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Preparing for the Looming Bitcoin Cash Fork

November 14, 2018 |

Preparing for the Impending Bitcoin Cash Fork

On Nov. 15, the Bitcoin Cash (BCH) network faces a contentious fork and many BCH users have been wondering what to do with their funds before the consensus changes. In order to address some questions concerning the upcoming fork, news.Bitcoin.com has outlined some of the options available for BCH proponents.

Also read: A Look at Bitcoin Replay Attacks and Self-Managed UTXO Protection

Pre-Fork Preparations

Cryptocurrencies fork from time to time and more often than not, upgrades are usually quite smooth. However, every once in a while some consensus changes can be controversial and ultimately lead to a blockchain split. At the moment the Bitcoin Cash fork planned for Nov. 15 is in dispute, and the two development teams, Bitcoin ABC and Bitcoin SV, have not yet come to an agreement.

Preparing for the Impending Bitcoin Cash Fork
The two Bitcoin Cash implementations, Bitcoin SV and Bitcoin ABC, have two different ruleset changes that will be incompatible and could lead to a chain split on Nov. 15.

After hearing about the fork on social media and cryptocurrency-centric forums, many newcomers have asked if they should prepare for the consensus change, especially when it may result in a split. There are plenty of options available for people who possess bitcoin cash, but in the end, the decision will ultimately differ with each individual and organization.

‘Sit and Wait’ with Custodial and Noncustodial Services

Many cryptocurrency veterans who have already experienced a number of disputed consensus changes, especially ones that have led to blockchain splits, will likely tell you to “sit back and wait.” Nobody truly knows the outcome, so basically, the “sit and wait” method doesn’t take much effort. However, there are a couple of things to think about. For example, if you use a noncustodial wallet that gives you the ability to possess your own keys, whether it be a 12-24 word mnemonic phrase or a file, then the “sit and wait” process is considered a safe method by experienced crypto-enthusiasts. No matter what happens, your current funds, as well as any future split coins, will sit while you hold your private keys.

Preparing for the Impending Bitcoin Cash Fork
People holding BCH in noncustodial wallets should make sure they have backed up their wallets before the fork. If the chain splits, the keys provide access to funds on both chains. 

If you don’t use a noncustodial wallet to hold your BCH, then you can still do the “sit and wait” method with an exchange. This choice is made if an individual trusts their service provider to handle the consensus change properly. Most people know the golden rule that “if you don’t hold your keys, you don’t own bitcoin,” but some people still hold funds on exchanges in spite of this warning. The good news is that an overwhelming majority of exchanges have supported split coins in the past. If a split takes place again, a number of trading platforms may honor both chains, but that depends on whether or not the networks are reliable.

However, it is all entirely up to each exchange in regard to how they deal with the fork and a split. There could be a chance that only one chain will be viable in the eyes of a given business, and the course of action will effectively be that company’s decision. It will also mean each company will be in control of the situation and may not honor another chain’s withdrawals for a period of time, if at all.

In contrast to holding your funds in a noncustodial wallet, using an exchange means you are subject to the company’s protocol during a fork. In the days leading up to this fork, most exchanges have told customers they will pause BCH deposits and withdrawals for an unknown period of time. This action will take place just a few hours prior to the consensus changes, and a list of infrastructure providers and their contingency plans can be seen here.

Splitting, Waiting for Split Services and Full Node Options

Some users advocate splitting coins and there are a few ways to go about this process. For instance, the Electron Cash developers have introduced a splitting mechanism and a user guide on how to split coins using the Electron Cash wallet plugin, which was released last week. The tool was created by the BCH developers Mengerian, Mark Lundeberg and Jonald Fyookball. They built it to give users the ability to add “replay protection” by using the script that is valid on the Bitcoin ABC client.

