What Is Bitcoin Cash & Why Is Everyone Freaking Out About It Right Now?
What Is Bitcoin Cash & Why Is Everyone Freaking Out About It Right Now? Dan Kitwood/Getty Images News/Getty Images On Tuesday, the most popular platform for making bitcoin transactions in the United States, Coinbase, began offering bitcoin cash, one of bitcoin's rival currencies . If you're wondering what exactly that means and why everyone is freaking out about it, there's a (somewhat) simple explanation. Bitcoin cash is an offshoot of bitcoin. Bitcoin is a digital medium of exchange and is often referred to as a currency, but it isn't like the dollar, peso, or other physical currencies, the values of which don't fluctuate much on a day-to-day basis (their value is basically determined by the global currency markets' faith in a country's stability, which tends to shift gradually; central banks also help keep currencies steady). Bitcoin's value fluctuates dramatically every day, so it simply couldn't work as a replacement for physical currency. Instead, people use bitcoin to exchange payment in a decentralized way i.e. without a third-party, like a bank, or PayPal. Bitcoin is decentralized because it runs on "blockchain" technology. Blockchain is a constantly growing database of transactions. Most importantly, it's public: Anyone with internet access can look at any action that's ever occurred on the blockchain, which means that the power of transaction verification lies in the hands of all blockchain users, as opposed to any centralized authority. No one can "control" or "run" the blockchain. It only allows big changes (basically, changes that require everyone to update their software to keep using the blockchain) to be made to it via consensus. As you can imagine, that consensus is hard to achieve, and in the case of bitcoin which is owned by at least several million Continue reading >>
Bitcoin Cash Briefly Replaced Rival Digital Coin Ether As The Second-largest Cryptocurrency
In response to a Twitter user that questioned the dominance of bitcoin, Buterin said: "A key reason why I am now so confident in crypto is precisely the fact that there are so many different teams trying different approaches." Bitcoin cash's price rallied after plans for a so-called "hard fork" in the original blockchain were scrapped by developers. The digital currency reached a record high of $2,577.11 Sunday at 1:49 a.m. ET. A number of people within the bitcoin community had hoped for an upgrade to the blockchain known as SegWit2x to speed up transactions. The upgrade would have likely resulted in another split in the blockchain. It was planned to go ahead this month but was shelved due to waning support. Blockchain is the technology that underpins cryptocurrencies like bitcoin. It records all transactions of the digital currency on a dispersed network instead of one centralized server. Two previous hard forks have resulted in the creation of new cryptocurrencies, bitcoin cash being one of them. Once the blockchain is forked, investors in bitcoin receive one new digital coin for every bitcoin they own. Bitcoin gold was formed as a result of another split last month. According to Coinmarketcap, bitcoin gold futures were trading at $273.54 at 10:30 p.m ET, down more than 36 percent for the session. The bitcoin gold blockchain was officially launched Sunday, developers backing it said in a blog post. The price of bitcoin slumped to $5,507 Sunday , the lowest it has been since the start of the month. Bitcoin topped $7,879 for the first time less than a week ago. Continue reading >>
Coinbase Looks At Insider Trading After Offering Bitcoin Cash
Bloomberg the Company & Its Products Bloomberg Anywhere Remote LoginBloomberg Anywhere Login Bloomberg Terminal Demo Request Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Coinbase Looks at Insider Trading After Offering Bitcoin Cash Cash price surges in hours before official announcement Bitcoin suffers worst drop since futures trading started Bloombergs Annie Massa reports on Coinbases decision to investigate allegations of insider trading on its platform. Coinbase Inc., one of the most popular U.S. cryptocurrency exchanges,is investigating allegations of insider trading on its platform in the hours before the company announced it would enable purchases of the bitcoin spinoff known as bitcoin cash. Bitcoin cash surged in the hours before the San Francisco-based companys announcement, while bitcoin prices tumbled the most in two months. Bitcoin cash added to gains once Coinbase posted the news on its website at 7:07 p.m. Tuesday in New York. It traded higher by 45 percent to $3,435.36 as of 9 a.m., according to data compiled from coinmarketcap.com. Bitcoin hovered near $17,000 after falling as much as 10 percent. It appears the price of bitcoin cash on other exchanges increased in the hours before our announcement, Brian Armstrong, chief executive at Coinbase, said in a blog post. While theres no indication of any wrongdoing at this time, he said that we will be conducting an investigation. Armstrong said he will not hesitate to fi Continue reading >>
Will Bitcoin Cash Replace Bitcoin??
