Cryptocurrency Activities Will Be Legal and Tax Free in Belarus

The decree signed by Belarusian president Alexander Lukashenko which legalizes cryptocurrencies, initial coin offerings, and smart contracts, will enter into force in March. Cryptocurrency activities are not restricted by the decree and will be tax exempt until 2023.

Also read:locked-out-visa-veto-leaves-several-european-cryptocurrency-cardsshutterstock_681726913-1068x1068

Cryptocurrencies Soon To Be Legal

Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March
Alexander Lukashenko.

The decree which legalizes cryptocurrencies, initial coin offerings (ICOs) and smart contracts in Belarus will go into effect on March 28. Entitled “On the development of the digital economy,” it was signed by President Alexander Lukashenko on December 21, as reported previously.
Want to buy,sell,exchange bitcoin:Most Trusted and Instant Exchanger

“The decree entitles legal entities and individual entrepreneurs who are residents of the High Technology Park (the HTP) to perform operations with tokens (including cryptocurrency),” explained Iryna Chelyshava, an associate attorney at the Belarusian law firm of Vlasova Mikhel & Partners. “Others can use tokens in the territory of Belarus through residents of the HTP,” she elaborated on Jurist.

Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in MarchThe HTP is a special economic zone with a special tax and legal regime in Belarus, analogous to Silicon Valley in the US. According to its website, 192 companies that develop software products and provide IT services to customers from 67 countries worldwide are residents of the park, 35% of which are enterprises with 100% foreign investments.

The park describes itself as “the main experimental site for the implementation of pilot projects,” including those based on cryptocurrencies. According to its announcement this week:

The HTP Administration draws your attention to the fact that Decree No.8 ‘On the development of the digital economy’ comes into force on March 28, 2018.

No Restrictions and No Taxes

“The new decree legalizes ICOs, cryptocurrencies, and smart contracts,” the HTP explained. It “does not imply any restrictions and special requirements for the operations of creation, placement, storage, alienation, exchange of tokens, as well as the activities of crypto exchanges and crypto platforms.” Furthermore, the park clarified:

Activity such as mining, acquisition, alienation of tokens, carried out by individuals, are not entrepreneurial activities, and tokens are not subject to declaration. At the same time, until 2023, activities related to mining, the creation, acquisition and alienation of tokens are not taxed.

Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in MarchChelyshava explained that the decree provides the definition of tokens, cryptocurrencies, and smart contracts. “The definition given in the decree for cryptocurrency lists it as a version of the token,” she conveyed, adding that “for now the decree does not provide the criteria of cryptocurrency that would distinguish it from tokens.” As for smart contracts, the definition “is broad enough to encompass various approaches to the understanding of smart contracts that exist now,” she emphasized. For tokens, she wrote:

The decree does not specify the nature of the certain civil right, and therefore the concept of ‘token’ is provided with a high degree of flexibility.

By making smart contracts legal documents, “Belarus becomes the first country in the world to legalize smart contracts at the country level,” the HTP noted.

Anton Myakishev, the head of Microsoft’s Belarus office, told Reuters that “the decree is a breakthrough for Belarus,” adding that “it gives the industry the possibility to make a leap forward in its development and allows foreign capital the possibility to come to Belarus and work in comfortable conditions.”

What do you think of Belarus making a tax-free zone for cryptocurrencies? Let us know in the comments section below.

Crackdown on Bitcoin Hits Businesses in Bali

Having issued a stark warning to “all parties” against any use of “virtual currency”, Bank Indonesia has now joined forces with local police to prevent bitcoin transactions where they are most likely to take place – in Bali. The island, a popular holiday destination with tourists spending both fiat and crypto, has been targeted by authorities. Inspections of businesses accepting bitcoin are underway, according to Indonesian media and the crypto community in the country.

Want to buy Bitcoin:Most Trusted and Instant Exchanger

Authorities on the Lookout for Illegal Transactions

Representatives of the Indonesian central bank and the national police force on the island have teamed up to investigate cases of cryptocurrency trading deemed illegal by authorities in Jakarta. They have already started collecting information about possible violations.

The crackdown in Bali comes after BI declared bitcoin an illegal form of payment in the country. Virtual currencies are prohibited in Indonesia, the financial institution stated. Rupiahs should be used for all payments and transactions that need money. The banning statement came with plans to swiftly implement the rules:

We are looking out for bitcoin transactions in Bali, particularly in tourist spots. We will take measures against non-rupiah transactions.

