Battles Archives -
The Japanese coast guard says its patrol boats have been pushing back hundreds of North Korean boats trying to poach in fishing grounds rich with squid off Japan’s northern coast. Coast Guard officials say they have forced more than 300 North Korean boats out of Japan’s exclusive economic zone near…
Walmart is rolling out free next-day delivery on its most popular items, increasing the stakes in the retail shipping wars with Amazon.com.
Walmart Inc., the nation’s largest retailer, said Tuesday that it has been building a network of more efficient e-commerce distribution centers to make that…
Hundreds of residents packed a church hall in San Bernardino a few weeks ago to hear community leaders rail against a huge new logistics center planned for the town’s airport.
The $ 200-million air cargo facility, the size of 11 football fields, could eventually generate some 3,800 jobs, garnering…
In a swanky shopping mall underneath Kuala Lumpur’s iconic Petronas Towers, a traditional Chinese lion dance is attracting a crowd of delighted shoppers.
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It’s been a little over a month since the Bitcoin Cash (BCH) network fork which resulted in a blockchain split. Besides the severed chain, the hash war was quite damaging to say the least, leaving BCH supporters to steadily pick up the pieces in order to bring the world a pure peer-to-peer version of electronic cash.
One Month Later
35 days later after the fork, Bitcoin Cash supporters are working towards moving past the hash war that took place a little after the scheduled BCH upgrade on Nov. 15. Now both networks are operating and the Bitcoin Satoshi’s Vision (BSV) coin has its own price ticker and market capitalization listed on data sites like Coinmarketcap and Satoshi Pulse. A portion of crypto-trading platforms have now listed BSV as a separate currency and the entire ecosystem of exchanges, payment processors and a great majority of wallets have awarded the ABC side of the chain the BCH ticker. At the time of writing, the global average price for BCH is $ 144 after markets jumped 47 percent on Dec. 19. BSV spiked 18 percent this Tuesday and each coin is currently trading for $ 92 per token.
Since the fork, the BCH network hashrate has dropped considerably, even more so than the 50 percent loss BTC suffered this past month. Average hashrates for a great number of SHA-256 algorithm coins have endured deep drops in processing power according to global statistics. The Bitcoin Cash hashrate used to command a rough average of 5 exahash per second (EH/s), but now only captures 1 EH/s to 850 petahash per second (PH/s) on a daily basis throughout this month.
On the bright side, the BCH network has been 5-8 percent more profitable to mine than BTC over the last two days. Further, BCH has amassed a large swathe of different mining pools that are processing BCH blocks on a regular basis. This includes Viabtc, Btc.com, Antpool, Multipool, Bitcoin.com, Btc.top, Waterhole, Copernicus, P2pool, Ckpool, and some other unknown mining entities as well.
BCH Transactions and Volume Flattened After the Fork But Have Started Climbing Again
Another BCH metric that has halved since the fork on Nov. 15 is the cryptocurrency’s daily transaction rate over the last month. Before, bitcoin cash transactions per day were about 20,000-25,000, whereas today that number stands at roughly 9,750 over the course of the last 24 hours. Over the last three weeks, the BCH daily transaction rate has been averaging 10k per day, with a few instances of 15k-22k spikes here and there. There has been a steady increase in daily transactions week after week, and with 99 percent of BCH infrastructure back in order, this should continue.
A good example of this behavior is the increase in BCH price and trade volume on exchanges over the last few weeks. Pre-fork BCH trade volumes captured anywhere between $ 400-900 million worth of global trades every day. After the fork, this statistic dropped to around $ 50-100 million daily on global exchanges. This was because some cryptocurrency trading platforms with a ton of bitcoin cash liquidity had paused BCH transactions and some exchanges halted trading. Week after week, however, global BCH trade volume has been steadily increasing on exchanges like Upbit, Binance, Huobi, Lbank, and Coinbase Pro. With the 40 percent increase over the last 24 hours, BCH trade volume has jumped to over $ 400 million in global trades on Dec. 19. At the time of publication, this makes BCH the seventh most traded digital asset out of the entire crypto economy.