Preparing for the Impending Bitcoin Cash Fork

BCH users can also search for a coin-splitting source online. Following the fork, for instance, BCH proponents can send a small fraction of BCH to the Cashgames.Bitcoin.com platform and then send the funds back to themselves. Cashgames.bitcoin.com plans to help split a wallet’s UTXOs right after the fork, so users can withdraw split coins right away. The small fraction of BCH sent back to the original wallet will come from a parent transaction that used OP_CHECKDATASIG, which in turn will give the existing UTXOs held within the wallet “replay protection.” Bitcoin.com’s Faucet, Cash Games and Mining Pool services will send BCH originating from an output using OP_CHECKDATASIG.

If the blockchain bifurcates, users can also choose to patiently wait until more splitting tools and services are offered by BCH infrastructure providers. With some of the prior forks in the past, after the split, some wallets introduced more robust splitting tools and most exchanges also split coins for their customers.

Obviously, those who are programming-savvy can choose to rely on their own options when dealing with the ruleset changes. Coin splits can also be done with other opcodes, including one of the new opcodes proposed by the Bitcoin SV implementation. BCH proponents who are technically inclined can use various methods to either split their UTXOs or keep them valid on all chains. Some BCH supporters will be running several full node clients and will be monitoring all of the BCH implementations. Others will be using the Chopsticks API, which will fetch the transaction hash across four BCH clients: ABC, BU, SV and Naybc.

As with anything, life is made up of an infinite amount of choices, and cryptocurrency investment is no different. The best way to make good decisions is by being well-informed and talking with others who are experienced for advice. 

What will you be doing for the Nov. 15 BCH consensus changes? Let us know what you think about this subject in the comments section below.

Disclaimer: The methods described in this editorial guide are intended for informational purposes only. In any given cryptocurrency situation there are always multiple methods that are ultimately made by the decisions of the user. There are various steps mentioned which are optional. Neither Bitcoin.com nor the author is responsible for any losses, mistakes, skipped steps or security measures not taken, as the final decision-making process to do anything is solely the reader’s responsibility. For good measure always cross-reference guides with other walkthroughs found online.


Images via Shutterstock and Bitcoin.com


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Preparing for the Looming Bitcoin Cash Fork appeared first on Bitcoin News.

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Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

November 13, 2018 |

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard

There are less than two days left until the Bitcoin Cash (BCH) network faces a contentious hard fork and BCH markets are showing some unusual activity. They are being driven by heavy trading volumes that have doubled in the last two days, while BCH/USD short positions on Bitfinex have touched an all-time high. At the moment, bitcoin cash is trading for $ 529 per coin with more than $ 900 million worth of global swaps in the last 24 hours.

Also read: Cryptocurrency ATM Growth Spikes Exponentially to 4,000 Machines Worldwide   

Cryptocurrency Rally Stalls

As news.Bitcoin.com stated during our last markets update, all eyes are on bitcoin cash prices before the pending fork and this is still the case. On Tuesday, Nov. 13, the overall cryptocurrency economy is valued around $ 214 billion with over $ 13.3 billion in global trade volume over the last day. Currently, bitcoin core (BTC) prices are hovering around $ 6,359 with a market valuation of about $ 110.4 billion. BTC prices are down 0.64% over the last 24 hours and down 0.95% for the last seven days. The second highest valued market held by ethereum (ETH) is valued at $ 21.5 billion today and one ETH is swapping for $ 209. Ripple (XRP) has dipped in value as well and the token is down 0.12% over the last 24 hours. Spot markets show one XRP is trading for $ 0.52 and ripple trade volume is around $ 579 million. Lastly, stellar (XLM) markets are down quite a bit as markets have lost over 3% today and one XLM is trading for $ 0.26.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Top 10 digital asset markets on Nov. 13, 2018, 12:00 p.m. EST.