That announcement was made by the head of BI’s local branch Causa Iman Karana, who called the island “an alluring place for those who want to carry out illegal transactions”. Quoted by local press, Karana said in Denpasar that institutions had already warned people not to use virtual money “because there is no authority that regulates transactions”.

Crackdown on Bitcoin Hits Businesses in Bali

Businesses Can Be Closed, Owners Taken to Court

Members of the crypto community on the island quickly shared the news of the imminent crackdown in social media. Warnings were posted about checks expected to be carried out by bank officials and local law enforcement officers. Businesses could be suspended and owners taken to court, if they accept bitcoin payments. A villa has been reportedly closed down by inspectors. A foreign national had been used as a “mystery customer”… according to comments on the Bitcoins in Bali Facebook page.

Bali has been put in the spotlight after the announced prohibition of payments involving bitcoin. BI’s spokesman Agusman Zainal said that such transactions violated Law No. 7/2011 regulating currencies and their transactions in the country.

The ban has been further detailed in a dedicated bank regulation No. PBI: 19/12/PBI/2017 covering the implementation of financial technology. Under the current law, any payment in Indonesia should be made in the national currency, the Rupiah.

Crackdown on Bitcoin Hits Businesses in Bali

The central bank official also pointed to the risks associated with bitcoin transactions, noting that the cryptocurrency had no “official administrator”. Money laundering, terrorism and other criminal activities were added to the ubiquitous list of unwanted side effects.

Indonesians had been notified about the restrictions long before BI issued its ultimate warning to “not buy, sell, or trade virtual currency”. The assault on Bali shows that Jakarta means business. But what the crackdown means for the business, only time will show.

If interested in Free ICO:Get Free 50 Token Of ICO

Do you think that the Indonesian government will succeed in preventing Bitcoin payments in Bali? Tell us in the comments section below.shutterstock_351592148_1600-1068x1068

Disables New User Registrations:Binance Exchange

Untitled-design-3-1068x1068Anyone still sitting on the fence and considering whether to jump on the runaway cryptocurrency train way wish to make a move, because another door just slammed shut, reducing the number of on-ramps. The popular Binance exchange is no longer accepting new traders.

Also Read: bittrex-wallets-are-taken-offline-as-companies-scramble-to-patch-the-intel-bug

No Binance For You

Binance Exchange Disables New User RegistrationsBinance exchange has announced today the immediate suspension of client registration. The company informed all prospective clients about an hour ago that: “Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.”

The popular trading venue thus joins the growing list of major bitcoin exchanges no longer open for servicing new clients. As previously reported, CEX.IO, Bitfinex, and Bittrex have all announced similar difficulties with handling the massive influx of new business resulting in a halt of registrations. Other exchanges such as Kraken have also reported this situation is causing severe operational difficulties.

Binance Who?

Binance Exchange Disables New User RegistrationsFor anyone living under a rock for the past five months, Binance is the hottest cryptocurrency exchange at the moment. It recently proclaimed to have become the largest crypto trading venue in the world by volume with $2.8 billion traded daily, according to data from Coinmarketcap. The company also recently stated it reached 2.9 million users on the platform since its launch in July of 2017.

The Hong Kong based exchange has a global offering and supports multiple languages including English, Japanese, Chinese, Korean, Russian, Spanish, French and German. It also offers instant exchanging between 96 different cryptocurrencies and bitcoin, ethereum, tether (USDT) and its own native BNB token.

While the team behind Binance attribute its rapid growth to its service, technology, and affiliates (members of the ‘Binance Angel Program’), the word on the street is that its relatively lax client verification procedures don’t hurt either. Whatever the case, this pace is obviously no longer sustainable for the company without an upgrade to its infrastructure.

Have recent exchange issues affected your trading? Let us know in the comments section below.

Ethereum Over $1000 and $100B Market Cap, BTC Dominance at 32% Record Low

This day might be remembered in the history books as a major milestone for cryptocurrency diversification or as another colossal indicator of the altcoin bubble. There are now three cryptocurrencies with over a $100 billion market cap each. Bitcoin, ethereum (ETH) and ripple (XRP) are worth today a combined total of about half a trillion USD.

