Locked Out Visa Veto Leaves Several European Cryptocurrency Cards

European cryptocurrency card holders are awakening to discover that their plastic is now worthless. A Visa-led crackdown has seen several crypto card issuers forced to call an end to their services across Europe. Visa subsidiary Wavecrest is being blamed for the withdrawal of service, which affects scores of crypto card issuers including Bitwala, Tenx, Bitpay, and Xapo.

Also read: bitwala-crackdown-1068x1068ripple-gateways-can-freeze-users-funds-at-any-time

Visa Issues a Veto

Seemingly overnight, Visa, acting via Wavecrest, has put an end to cryptocurrency cards. The prepaid cards, which have become extremely popular in the crypto community, provide a means of indirectly paying for goods and services using cryptocurrency. The cards are a means of bridging the gap between the fiat and crypto worlds, preventing hodlers from needing to cash out to spend their digital assets.

Visa Veto Leaves Several European Cryptocurrency Cards Locked Out

Tenx’s PAY token has dropped discernibly since the story broke

As a result of the surprise crackdown, companies such as Cryptopay, Bitwala, and Bitpay have been left with no choice but to end their European services and return funds to users. Upon news of the clampdown emerging, the price of the PAY token linked to the Tenx card dropped by 15%. With the Tenx wallet on Bittrex still offline, seemingly as a result of the Spectre bug being patched, many token-holders have been unable to transfer PAY from their mobile wallets to their normal exchange. The Tenx PAY token was trading at $5 hours ago, but is now sitting at around $4.30.

Bitwala were one of the first card-issuers to break the story to their customers, tweeting:

Visa Veto Leaves European Cryptocurrency Cards Locked Out

Cryptopay tweeted: “Unfortunately, our card issuer instructed us to cease all Cryptopay prepaid cards starting January 5th, 2018. All funds stored on cards are safe and will be returned to your Cryptopay accounts ASAP. Sorry for all the inconvenience caused, we’re working on the solution!” Other crypto card companies have yet to pass comment, but it appears that the vast majority of European cryptocurrency cards are reliant on the Gibraltar-based Wavepay including Uquid, Coinsbank, Spectrocoin, Advcash, and Wirex.

Xapo’s European Service is Zapped

In an email sent to its customers today, Xapo explained: “Unfortunately, Xapo did not receive any anticipated notice to prepare for – and have our cardholders prepare for –  the cancellation of our Card program.” It continued:

Your Xapo Card has been deactivated, and you will not be able to use it for further payments or withdrawals. The rest of your Xapo account remains active, and you can continue to access your Xapo wallet balance and funds without interruptions. All other Xapo services are available for your use, as always.

The email finished: “As a token of our appreciation for being a loyal Xapo customer, once we are able to service Xapo Cards in your country again, we will offer you a new card free of charge. We are hard at work to find alternative card solutions for you. The past years have shown what a powerful product a cryptocurrency payment card can be, and we are already in discussions with potential card issuers allowing Xapo to continue serving customers in Europe and beyond.”

Legacy Finance Lashes Out

Visa Veto Leaves European Cryptocurrency Cards Locked OutThe reasons for Visa electing to wield the banhammer are unclear, though the company has long been regarded as hostile to bitcoin. Given that bitcoin threatens to disrupt the status quo, of which Visa is a firmly entrenched part, that tallies. Visa has stated that the cards have been suspended due to “continued non-compliance with our operating rules”, and insists the move isn’t part of a targeted campaign against cryptocurrency. It also claims that Visa cards which convert Bitcoin into fiat currency won’t be affected by the decision, stating:

Visa has other approved card programmes that use fiat funds converted from cryptocurrency in a number of jurisdictions. The termination of WaveCrest’s Visa membership does not affect these other products.

Web-users who value their financial freedom have long been been wary of Visa. This is the company, after all, which facilitated the financial blockade of Wikileaks in 2011. That decision ultimately proved to be Wikileaks’ salvation, with Julian Assange later crowing that the switch to bitcoin caused a windfall as the cryptocurrency began to multiply in price.

The repercussions of the Wavepay edict are still being felt, and it is too early to say whether the affected crypto companies will be able to find an alternative payment processor. Whatever the reason for the ban, the case illustrates something bitcoiners have known for years: too much centralization is a dangerous thing.

Do you think Visa has valid reasons for shutting down crypto cards, or is it simply hostile to cryptocurrency? Let us know in the comments section below.

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.