Bitcoin Cash (BCH) Market Action

Even though it looks as though some of last week’s BCH spurred digital asset rally has stalled, a lot is going on behind the scenes. One BCH is trading for $ 527 per coin and the total market valuation is around $ 9.9 billion this Tuesday. According to statistics, bitcoin cash has the fourth largest trade volume just below tether (USDT) and ETH. This is because BCH trade volume has spiked considerably over the last day as the 24-hour volume is steadily approaching $ 1 billion. The trading platforms swapping the most BCH today include Lbank, Okex, Binance, Hitbtc, and Bitfinex. BTC is the largest pair trading with BCH and captures 39.5% of the market. This is followed by USDT (30.9%), USD (12.4%), ETH (7.1%), and QC (3.8%).

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
Bitcoin cash daily chart on Nov. 13, 2018, at 12:00 p.m. EST.

BCH/USD Technical Indicators

Looking at the BCH/USD 4-hour chart and the daily on Bitfinex and Bitstamp shows BCH bears have managed to push the bitcoin cash price down and suppress the value over the last few hours. Similar to our last markets update, the short term 100 Simple Moving Average (SMA) is still well above the long-term 200 SMA trendline. This confirms the path toward the least resistance is still the upside at the time of writing. On the 4-hour chart, the Relative Strength Index oscillator is meandering in the middle (44-56) and not giving much indication toward the next move.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD Bitfinex 4-hour. Nov. 13, 2018.

Order books show bulls need to surpass the current suppression and prices above the $ 560 range to gain some more leeway. On the backside, order books show some solid foundations between the current vantage point and $ 485. Again, there is a massive buy wall at $ 445 which could hold for a decent period of time. However, the moving averages and current MACd show things may not be so dismal in the short term and the massive trade volume injected in the BCH ecosystem in the last 24 hours suggests a quick and unexpected trend change could definitely be in the cards.

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD 30-min. on Bitstamp. Nov. 13, 2018.

Chain Split Token Markets and Short Positions

As mentioned above, the clock is ticking towards the pending Bitcoin Cash network fork slated for Thursday, Nov. 15. Additionally, BCH/USD short positions on Bitfinex are still riding extremely high at the moment with people betting the currency’s value will plummet. Yet some traders believe the massive BCH daily trade volume coupled with short positions at an all-time high is a recipe for danger for margin traders without equity and many short positions could get “rekt.”

Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard
BCH/USD short positions on Bitfinex. Nov. 13, 2018.

Many traders have also been watching the BCH futures markets on Poloniex with BCH-ABC and BCH-SV being swapped against USDC and BTC pairs. At the moment, BCH-ABC is trading for $ 385, USDC and BCH-SV is around $ 139 per token. Moreover, Bitfinex has announced introducing new “chain split tokens” (CSTs) on Nov. 13 allowing traders to swap futures with the CSTs that have the dedicated ABC and SV symbols “BAB” (ABC implementation) and “BSV” (SV implementation). It’s safe to say that lots of eyes will continue to remain focused on the BCH market activity and possible reaction before the fork.

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

Disclaimer: 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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Bitcoin Cash Price Rally Stalls but Trade Volume Spikes Hard appeared first on Bitcoin News.

Bitcoin News

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America

November 12, 2018 |

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America

The Bitcoin Cash Association (BCA) and Spendbch.io recently started a bounty to spread bitcoin cash (BCH) merchant acceptance in several Latin American countries. On Nov. 11, the BCA announced that more than 250 new businesses in Venezuela and Colombia are now being on-boarded to accept bitcoin cash.

Also read: Qart Wallet Gives Bitcoin Cash QR Codes a Personal Touch

Bounty for Venezuela, Colombia and Mexico

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin AmericaJust recently, the BCA and Spendbch revealed a bounty program on the Bitcoincashers.org web portal. The Spendbch bounty offers funds to users who spread merchant adoption in Venezuela, Colombia and Mexico, and they can get paid for helping local businesses accept bitcoin cash.