Also Read: bitcoin-price-reaches-another-peak-crossing-15000Untitled-design-2-1068x1068

$100 Billion Club

Ethereum long term investors and short term speculators are celebrating alike today as the smart contracts altcoin has broken through the $1,000 per coin psychological barrier. Standing at about $1,040 at the time of writing, the overall value of all ETH in circulation is now over $100 billion. It is the third cryptocurrency in this exclusive club, behind only bitcoin and ripple.

And despite all the warnings about ripple being centralized and freezable speculators keep pouring in to XRP. After rising about 160% from just a week ago and 28% in the last 24 hours alone, its market cap is now well over $140 billion. With a price of just under $4 per coin, part of this movement has to be due to penny stock mentality of new traders seeking a “cheap bitcoin” to bet on.

Ethereum Over $1000 and $100B Market Cap, BTC Dominance at 32% Record Low Altogether, with bitcoin over $250 billion market cap, the three top cryptocurrencies are now worth just shy of $500 billion. Putting this mind boggling number into perspective, its just about 10% below the combined stock value of Visa (NYSE:V $265 billion), Mastercard (NYSE: MA $166 billion), American (NYSE: AXP $87 billion), and Discover (NYSE: DFS $28 billion).

Entering a Multi-Polar World?

Bitcoin has been able to maintain an impressive price level at $15,000 and a quarter trillion USD market cap in the face of this altcoin onslaught, but its market share has suffered. The BTC Dominance Index is now just above 32%, a new all time low, which means that bitcoin is for first time worth less than a third of the crypto market.

While some of ripple’s staunch supporters, as well as fans that heard about it a week ago, are cheering on for “The Rippening” maybe its time to forget about the term and any other Flippening. It is possible that we are simply seeing a paradigm shift in the market, from one leading cryptocurrency and a thousand copy cats to a top heavy, multi-polar landscape. This can probably only be validated in the next big correction, when all the short term speculators will scatter away and either bitcoin will remain alone at the top or not.

Ethereum Over $1000 and $100B Market Cap, BTC Dominance at 32% Record Low

Do you think that bitcoin will continue to lose its market dominance to altcoins in 2018? Share your predictions in the comments section below!

Bitcoin Price Reaches Another Peak Crossing $15,000

On December 7, at 9 am EDT the price of bitcoin broke a new record as one BTC is now worth US$15,000 across global exchanges. Bitcoin trade volume has been exponential with over $14.7Bn BTC being swapped on trading platforms worldwide.

 

Bitcoin Reaches $15,000 Commanding a $250Bn Market Cap

The price of bitcoin has been on a tear over the past week and even more so during the past three days. In the last 72-hours, the price has moved over $3,000 in gains, and markets are showing feverish buy support. On December 6 when the price tackled $13K and then $14K, a large portion of volume stemmed from South Korean exchanges, most notably Bithumb. The KRW volume has dropped a touch, and the EUR has gained some significant steam. However, the Japanese yen still dominates bitcoin’s global markets at 47 percent. The top exchange today trading the most BTC is Bitfinex, as Bithumb has settled back into the second position. Following the Korean exchange is GDAX, Bitflyer, and Coinone. On Bitstamp, one bitcoin is roughly around $15,200 at the time of writing.

Bitcoin Price Reaches Another Peak Crossing $15,000
Bitcoin trade volume among global exchanges has been over $14.7Bn in the past 24-hours.

Technical Indicators

Looking at charts show the price has been extremely volatile with large swings over the course of the past 24-hours. The two Simple Moving Averages (SMA) still have a nice gap, but the 100 SMA and 200 SMA look as though they are getting closer. This indicates some sell-off may happen soon. Order books show massive resistance beginning at $15,300 all the way to $15,700. If bulls persist in breaking these zones, then the price could go upward even more at warp speed. Again since our last price report, charts indicate that buy walls are much thinner than the sell wall side. Which means the price could slide downwards with ease, and not much resistance on the way down. At press time there’s a strong foundation around $13,400.

Bitcoin Price Reaches Another Peak Crossing $15,000
The price of bitcoin surpassed $15,000 per BTC across global exchanges on December 7, 2017, at 9 am EDT.