Posted this on another thread..but bears repeating, IMHO. Is it just me...or does it seem that BCH jumps up in price quite a bit......drama/angst/etc...then about 24 hours or less later.....BTC goes up to more or less previous value...and the big switcharoo? And Blamo! The whales have turned $$$ (This could not be that cynical a process right? Evolution of Humanity to a Bigger and Brighter Future Right?) Anyway, seems like this is getting as common as sun up each day in the east, and set in the west. Could this really be that simple a reason that BCH was made? Naw! Jihan Wu and Bitmain and the others pumping BCH, would not stoop that low, right? Quote from: chimnon on November 12, 2017, 06:01:05 AM I think that at the moment, Bitcoin Cash is not strong enough to replace Bitcoin, even it can not beat ETH. Bitcoin Cash came out about a couple of months ago, it was detached from the original Bitcoin series. Although its value is high, but when compared to its history of growth and speed of growth, I'm afraid it can not replace Bitcoin, at least for the next few years. However, in the distant future everything can happen, Bitcoin Cash may be the first, we don't know the future. Quote from: Herbert2020 on November 12, 2017, 06:09:25 AM you are just overly excited because it has the name "bitcoin" in it and also mostly because it is getting pumped. you see the big green number saying price has risen in the past few days and you think everything is fine because of it! but if you wait a couple of weeks you can get your answer loud and clear. when the dumps begin shortly and then intensify in a couple of weeks, that is when price of BCH crashes and miners will abandon it. they have the EDA to protect the chain and if they remove it, the chain is screwed. the only reason why min Continue reading >>
Bitcoin Cash - Altcoin Discussion - Stake Forum
Bitcoin cash has been everywhere lately. What's your personal thoughts on it. It feels like there is a very distinct two sides to the debate. As much as I've always been against alt coins, Bitcoin Cash is something I feel is a very viable solution for payments. The network is backed by some good developers and as much as Roger Ver is seen in a negative light, he's a very educated decision maker (With & without financial incentive in mind). Where do you stand and what's your thoughts? Personally I think bitcoincash is an awesome altcoin. The price rising up steadily and is now ranked 3 on coinmarketcap. Plus it has low total supply! But, I think bitcoincash won't be able to replace bitcoin or ethereum though. bitcoincash just pumped somedays ago. highest was over 4k $ /1 bch. i was thinking bch willreplace btc but its impossible. I got to say the opponents been very loud, and it unfortunatelyinfluenced my decision to sell when it was as low as 300. Right now, bch is the more usable coin. If we were in vacuum with just the two, it would be the obvious choice for me. The fees make btc unusable for anyone that's not dealing with large numbers, and one should remember that most commercial activities deal with smaller payments. In reality there would be many other options, but this is a market where most of us are trying to chase quick profits, and what we pick is more based on what might pump than what makes sense in the long run. I don't like it at all. In my opinion there are some bad people behind it with some less than savory ideas for the whole crypto world. You are right, but aren't bad people on either side? Locking ourselves to any particular system could be picking some of our future rulers. For me, I am rooting much for Bitcoin Cash than this Bitcoin, BCH performa Continue reading >>
Will Bitcoin Cash Replace Btc?