The guidelines for earning BCH by spreading merchant adoption are fairly intuitive and do not take much effort. The first step is to introduce a business to bitcoin cash by setting them up with a wallet and teaching them how to use the currency. After a merchant decides to accept BCH, the bounty requires participants to tweet about the business on Twitter. Following that step, the merchant needs to fill out a form detailing information about its business, including its location. Bounty entrants must include valid BCH addresses with the forms, so funds can be sent after merchants are approved.

At the moment, the bounty is only available in Mexico, Venezuela and Colombia, but the BCA, which is dedicated to spreading BCH acceptance, plans to eventually roll it out worldwide. Since announcing the bounty and the official rules, the organization has reported that the campaign has been doing extremely well.

“More than 250 new businesses in Venezuela and Colombia are in the process of being on-boarded to accept bitcoin cash through the Spendbch Bounty program,” the community-driven BCH nonprofit explained on Twitter.

Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America
Enthusiasts can participate in the bounty on Bitcoincashers.org to spread BCH adoption.

Mobilizing Bitcoin Cash Merchant Acceptance

Over the last few months, BCH merchant adoption has grown significantly in Latin America. Businesses accepting bitcoin cash have thus far been most highly concentrated in Columbia and Venezuela, according to the merchant acceptance platform Marco Coino. The creator of Marco Coino, Brendon Duncan, explained to news.Bitcoin.com back in October that a lot of recent growth has been derived from Columbia.

The bounty follows the BCA’s recent donation pledge to the charitable operation Eatbch on Oct. 24. The BCA has explained that it will donate $ 1000 to the Eatbch nonprofit, with the funds to be split between Eatbch South Sudan and Venezuela. The organization believes that donating these funds will help spur merchant adoption in these countries.

“This will also have a direct impact on adoption in these areas, especially as the projects develop further relationships with suppliers that accept BCH as payment, and therefore aligns fully with our goal of global adoption,” the BCA stated during the announcement.

What do you think about the BCA and Spendbch bounty? Let us know what you think about this subject in the comments section below.


Images via Pixabay, Bitcoincasher.org, BCA, and Shutterstock.


At news.Bitcoin.com all comments containing links are automatically held up for moderation in the Disqus system. That means an editor has to take a look at the comment to approve it. This is due to the many, repetitive, spam and scam links people post under our articles. We do not censor any comment content based on politics or personal opinions. So, please be patient. Your comment will be published.

The post Bitcoin Cash Association Bounty Spreads Merchant Adoption in Latin America appeared first on Bitcoin News.

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Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork

November 11, 2018 |

Markets Update: All Eyes On Bitcoin Cash Prices Before the Pending Fork

Since our last markets update five days ago, a lot has changed as a good chunk of the top cryptocurrency markets have dipped in value over the last three and a half days. Bitcoin cash markets touched a high of $ 638 on Wednesday, Nov. 7, but now prices are hovering around $ 544 per BCH on Sunday, Nov. 11.

Also read: Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

Digital Assets See Some Slight Losses Over the Last Three Days

Cryptocurrency markets have had an interesting week after a long period of boring price action and stability. Last week bitcoin cash markets lead the pack out of all 2000+ digital assets, climbing over 51% in value and touching a high of $ 638 per coin. Digital asset markets, in general, have all seen some slight losses as the top ten cryptocurrencies are down 1-3% except for stellar, cardano and the stablecoin tether. The entire market valuation of the whole crypto-economy is worth $ 215.9 billion and there’s been $ 11.5 billion in global trades over the last 24 hours.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
The top 10 cryptocurrencies on Nov. 10, 2018, at 10:00 a.m. EST.

Bitcoin core (BTC) prices are hovering around $ 6,406 per coin and there’s around $ 3.7 billion in global BTC trade volume today. Following the BTC action, ethereum (ETH) prices are around $ 211 per ETH and the cryptocurrency is down 0.3% this weekend. Ripple (XRP) is down 0.9% today and each XRP is being swapped for $ 0.50 per token. Lastly, eos (EOS) has been officially bumped out of the fifth largest market capitalization and stellar (XLM) has taken its place. Stellar is currently trading for $ 0.26 per token and markets are up this Sunday 4.5%.