The Verdict

Bitcoin proponents are either super happy or extremely skeptical as a fast run up like this one is causing some concern for a deep correction. Some bitcoin proponents believe the time has “finally come” and bitcoin is cementing itself into history. Others believe the decentralized currency has passed through a phase of maturity and is searching for its “fair market price.” Then there’s those speaking the word “bubble” regularly, and they expect bitcoin and cryptocurrency markets, in general, to burst at the seams.

Then there are those who think institutional money is coming into bitcoin due to the upcoming futures markets coming shortly from Cboe, CME Group, and other firms that have expressed interest. Whatever is driving this demand is causing individuals to buy up bitcoin at the highest price it’s been all year. And $15K per bitcoin is quite the feat!

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

Segwit Integration is Set to Increase with Bitfinex Next on the List

rrs67asd-e1510906117495Segwit wallet integration has been bumped to the top of Bitfinex’s to-do list, with an exchange staffer declaring that the job should be completed next week. Despite the scaling technology having been available since August, a number of exchanges have dithered. Now, there are signs that progress is being made in activating BIP141.

Also read: Cryptocurrencies See Volatile Prices After Canceled Fork

Our Exchange site for Digital Currencies:Most Trusted and Instant Excahnge

Witness the Wallet Integration

Segregated Witness, as it’s officially known, has been available on the bitcoin network since August 24, and has been activated for certain altcoins such as litecoin and digibyte for much longer. After the backwards-compatible network upgrade locked in, Segwit transactions began to show up on the bitcoin blockchain. This number grew to 10% of all transactions within the first week of October, but has since fallen.

Segwit Integration is Set to Increase With Bitfinex Next on the List
The percentage of all bitcoin transactions that use Segwit.

The blockchain has grown increasingly congested of late, culminating in fees reaching an all-time high last week, when the mempool filled with over 130,000 unconfirmed transactions. While not everyone in the bitcoin community is enamored with Segwit, it is hard to assess the technology’s efficacy until it has been widely rolled out. Various wallet developers have been Segwit-compatible for weeks, but exchanges haven’t been so quick off the mark. Kraken and Blockchain are among the major players that are still Segwit-less.

Segwit Integration is Set to Increase With Bitfinex Next on the List

First Bitfinex, Then Deribit

Bitfinex is one of the world’s largest exchanges, with a 24-hour trading volume of 96,000 BTC. In belatedly embracing Segwit, Bitfinex’ actions may spur other exchanges into Segwit Integration is Set to Increase With Bitfinex Next on the Listfollowing suit. Shortly after a Bitfinex staffer confirmed that Segwit activation was on its way, Amsterdam’s Deribit exchange signaled that it too was working on Segwit.

Due to a transaction malleability fix that is built into Segwit, more data can be squeezed into each block – theoretically raising the size from 1MB to around 1.8MB. Despite this facility, block sizes on the bitcoin network have been averaging around 1.1MB, showing that Segwit’s full capacity has yet to be utilized. The major absentee from the Segwit activation party is of course Coinbase. Were the Californian player to commit to the scaling technology, the number of Segwit transactions would shoot up.

Do you think widespread Segwit activation will lead to lower fees and less congestion? Let us know in the comments section below.
Join Our Telegram

 

Cryptocurrencies See Volatile Prices After Canceled Fork

The price of bitcoin (BTC) has been on a bearish run over the past 72 hours, after reaching $7,900 the day the Segwit2x fork was ”canceled”. Since then bitcoin’s market cap has shaved off over $20B, and the price per BTC is hovering just above the $6,475 range. Moreover, while bitcoin has been dipping, at the same time bitcoin cash (BCH) has been rallying hard as the currency has reached a high of $1,300 per BCH on November 11.

 

Bitcoin Markets See Some Bearish Sentiment

Markets Update: Cryptocurrencies See Volatile Prices After Canceled Fork Market action on Saturday, November 11 is mirroring the day before, where traders saw bitcoin markets plummet over 7 percent in value to a low in the $6,400s range. When markets in Japan and South Korea opened, the price rebounded a touch coming close to capturing $7K, but traders failed to reach that point. During the earlier hours of Saturday morning, bitcoin’s price started diving again, dropping seven legs down to a low of $6,300. BTC trade volume is still holding steady and has been capturing roughly $5B or more in trades over the past 72 hours. The top five exchanges pushing significant trade volume this weekend include Bitfinex, Bithumb, Bittrex, Bitflyer, and GDAX.