You are at: Home Questions Will Bitcoin Cash replace BTC? Last updated on November 12th, 2017 at 09:41 pm No, absolutely not. Bitcoins repository has over 100 highly talented developers, many of whom are the leading experts in cryptocurrency and related fields. Bitcoins thriving ecosystem of users, projects and companies many strongly opposed to Bcash is unlikely to ever unanimously accept Bcash as a substitute. While Bcash has the backing of well-funded financiers, at least one monopolist miner and a smooth-talking salesman and his shill brigade, this is simply not enough to displace Bitcoin. The Bcash group of forkers can manipulate price and hashrate, create all kinds of fork attacks and generate an impressive amount of noise What they cant do is attract competent and credible people to their cause. Their underhanded tactics and multiple attacks on the open source and decentralized nature of Bitcoin serve to turn away the type of people necessary to their coins development. A coin can only get so far on hype and market manipulation; ultimately it requires cypherpunks writing code to remain competitive or even relevant. BTC price is going down, is it because of BCH? Do you advise to buy BCH and sell BTC? Please login or Register to submit your answer Continue reading >>
Bitcoin Cash - Wikipedia
Forked on 1August 2017; 4 months ago(2017-08-01) Bitcoin Cash also known as BCash (BCH) is a hard fork of the cryptocurrency bitcoin . The fork occurred on August 1, 2017.  On July 20, 2017 Bitcoin Improvement Proposal (BIP) 91, aka Segregated Witness , activated.    Some members of the bitcoin community felt that adopting BIP 91 without increasing the block-size limit would simply delay confronting the bitcoin scalability problem and that it favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency.   The plan to do a hardfork , was first announced by Bitmain , and subsequently developers took interest in the project.  The project was originally referred to by Bitmain on their corporate blog as "contingency plan," which the ASIC bitcoin mining hardware manufacturer would launch if BIP 148 (a User Activated Soft Fork ) succeeded.   The Bitcoin Cash name was originally proposed by Chinese mining pool ViaBTC.   The first implementation of the Bitcoin Cash protocol called Bitcoin ABC was revealed by Amaury Deadal Nix Secht at the Future of Bitcoin conference in Arnhem, the Netherlands.  The Bitcoin Cash hard fork was announced to take place on August 1, 2017. Upon launch, bitcoin cash inherited the transaction history of the bitcoin currency on that date, but all later transactions were separate. Block 478558 was the last common block and thus the first Bitcoin Cash block was 478559.  Bitcoin Cash cryptocurrency wallet started to reject BTC block and BTC transactions since 13:20 UTC, August 1, 2017 because it used a timer to initiate a fork. It implements a block size increase to 8 MB. One exchange started Bitcoin Cash futures trading at 0.5 BTC on July 23; the futures dropped to 0 Continue reading >>
Here's Why Bitcoin Cash Soared Today
December 19, 2017, 01:51:00 PM EDT By Ryan McQueeney, Zacks.com The price of Bitcoin Cash, a so-called "hard fork" of Bitcoin, soared on Tuesday after Bitcoin.com co-founder and CTO Emil Oldenburg said that he has sold all of his original Bitcoins and replaced them with the rising altcoin. "An investment in Bitcoin right now I would say is the most risky investment one can make. It is extremely high-risk. I've actually sold all of my Bitcoins recently and switched to Bitcoin Cash," Oldenburg told Swedish tech site Breakit . Oldenburg also cited increased transaction fees and slow confirmation times as two reasons for his departure from Bitcoin. These issues, which have been caused by skyrocketing interest in the original cryptocurrency, were the primary catalysts for the creation of Bitcoin Cash. Launched in August, Bitcoin Cash is hard fork of Bitcoins. A hard fork in the cryptocurrency world refers to a change in the rules of the blockchain infrastructure that is not recognized as valid by the older software. In some ways, hard forks are similar to stock splits in that they are designed, in part, to alleviate barriers to entry for new users. Oldenburg explained that his company, which serves as a popular Bitcoin wallet, has started to move away from Bitcoin and will begin focusing more on Bitcoin Cash. "We've actually stopped developing new services for the old Bitcoin network now and are focusing mostly on Bitcoin Cash," he said. In the wake of Oldenburg's comments, the price of Bitcoin slipped more than 3.5% on Tuesday morning, while the price of several notable altcoins-including Bitcoin Cash-soared to new highs. In overnight trading, Bitcoin Cash soared more than 20% to a new peak of $2,400. Bitcoin Cash could also be benefitting from the news that Thomson Reuter Continue reading >>