Bitcoin Cash (BCH) Market Action

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending ForkThe fourth largest market capitalization held by bitcoin cash (BCH) is down 0.5% over the last 24 hours. Data stemming from the last seven days shows BCH is down 1.7% overall for the week. Currently, BCH is trading at an average of $ 544 per coin with a market valuation of about $ 9.4 billion. The last 24 hours of trade volume shows BCH markets swapped $ 641 million this weekend. The top exchanges swapping the most BCH today include Lbank, Okex, Hitbtc, Binance, and Huobi Pro. The trading pairs today dominating BCH markets include USDT (35.2%), BTC (35%), ETH (10.2%), USD (7.7%), and KRW (3.1%).

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
Bitcoin cash (BCH) daily. Nov. 11, 2018.

BCH/USD Technical Indicators

Looking at the 4-hour charts for BCH/USD on both Bitfinex and Bitstamp shows BCH bears may be feeling some exhaustion in the short term going forward. Currently, there looks like a trend shift is in the cards as the 100 Simple Moving Average (SMA) has crossed above the long-term 200 SMA. This indication is positive for the bulls as the path towards the least resistance is essentially the upside. The Relative Strength Index (RSI) shows things are meandering in the middle (-44.02) but definitely closer to oversold regions.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Bitstamp 4-hour at 10:15 a.m. EST. Nov. 11, 2018.

The stochastic oscillator indicates a similar reading and the MACd also shows there’s currently room for improvement going forward. Order books show a similar forecast too as bulls need to muster enough strength past the $ 566 region to gain a lot more momentum, and there will be another pitstop at the $ 600 zone. On the backside, there is plenty of foundational support at the time of publication between the current vantage point and $ 495.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Bitfinex 4-hour at 10:00 a.m. EST. Nov. 11, 2018.

The Verdict: Traders Assume the Pending Fork Will Affect Markets Before, During, and After the Fork

Most traders seem positive that the price of BCH will trend higher as the fork approaches due to the memories of prior forks in the past. The 100-day average shows there is a lot of room for improvement over the next four days. Furthermore, BCH/USD short positions are at an all-time high this weekend which means a good majority of traders are betting against a rise.

Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork
BCH/USD Shorts on Nov. 11, 2018.

However, others believe that these traders are setting themselves up for a “big squeeze” and expect prices to spike unexpectedly. With the fork approaching and especially the contentious nature surrounding it, it will likely drive markets in certain directions before, during, and after the network changes. Per usual in crypto-land, bitcoin traders are expecting the unexpected to take place next week and most are just crossing their fingers hoping they chose their positions correctly.    

Where do you see the price of bitcoin cash and other coins headed from here? Let us know in the comments section below.

Disclaimer: 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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: All Eyes on Bitcoin Cash Prices Before the Pending Fork appeared first on Bitcoin News.

Bitcoin News

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

November 10, 2018 |

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks

On Saturday, Nov. 10, the operation BMG mining pool mined multiple 32 MB blocks on the Bitcoin Cash (BCH) network. The first block at height 556034 was the biggest block ever mined on the BCH chain and the process confirmed over 166,000 transactions. A couple of hours later, BMG pool mined 4 more 32 MB blocks confirming another 166K of pending transactions each. 

Also read: Growing Number of Crypto Companies Operating From Belarus

BMG Pool Mines the First 32 MB Block Confirming Over 166,000 BCH Transactions

Bitcoin Cash supporters have a milestone to celebrate today, as miners have put the 32 MB block size limit to the test. At approximately 7:45 a.m. EST, BMG mining processed block 556034 which was approximately 31997.624 kB (31.99 MB) in size. The block surpassed the previous largest block ever mined on the BCH chain, which was block 546423 processed by BMG pool and was 23.15 MB in size. That specific block, on Sept. 4, processed only 97,318 transactions and many observers noticed how long it took to propagate. 