Bitcoin Fees Are Falling Amidst Greater Segwit Adoption

Transaction fees, a bugbear for many in the bitcoin community, are on their way down. Spiraling fees were a contentious issue that reached fever pitch in the twilight of 2017. But with the dawn of a new year, bitcoin has been blessed with reduced fees, set against a backdrop of increased Segwit adoption.

 

Fees Have Halved from Their December Peak

After spending the final quarter of 2017 ramping up, transaction fees on the bitcoin network have finally begun to decline. Bitcoinfees.info indicates an average fee of $15.79 to have a transaction mined within the next six blocks, rising slightly to $16.54 for the next three blocks and $17.29 for the next block. The median withdrawal fee from exchanges such as Bitfinex this week has been closer to $14 however.

While $14-$16 is still more than many people would like to spend, it’s an improvement at least over the $30 bitcoin fees that were reached during December. Estimatefee.com quotes an average of 358 satoshis/byte to move a transaction within the next six blocks. The number of transactions in the mempool waiting to be confirmed is now below 90,000, from a peak of over 115,000 on December 30.

Bitcoin Fees Are Falling Amidst Greater Segwit Adoption
The average cost per transaction in $ has dropped considerably.

More Bitcoin Wallets Add Segwit Support

In the last 24 hours,many sites have added Segwit support to their wallets. In a blogpost, mining pool and bitcoin wallet provider BTC.com wrote: “As a BTC.com wallet user, you will experience a drop in the transaction fees and faster transaction times when you send bitcoin to another address.” It has now added this functionality to both its mobile and desktop wallets.

Bitcoin Fees Are Falling Amidst Greater Segwit Adoption

Peer-to-peer exchange and online wallet LBCbitcoin-fees-falling-1068x1068 has also followed suit. The site is used extensively in countries as diverse as the Dominican Republic and Poland, and has reached record weekly trading volume of almost $140 million in the US. It will be a while before recent Segwit adoption by wallet providers filters through and impacts upon average bitcoin fees across the network. Segwit adoption is only around 11%, showing there is still a long way to go before the scaling technology nears universal adoption.

Bitcoin Fees Are Falling Amidst Greater Segwit Adoption

As always, the greatest absentee from Segwit is Coinbase, which has yet to formalize plans for introducing the Segregated Witness technology. CEO Brian Armstrong appears to be more interested in experimenting with ethereum Dapp browsers, much to the chagrin of many Coinbase users. Bitcoin pioneer Nick Szabo, meanwhile, has been urging the community to favor Segwit, endorsing a Whalepool tweet listing Segwit wallets.

Bitcoin Fees Are Falling Amidst Greater Segwit Adoption
Segwit adoption is still barely into the double digits.

2018: The Year of Cheaper Fees?

Bitcoin fees are likely to remain a hot topic throughout 2018 as efforts to lower the median cost of transacting the decentralized currency intensify. With the Lightning Network now having been successfully tested live, there are hopes that the off-chain scaling solution could be introduced sooner than initially expected, bringing with it the prospect of lower fees for all.

The high cost of sending bitcoin has forced many to look elsewhere, either to bitcoin cash, with its famously low fees, or to other altcoins which can be sent for less than a cent in many cases. In bitcoin’s earliest days, when blocks were empty, it was equally easy to complete low-cost transactions. The cryptocurrency markets are no exception to Metcalfe’s law, however, and should any altcoin start to approach the size of the bitcoin network, it will succumb to the same problem: a growing number of users trying to use a resource that can only process a finite number of transactions per second.

Speaking of laws, prominent bitcoin thinker Tuur Demeester cited Kleiber’s law, which governs the size of the world’s largest cities. Applying it to cryptocurrencies, he tweeted:

If “Bitcoin City” remains the largest of cryptocurrencies, Kleiber’s law suggests that over the long run it will be the ecosystem where resources are allocated in the most efficient way.

Fees and transaction times are still higher than desired, but if Kleiber’s law applies, it’s only a matter of time until the bitcoin metropolis becomes a model in city planning.

Do you think bitcoin fees are still too high? Let us know in the comments section below.

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

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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.
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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.”

 

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.

Bitcoin Cash Surges as Businesses Abandon Legacy BTC

Bitcoin cash is enjoying a new lease of life as major figures throw their weight behind the chain. In the wake of the abortive Segwit split, neither bitcoin nor B2x has prospered, with the latter failing to materialize and the former dropping below $6,800 for the first time in 10 days. BCH, meanwhile, hit $866 earlier today.