No, 'litecoin Cash' Isn't Bitcoin Cash All Over Again
No, 'Litecoin Cash' Isn't Bitcoin Cash All Over Again Feb 16, 2018 at 01:30 UTC|UpdatedFeb 17, 2018 at 10:01 UTC So tweeted litecoin creator Charlie Lee in response to the launch of litecoin cash, a cryptocurrency that's expected to spin off from his project, the fifth largest cryptocurrency by total value, next weekend, taking its code and transaction history with it. Always outspoken, Lee went on to call the project a "scam," warning users: "Don't fall for it." His harsh comments might come as a surprise since litecoin cash's developers admit they have no ties to the official litecoin project and don't particularly see it as a competitor. Much the same as other projects "forking" to create a new cryptocurrency, litecoin cash's developers claim they simply want to use an existing codebase to create a newer and better form of online exchange. Also, by changing litecoin's underlying mining algorithm to the one bitcoin uses, they argue litecoin cash will bring new life to old, abandoned mining equipment in a kind of strange recycling attempt. But while developers claim that's the motivation, users seem mostly interested in the "free" money. Already, an influx of buyers on more consumer-friendly exchanges is driving the price of litecoin to notable highs , in part because, due to the mechanics of the fork, any user who owns litecoin at the time of the fork will immediately have a portion of litecoin cash. Bolstering this view is the name "litecoin cash," an obvious reference to the successful fork bitcoin cash , the profitable project that sparked the wave of forks carrying into 2018. And litecoin cash's lead developer Tanner, who did not give his full name, admits the project named it as such to draw more attention. "Community engagement is the key to success for any coi Continue reading >>
Bitcoin.com Co-founder Emil Oldenburg Is Switching To Bitcoin Cash | Observer
Bitcoin price can change greatly as you wait for the transaction to go through. Freddie Collins/Unsplash Emil Oldenburg, co-founder and chief technology officer of Bitcoin.com , one of the largest one-stop shop sites for Bitcoin, said that Bitcoin is the riskiest investment you can make at the moment. Instead, Oldenburg had traded all of his Bitcoin for Bitcoin Cash, a derivative of Bitcoin recently created by blockchain developers, he told Swedish tech news site Breakit, Business Insider reported . He is also shifting Bitcoin.com s service, which includes trading, currency storage and education, from Bitcoin to Bitcoin Cash.(He probably will keep the domain, though.) Odenburgs main concern is that Bitcoins transaction infrastructure, called blockchain, which was created in 2010 by the digital currencys mysterious inventor Satoshi Nakamoto, is out of date for todays market demand. Marc Andreessen, a famous venture capitalist and an early investor in blockchain technology, said in a 2014 column that the success of Bitcoin depends on how widely the digital currency is adopted. As Bitcoins dollar value surged to a stratospheric level in the past 12 months, a large crowd of average investors rushed into the space, making Bitcoins decentralized ledgera feature that Bitcoin believers tout most proudlythe worst enemy of its own. Every time you trade Bitcoin, the transaction is recorded on the blockchain and needs to be confirmed by six Bitcoin miners in the network. Depending on the block size, which was set at 1Mb in 2010, there is only a limited number of transactions that can be recorded per second. As more people use Bitcoin, it takes longer for each transaction to go through. As of late, a Bitcoin transaction takes from hours to days. On average, a Bitcoin transaction ta Continue reading >>
Bitcoin Cash Is Bitcoin