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
BMG pool started mining 32 MB blocks at block height 556034 and followed with three more maximum sized blocks.

After the block was mined, a good portion of BCH proponents took to social media and forums to tell the world about the first mega-block. Most of the BCH community was thrilled to see the 32 MB block size limit put to the test, while discussing the subject and sharing analytical data. For instance, one metric people enjoyed was the fact that block 556034 confirmed more transactions than half a day’s worth of BTC transactions on an average day. Thanks to the large block mined by BMG and the previously processed blocks, the BCH chain has confirmed roughly 1.3 million transactions over the last 24 hours.

The Mysterious Hashrate Spike and Five 32 MB Blocks 

The large blocks come just days before the contentious hard fork planned for Nov. 15, where two BCH development teams have not agreed on consensus changes. The first 32 MB block wasn’t a perfect achievement, however, for some community members who observed the network react. It seems some BCH nodes from 4 different implementations dropped off the network temporarily, with the largest set of dropped nodes stemming from Bitcoin Unlimited (BU) hosts. Although, BU and other BCH clients had issued new releases over the last few days and many of the BU nodes that dropped were mostly running 1.4 and earlier.

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
A good number of BU nodes running 1.4 and earlier dropped when the 32 MB block was processed. Other BCH full node clients also saw some nodes fall off the network. The nodes improved for the following 32 MB blocks processed on Saturday. 

The analytical website Cashnodes.io, shows a consistent pattern of BU 1.3.0.1 and 1.4 nodes had dropped and many version 1.5 BU Cash users said their nodes ran properly.

“My BU Cash 1.5.0.1 and Electron X node showed increased CPU usage during the many transactions, but ran fine otherwise,” explained a BCH proponent on Reddit who runs a BU Cash node. Another interesting piece of data that stemmed from the mega-block fiesta was the BCH and BTC hashrate shift. According to Fork.lol statistics, the 3-hour stacked averages for the relative BCH hashrate in the percentage of totals had climbed significantly, eating into the SHA256 BTC-based hashrate.

Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
The mysterious BCH hashrate spike on Saturday, Nov. 10, 2018, after the first 32 MB block. After the five blocks were processed the variance is different on the Fork.lol data site, but still shows a significant hashrate spike during this period of time. Other statistical websites show a similar hashrate spike.  
Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks
At the time of writing, BMG processed five 32 MB blocks in total.

Following the block mined at 7:45 a.m. EST, another 32 MB block was processed by BMG pool at approximately 9:45 a.m. EST. Block 556045 contained approximately 166,882 transactions, which were confirmed in one fell swoop. The first and then the second large block mined had caused some fervent excitement throughout the BCH community, to say the least. Not long after the second block, a third 32 MB was mined, clearing 166,799 transactions. The mining pool did not stop there and a fourth block was processed at the maximum block size available. This Bitcoin Cash block at height 556048 contained 166,337 transactions in total. Lastly, block 556049 was the fifth 32 MB block mined by BMG pool (166,664 transactions), which was followed by Coingeek miners undertaking a 15 MB block.   

Overall, many observers from the entire cryptocurrency community were fascinated by the large blocks mined by BMG pool and more information will likely stem from analysts researching the five blocks’ data over the course of the weekend. It seems very likely that the BCH community may even see more big blocks mined in the near future.

What do you think about the 32 MB block mined on Saturday by the mining pool BMG? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Jamie Redman, Coin Dance Cash, and Fork.lol.


Need to calculate your bitcoin holdings? Check our tools section.

The post Bitcoin Cash Miners Break Records Processing Multiple 32 MB Blocks appeared first on Bitcoin News.

