Skip to main content

The Bitcoin Cash Ecosystem Shows Enormous Growth In Just Six Months

The bitcoin cash blockchain is trucking along after close to six months since it forked from the bitcoin core blockchain. At the moment, the BCH markets are holding strong after most cryptocurrencies fell in value alongside bitcoin core markets. Currently, the price per BCH is around $2,750 and global markets are trading roughly $1.1Bn worth of 24-hour volume. Bitcoin cash has the sixth highest trade volume today, and the most traded currency with BCH is bitcoin core (BTC) by 53 percent. This metric is followed by the USD which commands 14 percent of the global volume. The BCH chain is operating at 15 percentof the core chain’s difficulty and is 0.1 percent more profitable to mine. The median transaction fee for a typical 226-byte transaction is still only $0.02 for the miner’s fee.
Six Months Later Bitcoin Cash Support Continues to Grow

Colored Coins and Colorful Socks

This week bitcoin cash supporters got some good news as a few more organizations have decided to support the BCH roadmap. For instance, earlier this week a team of developers announced they were creating a counterparty platformdedicated solely to the BCH chain. This means that in the future users could create ‘assets or colored coins’ that are backed by the security of the bitcoin cash blockchain.
Six Months Later Bitcoin Cash Support Continues to Grow
Another announcement made this week was revealed the Kimchi Socks company as the business announced it would be accepting bitcoin cash for purchases. Not only will the sock company be accepting BCH for goods the firm plans to have a bitcoin cash sock pre-sale. Kimchi Socks states to its fans on Twitter:        
Bitcoin Cash is now a payment option on Kimchi Socks — Soon the Bitcoin Cash Socks pre-sale will be up for orders.
Kimchi socks has started the BCH socks sale and pre-orders for socks are 50 percent off until January 31. The company details that only 1500 garments will be available for the pre-sale.   

The Bitclub Network Switches to Bitcoin Cash Because the Bitcoin Core Network “Has Been a Huge Burden to Deal With”

Six Months Later Bitcoin Cash Support Continues to GrowAnother announcement made this week concerning the BCH economy was made by the mining pool outfit the Bitclub Network. The pool explains that the bitcoin core blockchain has become a “huge burden to deal with” these days. According to the company, the chain has been extremely slow and expensive which is costing the business and its club members “tens of thousands of dollars each day in transaction fees.”
“Since the start of the year the average cost for a new member paying their $99 USD sign up has been around $17 in fees — We have seen times with $25+ and even some as high as $40 just to send Bitcoin for an invoice,” explains the Bitclub Network.
We will continue to mine bitcoin and pay all mining earnings in bitcoin — However, we will no longer be accepting bitcoin for payments and all commissions will also be paid in bitcoin cash as well.
Bitclub will change its business model to BCH on February 1st the company explains. This means members will have to purchase BCH from an exchange to sign up for Bitclub’s pool contracts. At some point, the company could move back to the core network if developers happened to come up with a scaling solution, but for now Bitclub will maintain operations using bitcoin cash because it is considerably cheaper for everyone involved.  
“It’s our hope that a scaling solution happens on the Bitcoin network sometime this year, and if it does then we may consider moving back, but right now the Bitcoin blockchain is simply unusable for our business needs and we are excited to make this move over to Bitcoin Cash because its fast, cheap, and very liquid,” the company emphasizes.
Overall the past six months have been good for bitcoin cash and its supporters. Since the beginning of August the currency has climbed in value exponentially. In addition, development has been happening regularly between the last successful hard fork and the recent address serialization change. Many wallet providers have been updating to the new address format and a lot more will convert on January 14. Further, BCH proponents have witnessed the flurry of support from large businesses like Coinbase, Blockchain.info, Bitpay, Bitstamp, and many others over the past few months. 

Comments

Post a Comment

Popular posts from this blog

Every Nigerian owes China N15,000 – Political analysts

by   Agunbiade Sanya   For the N3 trillion Nigeria has received from  China  in the last four years, every Nigerian owes China N15,000 in debt. That’s just N3,000 short of minimum wage,  Daily Trust  reports. The debt comes from two huge tranches of aid from China: $3.1 billion in 2014 and $6 billion for infrastructure in the last three years, according to political analyst Theophilus Abbah. Share Simple mathematics. Divide the combined total, just over N3 trillion, by the 198 million population Nigeria always talks about: that’s a nice N15,000 in debt to China for every Nigerian. And that doesn’t even include the loan agreement signed this week in Beijing where China pledged $60 billion in credit facilities, a quarter of it interest free. Analysts say getting governments indebted to China is the republic’s way of outsmarting the US and the UK in Africa trade https://lailasnews.com/every-nigerian-owes-china-n15000-political-analysts/
Post a Comment
Read more

Onecoin Offices Raided in Sofia, Servers Shut Down

50 People Questioned, No Arrests Servers, documents and other evidence have been confiscated from Onecoin and about 50 people have been questioned by investigators, according to the  official statement . No arrests have been reported so far. Bulgarian prosecutors, national security agents and members of the organized crime combating unit were involved in the joint operation. They acted on request from Germany, where Bulgarian-born “founder and visionary” of Onecoin, Ruja Ignatova, had been taken to court. “Onecoin” payments were banned in the Federal Republic and in 2016 the UK Financial Conduct Authority issued a warning about the company. The Ministry of Interior of Bulgaria released a video of the search in Onecoin’s building: In just three years, about three million people have subscribed for the educational packages offered by  Onecoin , Bulgarian prosecutors announced at a briefing on Friday. The company is suspected of commercial fraud, money laundering and illegal paymen
1 comment
Read more

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili bat
2 comments
Read more