In 2017, internal strife and differing views on Bitcoins fundamental value proposition caused the currency and its community to break off into several distinct groups, each with their own vision of what Bitcoin is and what it is meant to be. This article will explore the different forks of Bitcoin and make the case for why Bitcoin Cash is the coin most aligned with the original system laid out the in the Bitcoin whitepaper . Introduced as a peer-to-peer electronic cash system, Bitcoin experienced explosive, exponential growth during its initial years. Users were drawn by properties of Bitcoin that allowed for cheap money transfers, instant confirmations, worldwide compatibility, round-the-clock operation, and no limitations on minimum or maximum transaction amounts. This electronic form of money quickly became popular with diverse groups of users all around the world. Merchants used Bitcoin to tap into a global marketplace. Migrant workers used it to send money back home for much less than Western Union. Charities and content creators used it as a virtual tip jar, collecting donations big and small from any country on Earth. Certain industries were even able to use Bitcoin to replace traditional payment methods altogether. This rapid rate of expansion continued for several years and led many to think that Bitcoin was well on its way to becoming an unstoppable revolution in financial technology. But, as the case with all technologies, scalability inevitably became an issue. Since the very beginning of Bitcoin, people have contemplated and argued about how the system should scale, not just to millions of users, but to billionshow else could Bitcoin become accepted as a mainstream global currency? In fact, when Satoshi Nakamoto first introduced the concept of Bitcoin in 2 Continue reading >>
Will Bitcoin Replace Cash?
Cash remains a huge part of the global economy, especially when you consider black market or grey market transactions. But does the rise in digital transactions, and the emergence of digital currencies signal its demise? Blockchain could be the next evolutionary paradigm of the world banking system. As Bitcoin breaks through the $10,000 price mark, will the cryptocurrency eventually replace cash? With the rise in digital transactions see the 7.7bn bid by Vantiv for card-processing leader Worldpay and the emergence of digital currencies like Bitcoin, many have rushed to declare these the last days for cash. Nonetheless, cash remains a huge part of the global economy, especially when you consider black market or grey market transactions. Governments, too, have good reasons for sticking with a cash-based, physical currency, says economics professor Mike Moffat : As long as governments continue to collect tax, they will have the authority to dictate the currency in which those taxes may be paid. Fiat currencies are a form of promissory note they are assigned value because we assign value to them. Before the era of electronic trading and banking, a gold standard was used to back currencies. Similarly, banks would hold large reserves of cash, its value based on the gold standard, in their reserves. In the modern system, much of this representation is measured in purely digital terms. Modern value is assigned using zeroes and ones. The prospect of a cashless society is more possible than it has ever been. In the United States, writes David G.W. Birch of Consult Hyperion , studies indicate that maintaining a cash system including printing new bills, recycling old ones, moving them about in armored trucks, using them to replenish automatic cash machines costs the country about Continue reading >>
Why Bitcoin Cash Won't Replace Bitcoin & How It'll End
Bitcoin Cash is spiking and there is some discussion whether or not Bitcoin Cash can displace Bitcoin. In other words, could it take the name "Bitcoin"? The short answer is no. The longer answer is that it is exceptionally unlikely because it would require exchanges to all agree on what "Bitcoin" is and make the change simultaneously, else risk losing a ton of customers and transaction volume. In other words, the first exchange to call "Bitcoin Cash" as just "Bitcoin" would essentially be martyr'ing themselves. Bitcoin Cash is seeing a majority of volume come from Korea, although now we are seeing other exchanges increase in volume as a result of FOMO investing. Roger Ver is on a Twitter storm and also talking about Bitcoin Cash such as in the meetup in LA recently. Given his wealth and influence, he can have a substantial impact. Other factors are playing in as well: Right now the Bitcoin mempool size is spiking, which is causing transaction fees to spike. As such, Bitcoin Cash is becoming a more and more attractive alternative to Bitcoin. However, the spike in