Bitcoin News

Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash

November 8, 2018 |

Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash

On Oct. 8, a new application was introduced to the Bitcoin Cash (BCH) community called Craft.cash, a BCH-powered onchain platform that’s similar to the popular block building game Minecraft. According to the development team called Blockparty, the Craft.cash game allows anyone to encode colorful voxel data into the three-dimensional world using op-return outputs stemming from BCH transactions.

Also read: Latest Release of Badger Wallet Supports SLP and Wormhole Tokens

Craft.cash: An Artistic Voxel Block World Stored Within the Bitcoin Cash Blockchain

There’s a new voxel-playground available for Bitcoin Cash users called Craft.cash that allows people to create an “immutable decentralized voxel world,” according to the creators. Essentially the platform is a virtual world where users can build environments using different color blocks and onchain transactions. When you first enter the website the platform gives you a Blockparty wallet mnemonic phrase and a text file that also contains the private key.

Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash

The open source application does not work for mobile phones, so users have to play with Craft.cash using a desktop browser. In order to build an immutable pattern of blocks in the world, you need to deposit funds into the wallet. The developers say that every transaction costs roughly 1,000 satoshis for network fees and there’s a maximum of 51 voxels (blocks) per transaction.

“This encodes voxel data in a binary format using op-return outputs of bitcoin transactions. With this design we can then look back into time to construct a world up until any Bitcoin block,” explained the Blockparty developer on Reddit.

Bright, Colorful, and Possibly ‘Four Dimensional’

Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash It takes some time to get used to the controls that allow you to travel around the virtual world and view the onchain art space without spending any money. A lot of BCH users have been using the application since it was launched and there are various structures, bitcoin cash symbols, and messages written throughout the landscape. There is a large number of colors available to choose from when designing various patterns and structures with the blocks. The creator has said there is no “pure black and white” in Craft.cash and everything in the world has a bit of color.

“This was done to give more room for color scales at expense of missing some things — Perhaps in future, I’ll do something to add more, but for now it’s bright and colorful,” Blockparty detailed. The creator emphasized he is open to ideas and pull requests concerning adding voxel shadows. “I’d like to actually make it possible to have a little graphics config to enable/disable different things at some point,” the creator adds.

Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash Even with all the current participants playing around and decorating the Craft.cash world, there is still lots of room to design and participate. Moreover, it is possible to delete the blocks that others have built by paying to remove them, the developer has explained. The well-known BCH developer Unwriter also enjoyed the fact the application uses Bitdb 2.0 and Bitsocket. When BCH proponents discussed the project on Reddit forums, many people complimented it for creating a 3D block placement system. Unwriter responded to the project’s announcement on Reddit and explained that Craft.cash is actually four-dimensional as opposed to three.

“[It’s] even cooler, actually it’s 4D — With an additional axis of “time” — Because everything is stored on the blockchain, they are all time-stamped by block so you can display a snapshot of the universe at a specific point in time,” the developer explained.

What do you think about Craft.cash? Let us know what you think about this voxel universe powered by bitcoin cash in the comments section below.

Disclaimer: Bitcoin.com does not endorse this product/service. Review editorials are intended for informational purposes only. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. 


Images via Craft.cash, Jamie Redman, Shutterstock, and Twitter. 


Need to calculate your bitcoin holdings? Check our tools section. 

The post Minecraft-Like Platform Craft.cash Brings a 3D World to Bitcoin Cash appeared first on Bitcoin News.

Bitcoin News

Bitcoin Cash Community Introduced to New BCH Library Written in Rust

November 7, 2018 |

Bitcoin Cash Community Introduced to a New BCH Library Written in Rust

On Nov. 5, the software developer Brenton Gunning announced to the Bitcoin Cash (BCH) community that he’d developed a BCH library written in the programming language Rust. The new library allows developers the ability to work on BCH applications and platforms written in the Rust coding environment.