BCHcover-1068x1068

All Aboard The BCH Express

As the elation, anger, and acrimony over Segwit2x has started to settle, focus has returned to the seemingly intractable problems of bitcoin scaling and transaction fees. Given the difficulty of attaining consensus for developments of the bitcoin network, many have grown frustrated by the stalemate, with widespread Segwit adoption and Lightning Network implementation still months or years away.

Bitcoin Cash Surges as Businesses Abandon Legacy BTCWith bitcoin currently unsuitable for small transactions due to high fees, various businesses and public figures have expressed their preference for a cryptocurrency more suited to everyday use. For some, this has meant looking to the world of altcoins, where the likes of Litecoin and Dash beckon. For those keen to stick with the bitcoin brand, however, bitcoin cash looks increasingly attractive.

One member of the Openbazaar team tweeted:

Hearing lots of great things about @BitcoinCash $BCH today. Many developers and businesses seem better aligned with the vision now that 2x has failed.

The team running the P2P marketplace have every reason to be extolling the virtues of bitcoin cash, having announced that they’ll be accepting BCH on account of its cheaper fees along with zcash. As businesses have wrestled over what to do with a legacy bitcoin that’s becoming increasingly un-transactable, the BCH team have wasted no time in wooing defectors, stating:

BTC’s utility continues to decline. Watch as businesses adopt BCH.

One public figure who has thrown his weight behind BCH is Pirate Party founder and bitcoin maverick Rick Falkvinge, who declared: “With recent developments, I’m putting all available dev resources to retool my software for #Bitcoin Cash. I suspect I’m far from alone.” He later added: “I’m moving my development effort to Bitcoin Cash, as Bitcoin Legacy now has hit a brick wall and needs to be dropped like a bad habit. I have no real reason to move the coins.”

One Coin to Rule Them All

Bitcoin Cash Surges as Businesses Abandon Legacy BTCThe Bitcoin Cash market has surged over the last 24 hours, with volume exceeding $2.5 billion, 57% of which was trading against the Korean won. Much of the fevered interest in BCH will simply have been market sentiment, fueled by the growing consensus that the legacy bitcoin chain is ill-equipped to handle growing volume. It would be speculative at this stage to suggest that BCH is gearing up for its own version of The Flippening, when Ethereum believers thought their coin might actually overtake bitcoin to become The One True Coin.

Make no mistake though, if BCH’s most ardent supporters have their way, not only will bitcoin cash steal bitcoin’s market cap eventually but it will also steal its name. In the wake of the Segwit2x furore, there were hopes that the in-fighting which had driven a wedge into the bitcoin community would cease and work could resume on infrastructure improvements. Instead, the BTC/BCH debate has been ramped up, with supporters of both chains adamant that theirs is the best bitcoin.

Bitcoin Cash Surges as Businesses Abandon Legacy BTC
Bitcoin cash

Bitcoin legacy’s decentralized nature is both its greatest strength and its greatest weakness. The BCH team is wasting no time in rolling out network upgrades and implementing a clear roadmap. More than 1,500 businesses are already accepting bitcoin cash, a modest figure but one that is rising steadily.

Do you think bitcoin cash will eventually overtake the legacy chain? Let us know in the comments section 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.

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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

This Developer is Bringing Atomic Swaps to the Bitcoin Cash Network

Atomic swaps between blockchains have become a hot topic that has sparked a lot of interest due to the decentralized nature of the exchange process. This week a developer that goes by the name of “Deswurstes” or “MCCCS” has accomplished a successful bitcoin cash atomic swap test.

cashaa-1068x1068

Introducing Bitcoin Cash to the Atomic Swap Protocol

This Developer is Bringing Atomic Swaps to the Bitcoin Cash NetworkOn November 4, bitcoin cash (BCC) was tested using the Decred/atomic swap protocol by a developer named Deswurstes. The atomic swap Github pull request #37 states, “the first Bitcoin Cash atomic swap has been made! — Proof at the end of this pull request.” Deswurstes says he’s been interested in the scaling debate since mid-2016 and has been a bitcoin fanatic (as a small scale miner/holder, not a developer) since then. The test is one of the developer’s first contributions using the bitcoin cash code, and he plans to design friendlier-looking software to allow users to use it more efficiently.

“Atomic swaps are interesting topics, and there are many alt-to-alt exchanges, but none of them are safe; there’s nothing that prevents the exchange from stealing your money,” Deswurstes explains to news.Bitcoin.com.