the mempool is due to spam transactions which aren't "real." As Bitcoin Cash increases in value, more miners switch over as it is more rewarding to mine (and uses same hashing algorithm, SHA256). Lastly, the Emergency Difficulty Adjustment algorithm will be updated on November 13th as the entire Bitcoin Cash network is upgraded. Bitcoin's primary driver of value, as we have established on this channel previously, is now a "store of value" rather than as a "medium of exchange." Given this, there is no way that Bitcoin Cash will attract the level of capital required for a "flippening" as all Wall Street and casual investors care about is Bitcoin. And for Bitcoin Cash to become "Bitcoin," it would have to eclipse Continue reading >>
Bitcoin Cash For Beginners: A Step-by-step Guide To Bch | Finder.com
Built upon the bitcoin model , Bitcoin Cash is a digital currency that is: Decentralized. The network is spread out across many different computers all over the world. Peer-to-Peer. Person A can send Bitcoin Cash directly to Person B from anywhere in the world without needing an intermediary, like a bank. Secure. Bitcoin Cash uses strong encryption to prevent hacking, fraud, and cyber attacks. Open. The history of all Bitcoin Cash transactions is logged on a publicly accessible blockchain that can be viewed and verified by anyone. How is Bitcoin Cash different from bitcoin? Bitcoin Cash was created as a result of diverging viewpoints within the bitcoin community about how to scale the network. As more people began to use bitcoin, the network struggled to keep up with the volume of transactions. As a result, many bitcoin users were waiting hours, sometimes days, before seeing their transactions go through. There was a lot of debate around how to solve this problem that led to a split between two groups with opposing viewpoints: those in favor of increasing the size of blocks in the blockchain versus those in favor of restructuring the way data was stored in the existing blocks. To make transaction speeds faster, one group within the bitcoin community wanted to increase the size of blocks on the bitcoin blockchain. This group, consisting primarily of bitcoin miners, could not get enough support from the larger bitcoin community to form the consensus needed to move bitcoin in this direction. As a result, this group split off (or hard-forked) from the original bitcoin blockchain and formed Bitcoin Cash as a new currency. Bitcoin Cash recognizes the same blockchain as bitcoin up until the time of the fork, August 1st, 2017. After the fork, Bitcoin Cash transactions started Continue reading >>
Bitcoin Hasnt Replaced Cash, But Investors Dont Care
Technology |Bitcoin Hasnt Replaced Cash, but Investors Dont Care Steve Lee of San Francisco, an investor in virtual currencies, said he considered Bitcoin more useful as a means of banking than as a form of payment. Credit Jason Henry for The New York Times SAN FRANCISCO When Bitcoin first entered the public consciousness a few years back, a handful of large companies like Dell and Expedia announced that they would begin accepting the virtual currency. But there werent many takers. This failure hasnt bothered many of the people buying up Bitcoins in recent months, pushing the price to new highs above $13,000 for one Bitcoin on Wednesday. These investors arent using their tokens to buy computers or to book trips. Instead, they are hoarding Bitcoins as if it were virtual gold, a new way to store money outside the control of any government or company. Ive always been skeptical of directly competing with and replacing existing forms of payment, said Steve Lee, a longtime Google employee from San Francisco who is investing in virtual currencies. Today what Bitcoin is excellent at, and has mostly solved, is being your own bank. The price of Bitcoinhas risen sharply in recent months. Note: Values as of 11:30 a.m. Eastern Time on Dec. 7. | Source: Coindesk | By The New York Times Many large institutions have said they hope to integrate blockchain technology into their designs for the worlds future financial infrastructure, and those designs are likely to be influenced by what is learned from Bitcoin. People are looking at this in part because they see the beginnings of a new financial system a financial system that has a very different structure than the one we have right now, said Neha Narula, the director of the Digital Currency Initiative at the Massachusetts Institute of T Continue reading >>