BTC Technical Indicators

Bitcoin’s weekly and daily charts are not looking that great as red candles continue to dominate. The two Simple Moving Averages (SMA) crossed paths during the late evening of November 10. Now the long-term 200 SMA is well above the 100 SMA, indicating the road back to the upside is a long ways away. So far bitcoin’s price has corrected to levels bulls obtained on the first of November. Both the Relative Strength Index (RSI) and Stochastic oscillators have been heading south for hours, confirming bitcoin’s bear market might be just getting started. Order books show consolidation could happen in the $6,300-6,400 region as there is some good temporary support in that zone. After that, we could see a bounce back to $6,600-6,700 if buyers manage to take the reigns. If prices continue in bear mode, then a price below the $6K region could be on the cards. The key zone to watch is if the Displaced Moving Average (DMA) breaks $6150. If it does the downward push will likely follow suit.

Markets Update: Cryptocurrencies See Volatile Prices After Canceled Fork

Bitcoin (BTC) prices reached a low of $6,300. BTC is hovering just above the $6,475 zone.

The Top Five Cryptocurrency Markets

Digital asset markets, in general, are following bitcoin’s drop except for bitcoin cash, ethereum classic, and tether. Ethereum (ETH) markets are down 3.4 percent, currently averaging $298 per ETH. Ripple (XRP) markets are down 1.4 percent reaching a low of $0.20 per coin. Lastly, the fifth highest digital currency market cap held by litecoin (LTC) is down 3.2 percent as one LTC is $59 per token. Bitcoin dominance among the entire $197B cryptocurrency market cap is 53 percent, dropping from its previous high of 60 percent. One notable spike this weekend comes from ethereum classic markets which have seen ETC rise by 25 percent.

Bitcoin Cash Bulls Push BCH Markets Up Over 57 Percent

Bitcoin cash (BCH) markets have been on a tear all week long and even more so after the Segwit2x hard fork was canceled. BCH trade volume has surpassed BTC’s volume at $5.2B worth of BCH trades over the past 24-hours. The currency’s market cap is commanding $20B right now, and is just $8B away from knocking ethereum out of the second highest position. The top exchanges swapping bitcoin cash this weekend include Bithumb, Bitfinex, Bittrex, Coinone, and Korbit.

BCH Technical Indicators

BCH weekly and daily charts show the bullish momentum is strong but could see a slight correction in the short term. In contrast to BTC charts, the Simple Moving Averages for BCH are opposite. The 100 SMA is above the long-term 200 trendline, indicating the upside swing is not over just yet. However, RSI and Stochastic trends are showing oversold conditions as we speak and some resistance may lead to some temporary pullback. Order books show a nice floor in the $900-1,000 range if BCH markets see some sell-off. If BCH bulls manage to break resistance above the $1,200 region, then some smooth sailing to $1,350-1,450 could be on the cards.

Markets Update: Cryptocurrencies See Volatile Prices After Canceled Fork

Bitcoin cash markets reached a high of $1315 per BCH on November 11. Currently, the price is $1,310.

The Verdict

Markets Update: Cryptocurrencies See Volatile Prices After Canceled Fork

Bitcoin gold (BTG) will join the cryptocurrency landscape tomorrow.

Overall the cryptocurrency community is focused on the intense market action happening all across the boards. Since the hard fork was allegedly canceled, global cryptocurrency markets have gone haywire. Most of the digital assets besides bitcoin cash and ethereum classic are in the red seeing market losses. Over the past 72 hours, BCH markets have increased by 57 percent, showing a thrilling correlation between BTC markets. The upcoming week should be interesting to see if the Segwit2x fork still happens with a rogue group of miners, and the introduction of bitcoin gold markets into the overall cryptocurrency market cap. Bitcoin gold (BTG) futures are up 55 percent, averaging $285 per BTG this Saturday. Cryptocurrency markets going forward will likely see some more volatility over the course of the upcoming week.

Where do you see the price of bitcoin (BTC) going from here? What do you think about bitcoin cash (BCH) markets reaching $1,300 per BCH? Let us know what you think in the comments below.