Bitcoin Cash Moves Back to the Fourth Largest Cryptocurrency Capitalization
The Bitcoin Cash community had also suffered from daily battles on Reddit’s r/btc forum and social media platforms like Twitter. A good portion of the trolling and infighting seems to have quietened down, and most BCH supporters are just trying to move forward. There’s been plenty of developments since the fork, with projects like Electron Cash, Honest Cash, Cash Shuffle, and Openswap adding more utility to the BCH network. Furthermore, BCH enthusiasts look forward to the upcoming BCH upgrades that are under discussion and they can track the code’s development too. For now, BCH supporters are extremely pleased that the fork is behind them and are thrilled to reclaim fourth position among all cryptocurrency market capitalizations.
What do you think about the last few weeks for Bitcoin Cash after the fork and subsequent blockchain split? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Pixabay, Fork.lol, Satoshi Pulse, Bitinfocharts.com, and Coin Dance.
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The post Hash Wars: BCH Proponents Face a New Dawn in the Battle’s Aftermath appeared first on Bitcoin News.
Shortly after Canada agreed to new terms for the North American Free Trade Agreement, the Trump administration held up the deal as vindication of the president’s bare-knuckles negotiating style.
And the administration was certainly right about the tactics: During 13 months of talks, Trump imposed…
Cryptocurrency exchange Quadrigacx has blamed an ongoing legal dispute over $ 21.6 million worth of funds that were frozen by the Canadian Imperial Bank of Commerce (CIBC) in January for delays experienced by some of its customers when requesting fiat currency withdrawals.
Quadrigacx Blames Court Dispute With
Bank for Fiat Withdrawal Delays
The Vancouver-based exchange has blamed a legal dispute between it and CIBC as the reason for delays experienced by some of its customers when trying to withdraw fiat currency.
The Globe and Mail reports that court documents show Quadrigacx has been unable to access 28 million Canadian dollars (approximately $ 21.6 million) since January after CIBC froze multiple bank accounts owned by Quadrigacx’s payment processor, Costodian Inc., and its owner, Jose Reyes.
CIBC Asks Court to Determine
Rightful Owner of Frozen Funds
While CIBC has declined requests for comment from the media, a factum filed with the Ontario Superior Court of Justice states that the bank froze the accounts after it was unable to identify the owner of the funds held in the accounts.
CIBC is requesting that the court take possession of the funds in question and determine whether the money is owned by Costodian, Quadrigacx or the 388 people who directly deposited the funds into the accounts for the purpose of cryptocurrency investment.
Quadrigacx Claims Unfair Treatment
Quadrigacx, on the other hand, claims that the bank was wrong to freeze the money, and argues that it is the undisputed owner of the majority of the funds, excluding one wire recall of 99,985 Canadian dollars. Quadrigacx’s factum also states that the exchange had already credited the accounts of the depositors with virtual currency, and that Quadrigacx believes that it is being unfairly targeted due to the mainstream stigma associated with cryptocurrency.
“This court should not succumb to the bank’s unsubstantiated and highly offensive speculation that there must be shady dealings afoot because Quadrigacx’s business is a trading platform for individuals trading in cryptocurrencies,” the court filing reads. “CIBC ‘has been holding the respondents’ funds hostage since Jan. 8, 2018, while it hopelessly attempts to find an ex-post facto justification for wrongfully freezing and continuing to freeze the accounts in the first place.”
Quadrigacx’s lawyer, Margaret Waddell, has indicated that the court heard the case during the summer, and that the judge has reserved decision.
What is your reaction to the ongoing dispute between Quadrigaxc and CIBC? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Quadrigacx Battles Bank Over $ 21.6M in Frozen Funds appeared first on Bitcoin News.
Abby Lee Miller’s not letting her battle with cancer slow her down … or keep her cooped up inside. The “Dance Moms” star got some fresh air outside her rehabilitation center on a hot summer day in L.A. Tuesday. She recently completed her fifth…
Disagreeing too often with your spouse could be bad for your health—a finding that might be used to sway arguments in favor of women, as it especially applies to men. It comes from a 16-year study of 373 heterosexual married couples in the US, presented at a recent meeting…
New York Times columnist Frank Bruni has penned a first-hand account of how it feels to be confronted with the possibility of going blind. Bruni’s weekend op-ed details his recent experience with what is known in layman’s terms as a “stroke of the eye.” Bruni writes that the brief lack…