When I found atomic swaps, it looked like magic to me. I thought it’d be cool if bitcoin cash had this feature. First I asked its developers if they were going to implement bitcoin cash support, but they were busy. One or two weeks later, I tried and succeeded in coding my atomic swap dream.

‘In the Future, All Altcoin-to-Altcoin Atomic Swaps Will be Instant’

The developer’s first test was a bitcoin cash-to-bitcoin cash atomic swap contract. He tested it like this because it enabled him to debug both initiate and participate commands at the same time, and each time he got closer to the working software. “Currently the software works awesome, however, it doesn’t have dynamic fee support,” Deswurstes explains to news.Bitcoin.com. “The command that makes the node software choose inputs for the transaction (fundrawtransaction) has different syntaxes in different node software.”

Deswurstes says now, people can make trustless bitcoin cash payments, but the process of compiling the software and typing commands in the command prompt is complicated for average users. “When trustless, decentralized exchanges that have order matching come with good UIs, the atomic swap will replace the current exchanges — Especially BCC-BTC will have high volume,” the programmer explains.

In the future, all alt-to-alt atomic swaps will be instant — People will be trading BTC and BCC, which’ll be the highest volume trade, in a few seconds.

This Developer Aims to Bring Atomic Swaps to the Bitcoin Cash Network

Cryptocurrency Exchanges Will Have to Utilize Atomic Swaps, or No One Will Use Them

Deswurstes believes atomic swaps just need a good user interface (UI), and after a nice looking and easy to use UI is implemented there’s nothing that can prevent everyone from using atomic swaps, the developer explains. At the moment Deswurstes notes there are two startups working on friendlier atomic swap UI’s including Barterdex, and Altcoin.io.

“One day, all of the alt-to-alt exchanges will use atomic swaps, because of its safeness and it will be as convenient as the old style trades. There’s no reason for them not to use atomic swaps If they won’t, their users will no longer use them,” Deswurstes concludes.

What do you think about implementing atomic swap processes with bitcoin cash? Let us know what you think in the comments below.


A Step-by-Step Walkthrough:Preparing for the Bitcoin Hard Forks:

At the moment there are two forks planned for the Bitcoin network, and cryptocurrency proponents are curious about taking the best preparations. One fork is called Bitcoin Gold which is scheduled for October 25, while the other hard fork Segwit2x (BTC1) will take place roughly around mid-November or block height 494784.

 

The Tale of Two More Forks

This past summer news.Bitcoin.com wrote a lot about preparing for a fork when the entire Bitcoin network and its participants experienced the August 1 blockchain split. Currently, there are two bitcoin forks scheduled to happen over the next few weeks. This means if splits happen to occur between all of them, there could be a total of four blockchains that share the same transaction history of the original Bitcoin blockchain created by Satoshi Nakamoto.

Preparing for the Bitcoin Hard Forks: A Step-by-Step Walkthrough
The Bitcoin Gold project is expected to fork the bitcoin network on October 25. However, the network will not go live until November 1.

The Bitcoin Gold (BTG) project aims to fork the network so they can create an Application Specific Integrated Circuit (ASIC) ‘resistant’ version of bitcoin. The reason they are forking the network is because the team thinks ASIC mining is too centralized. So BTG developers plan to make bitcoin mineable using Graphic Processing Units (GPU), by changing the original protocol’s consensus to an algorithm called Equihash. This hard fork is planned for October 25 the developers have stated, but the network itself won’t be live until November 1.

Preparing for the Bitcoin Hard Forks: A Step-by-Step Walkthrough
The Segwit2x project is expected to fork the bitcoin network at block height 494784

The Segwit2x hard fork is a technical compromise stemming from the New York Agreement (NYA) this past spring, between a vast majority of bitcoin miners and businesses. Some people believe the NYA compromise helped push miners to use their hashrate voting power to ultimately implement the Segregated Witness (Segwit) protocol. But the activation of Segwit came with the agreement that three months later a 2MB block size hard fork would take place. This hard fork will take place at approximately block height 494784 or roughly around November 18 depending on hashrate.

At the present time, both of these forks may or may not take place on the expected dates.

Before During and After the Forks

Preparing for the Bitcoin Hard Forks: A Step-by-Step WalkthroughThere are a few things bitcoin holders should know before, during and after the fork. Before the fork, users should make sure their funds are in the right place, at the right time. This means choosing to leave money on an exchange, which some folks like traders do, or hold the funds in a non-custodial wallet. Most people agree the best practice, to remain in full control of any amount of bitcoin holdings, is to maintain your own funds by possessing your own private keys. So before the fork, if users keep their BTC stash in a non-custodial wallet they should make sure they have their seed phrases or private keys available. If an individual possesses their private keys, they are in full control of their funds before and after the fork.