 

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither http://blog.easypaypakistan.com  nor the aguahgfsd-1068x1068uthor is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”

 

Total Supply of Tethers Increases By 20% in One Week

The controversy surrounding the correlation between the release of new Tethers (USDT) and dramatic price spikes led by Bitfinex trading continues. 20 million new USDT were released shortly before a single market buy of approximately $13.5 million USD worth of bitcoin was executed on the 8th of November. The sudden spike in buying pressure quickly drove the price of bitcoin from $7075 to $7350 in less than 60 minutes. Since then, an additional 20 million USDT have been released into circulation on the 9th, and another 30 million USDT on the 10th of November.

Untitled-design-16-1068x1068

Approximately 110 Million USDT Have Been Released Since November 3rd

Many traders are noting an increasing correlation between the release of significant quantities of Tether and sudden movements in the price of bitcoin, with some expressing concerns at the speed with which a large volume of margin trades are executed following the release of new USDT.


Chart showing the release of USDT batches during the recent bitcoin bull run

Notorious Bitfinex critic Bitcrypto’ed has documented the market action that took place immediately following the release of 20 million USDT on the 8th of November. According to data shared by Bitcrypto’ed, $25 million USD worth of margin longs were executed in less than 30 minutes including a single market order estimated to be valued at $13.5 million USD. As a consequence, the price of bitcoin shot from approximately $7075 USD to roughly $7350 in less than one hour.

During 2017, the Number of Tethers in Supply Has Increased by More Than 3400%

The total supply of Tether has risen from less than 15 million in January to over 550 million as of this writing – comprising a more than 3400% increase since the start of the year. To some, this dramatic rise in the number of Tether has appeared significant as Bitfinex, a majority shareholder in Tether, appears to have failed to attain banking services since Taiwanese banks associated with Wells Fargo terminated the processing of wire transfers to the exchange, shortly after which Tether posted the following statement on their website:

“Tether is currently expecting continued delays in processing international wires to and from tether. to users… Since April 18, 2017, all incoming international wires to Tether have been blocked and refused by our Taiwanese banks. As such, we do not expect the supply of tethers to increase substantially until these constraints have been lifted.”

Although Phil Potter of Bitfinex has sought to distance the relationship between the two companies, stating that “Tether is a completely separate entity [from Bitfinex],” he has conceded that Tether “operates through the same money service money operator license that Bitfinex operates under in Hong Kong.” In response to questions regarding Tether’s banking relationships, Mr. Potter of Bitfinex has previously stated that Tether “ha[s] several banks in multiple jurisdictions, our principal banking relationships are in Taiwan.” Notably, however, he has failed to reveal what banking institutions provide services to the company since April, further arousing suspicions.

What do you make of the vast quantities of USDT that have recently been released? Share your thoughts in the comments section below!


Bitcoin Cash Markets Remain Resilient As the Network’s Upgrade Approaches

It’s been a crazy week for cryptocurrency enthusiasts as the digital asset ecosystem is still reeling over the canceled Segwit2x fork that was expected to take place on the Bitcoin network next week. Over the course of the past few weeks leading up to the planned 2MB Segwit2x hard fork, Bitcoin Cash (BCH) markets have doubled in value after hovering around $300 per BCH for weeks. Now the market has stabilized around the $625 region as the BCH network participants prepare for their own fork that’s just four days away.

Cash-1068x1068

Bitcoin Cash Network and Markets Remain Vigilant After the Canceled BTC Fork Event

Bitcoin Cash Markets Remain Resilient As the Network's Upgrade ApproachesThe Bitcoin Cash network is thriving as the decentralized currency’s value has spiked quite a bit over the past few weeks. At the moment the price per BCH is hovering around $625 as markets currently command roughly $830M worth of daily trade volume. The price of BCH has allowed it to hold the third highest market capitalization at $10.4B just below the ethereum market cap. BCH markets are still seeing lots of trade volume from the South Korean won, as the currency typically captures around 49 percent or more of the daily volumes. The exchange rate stemming from BCH currently makes it the third highest digital asset trade volume within the cryptocurrency landscape. The exchanges trading the most BCH include Bithumb, Hitbtc, Bitfinex, Bittrex, and Korbit.

Bitcoin Cash Markets Remain Resilient As the Network's Upgrade Approaches
Bitcoin Cash (BCH) markets are holding above $600 per token at the time of writing.

