum, this raises the chances for the protocol to thrive, taking DOT’s price even higher. 

BNB token making big moves

Binance recently announced that the firm is building a decentralized finance ecosystem on its own blockchain, going after the DeFi craze. 

Binance is establishing a $100 million seed fund to empower emerging projects built on its Binance Smart Chain. Its chain ecosystem will support the farming of mainstream tokens such as Ripple (XRP), Litecoin (LTC), and Polkadot (DOT). It was one of the reasons that ignited the crypto market.

Bitcoin Bull Tim Draper Reveals Crypto Investment Secrets – Ripple, Bitcoin Cash, Tezos, and More

Renowned tech billionaire Tim Draper revealed that his crypto investment portfolio in 2020 was not only restricted to bitcoins, but also contained a variety of altcoin assets.

Draper: Mass crypto adoption is coming

Previously, the venture capitalist had purchased approximately 30,000 bitcoins (BTC) from a Silk Road auction hosted by US Marshals. However, the Bitcoin bull recently disclosed that his crypto holdings were not only limited to the “digital gold” currency.

Currently, Draper holds at least half a dozen different altcoins in his possession, including Bitcoin Cash (BCH), Ripple (XRP), Tezos (XTZ), and Aragon (ANT). Speaking about his investment strategy with digital currencies at a conference, Draper said:

“I’m a believer. I think it’s happening – it’s coming. It’s so important for the world, and I want the world to know it, and I want other people in the world to get on board.”

Draper firmly advocated that it was only a matter a time before global crypto adoption became an eventuality and that investors were already diversifying their funds more and more by storing their assets in cryptocurrency.

The venture capitalist is living proof that digital currency investments could secure assets and lead to financial growth – Draper’s current Bitcoin holdings are estimated to be valued at around $315 million, translating to an increase of more than 1,500% from his initial investment in 2014. Back then, Draper had bought BTC at a price of $632 per coin.

Fast forward six years, Bitcoin is currently trading sideways at around $10,000 per coin.

Why millennials should invest in Bitcoin

Tim Draper had previously touted BTC’s horn publicly, advising millennials to invest their money into the cryptocurrency. The successful tech entrepreneur asserted that Bitcoin was the key for the younger generation when investing and ensuring they had sufficient money for retirement.

According to Draper, millennials are at an advantage, because they are at a point in history where the future of the world’s global financial system is unfolding before their eyes.

The tech billionaire mentioned that while the older generation had saved for retirement by putting away money a little at a time, this strategy no longer worked for millennials, as they were born into a world already buried in huge monetary debts.

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