If a user chooses to keep funds on a custodial wallet or a centralized exchange then they should be fully aware the provider is in control. Trading platforms will cease deposits and withdrawals during a fork and may even stop trades temporarily. Users keeping money on an exchange must always know they will be ultimately subject to that business’s discretion.

During the fork, most people would also agree that sending bitcoin transactions while the consensus change is taking place is not the best idea. People should remain patient until 100 percent of the dust has settled before they transact with the bitcoin network. There could be confusion with the fork like blockchain re-organizations, replay attacks, and prolonged confirmation times.

After the fork, it is still a good idea to remain patient, and you can start investigating reliable infrastructure for both forks before using the split networks. From here you can research how to import your private keys so you can claim split tokens, as well as wait for splitting tools from wallet and exchange providers. For instance, many bitcoin wallet users had to wait for the app maintainers to create a tool or fully support the new network that was born this summer. Some people may have to wait a few days or even weeks before wallet providers and exchanges follow through with support and special chain-splitting tools.

Replay Protection and Attacks

Preparing for the Bitcoin Hard Forks: A Step-by-Step WalkthroughAt the moment both of the planned forks, Bitcoin Gold and Segwit2x, do not have replay protection added to the specific project’s code. Segwit2x initially had an opt-in type of replay protection, but developers have since removed the protocol. Bitcoin Gold promises replay protection, but the code also has not been added to the Github repository. Both forks could add an opt-in version or a stronger means of replay protection before the forks happen. During a replay attack, it’s possible Unspent Transaction Outputs (UTXO) can be verified by miners on both chains making it easy for an attacker to manipulate or unknowing investors could make mistakes. Some individuals believe replay protection is necessary, while there’s also an argument against the implementation as well.

Additionally, light clients, otherwise known as Simplified Payment Verification (SPV) wallets, follow the chain with the most cumulative proof of work. SPV wallets don’t check the rules and ultimately sync transactions with the longest chain headers. Those using SPV wallets will want to make sure they are on the preferred chain. While some wallet providers let users decide on which node they should tether to, other light clients will choose for you. If you don’t like the wallet startup choosing for you, then it is probably best to move your bitcoin to a client that allows choice or is tied to the chain you prefer. You can also choose to use other wallet options like paper, hardware, and full node clients.

Hardware Wallets, Exchanges, and Full Nodes

Some people believe that hardware wallets and paper wallets are better places to keep funds during a hard fork. With paper wallets, an individual can obtain or spend their funds whenever they want after the fork on both chains. With a hardware wallet, you may have to wait for a tool to be released as hardware companies like Ledger, and Trezor had to launch firmware updates for their users regarding bitcoin cash.

Preparing for the Bitcoin Hard Forks: A Step-by-Step Walkthrough

Users can also choose to side with a chain of their choice by downloading a full node client. Full nodes will enforce the rules on the specific chain they are tethered to, and these types of wallets have keys that can also be imported to retrieve split tokens at a later date.

As explained above, leaving funds with an exchange during and after a fork exposes users to the will of a company’s decisions. The business may not let you deposit or withdraw between a specified period. So if you need access to funds that are on an exchange, you may not get them right away. Additionally, some exchanges may not release support for split tokens right away, and again you will have to wait. For instance, the exchange Coinbase has not yet released bitcoin cash (BCH) holdings to their customers who kept funds on the trading platform prior to August 1 and the firm aims to release the BCH in January 2018.

Keep Calm and Bitcoin On

Over the past few weeks, wallet providers and exchanges have been releasing their contingency plans, and more will likely follow shortly. News.Bitcoin.com has been covering nearly every popular bitcoin service’s contingency plan, and we will continue keeping our readers informed every step of the way. Further, our team will provide information regarding these forks before, during and after each event so users can be sure they know what’s happening throughout each period.

Lastly, we need to reiterate further that keeping private keys yourself is truly the best way to proceed during a fork, and also being patient during a blockchain split event by not sending or receiving transactions will ensure losses won’t happen.

How are you preparing for the upcoming hard forks scheduled to take place on the Bitcoin network? Let us know your game plan and thoughts in the comments below.hjgyttrreeww-1068x1068