Miners Have Started to Signal Intent to Fork the BCH Network

As the currency’s network hard fork approaches, the BCH chain is 8100 blocks ahead of the BTC chain. BCH this week is operating at 8 percent of the current BTC difficulty, and it’s 3.4 percent more profitable to mine BTC. Mining profitability and its fluctuations may change after the BCH network reconfigures the Difficulty-Adjustment-Algorithm (DAA). BCH miners are now signaling their intent to activate the fork and the change is estimated to occur around 2 pm EDT depending on hashrate speed.

Bitcoin Cash Markets Remain Resilient As the Network's Upgrade Approaches

Bitpay Prepares Users for the Bitcoin Cash Consensus Change

Because the fork is drawing closer the Atlanta-based company, Bitpay, has announced to its wallet users its plans for the BCH hard fork. The firm explains that with any blockchain protocol change it must always ensure that customer funds will be safe.

“For the November Bitcoin Cash protocol change, Bitpay and Copay wallets will follow the bitcoin cash chain with the most accumulated difficulty — With current miner signaling, this means that our wallets will be compatible with the new rules activated by the bitcoin cash mining majority,” explains Bitpay.

We don’t currently have any reason to think that this hard fork will be contentious or will result in a blockchain split for bitcoin cash. Users can continue to receive and send bitcoin cash transactions from their wallets up to, during, and after the hard fork protocol change.

Kim Dotcom Asks His Fans Which Cryptocurrency Will Dominate — BTC or BCH?

Also this week the notorious Kim Dotcom started talking about bitcoin cash with his 671,000 followers. Dotcom asks his fans, “By 2021 which of these two is going to carry the larger volume of Internet payments?” With just 11 hours left remaining for the poll bitcoin (BTC) is leading by 64 percent and bitcoin cash (BCH) has 36 percent.

Overall the BCH community seems pleased with the currency’s growing ecosystem and many supporters believe next week’s fork will be smooth. With Segwit2x gone and the rest of the cryptocurrency competition constantly nipping at BTC’s heels many spectators will be focused on bitcoin cash.

What’s your thoughts on bitcoin cash at the moment? Do you think the hard fork approaching will be smooth? Let us know what you think in the comments below.

Breaking News: Segwit2x Fork Cancelled

Mike Belshe has published a blog post indicating that the planned Segwit2x hard fork will not be taking place. The markets have responded dramatically, with the price quickly setting a new all-time high of approximately $7900 USD.

Untitled-design-14-1068x1068

It Has Been Revealed That the Segwit2x Fork Will Not Take Place

Breaking News: Segwit2x Fork CancelledBitgo CEO, Mike Belshe has published a post indicating that the contentious Segwit2x hard fork scheduled for this month will not occur due to a lack of community support.

The post states that “the Segwit2x effort began in May with a simple purpose: to increase the blocksize and improve Bitcoin scalability. At the time, the Bitcoin community was in crisis after nearly 3 years of heavy debate, and consensus for Segwit seemed like a distant mirage with only 30% support among miners.” Belshe adds that “Segwit2x found its first success in August, as it broke the deadlock and quickly led to Segwit’s successful activation.”

Belshe states “our goal has always been a smooth upgrade for Bitcoin. Although we strongly believe in the need for a larger blocksize, there is something we believe is even more important: keeping the community together.” Belshe concedes “it is clear that we have not built sufficient consensus for a clean blocksize upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth. This was never the goal of Segwit2x.”

The Markets Have Responded With a Dramatic Surge Into New All-Time Highs

Breaking News: Segwit2x Fork CancelledBelshe predicts that “as fees rise on the blockchain, we believe it will eventually become obvious that on-chain capacity increases are necessary. When that happens, we hope the community will come together and find a solution, possibly with a blocksize increase. Until then, we are suspending our plans for the upcoming 2MB upgrade.”

The markets have responded with a dramatic surge into new all-time highs. Following the announcement, bitcoin saw a spike of approximately $500 USD in less than one hour -signifying a highly bullish reaction to the news. As of this writing, the price of bitcoin is consolidating above the preceding all-time high at approximately $7700 USD, after having established a new all-time high of $7900 USD.

What are your thoughts on the news that the Segwit2x fork will not happen? Share your opinion in the comments section below!


Images courtesy of Shutterstock