Also read: Discussions Intensify as BCH Fork Approaches

Rust-BCH 0.1.0: A Bitcoin Cash Library Written in the Rust Programming Environment

Bitcoin Cash Community Introduced to New BCH Library Written in Rust
Rust is a popular programming language designed in 2006 by Mozilla employee Graydon Hoare.

The Bitcoin Cash community has been introduced to another BCH library written in a different coding language. The systems programming environment Rust is a syntax similar to C++ code and was originally developed by Graydon Hoare. Gunning’s project, called Rust-BCH 0.1.0, is a library that contains protocol messages, address generation, support for mainnet and testnet, transaction signing, script evaluation, wallet key derivation and more.

“Today I’m releasing Rust-BCH 0.1.0, a new library to build applications on Bitcoin Cash in Rust,” explains Gunning on the Reddit forum r/btc. “All the existing Rust libraries were lacking for me in one way or another — You can use it to build a wallet, or a node, do chain analysis, and anything really — I use Rust-BCH myself for projects so I’ve also benefited from others’ contributions and this is me giving back.”

Bitcoin Cash Community Introduced to New BCH Library Written in Rust
Brenton Gunning’s Rust-BCH 0.1.0 library on Github.

The Variety of Bitcoin Cash Implementations Continues to Grow

Gunning believes that Rust is an appreciable programming language that to him is “fast and low-level, but also very safe and predictable.” The developer explained during the announcement that he thinks Rust is a “great fit” for BCH applications and hopes to see more programmers use the coding language. The Rust-BCH Github repository explains that the project has no ties to the Rust-Bitcoin protocol but the library can do everything it can and more. Gunning’s repository also explains that there are other BCH projects like Parity and Bitcrust that use the Rust language and he believes “the two projects could be used together.” In addition to the library, Gunning has published the Rust-BCH documentation with examples.

Bitcoin Cash Community Introduced to New BCH Library Written in Rust
Before Gunning published the Rust-BCH 0.1.0 library, the Bitcoin Cash ecosystem already had the Rust implementations Bitcrust, and Parity’s Bitcoin Cash client. 

The Bitcoin Cash network has seen a bunch of libraries and full node projects written in multiple languages launched recently. Clients such as Bitcoin ABC, Unlimited, and SV are written in the C programming language Satoshi used when releasing the original client. Then there is the Bcoin client, a full node and library for Bitcoin Cash built with Javascript/NodeJS. Further, news.Bitcoin.com recently reported on the two libraries written in the Golang coding environment and Yenom developers have been working on an iOS compatible Swift implementation of the BCH protocol.

Gunning does detail he has shown support to the Bitcoin SV ruleset and included it within his library. However, the developer stated on Reddit that he is prepared to support other outcomes and is willing to “see how the fork goes.” The BCH community on Reddit was pleased to see another BCH implementation and Gunning’s announcement was a popular post on the r/btc subreddit. Gunning concluded during his announcement that he would love to see some feedback and contributions to the Rust-BCH 0.1.0 library.

What do you think about the Rust-BCH 0.1.0 library and all the other implementations written in various programming languages? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Pixabay, and the Rust-BCH 0.1.0 repository. 


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Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency Plans

November 5, 2018 |

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency Plans

There’s only 10 days left until the Bitcoin Cash (BCH) network hard fork scheduled for Nov. 15. At the moment the upgrade has two competing BCH clients with different ruleset changes, so the upcoming fork could cause a chain split. Because of the contention over certain upgrade proposals, a slew of exchanges and wallet providers have revealed their contingency plans for the upcoming consensus change.

Also read: Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps  

Hard Fork Contingency Plans Are Laid Out

Bitcoin Cash fans have a lot going on over the next week as the community is expecting a fork on Nov. 15, but this time around the consensus changes are somewhat contentious. At the time of publication, there is a disagreement between the two developing teams Bitcoin ABC and Bitcoin SV, which could lead to a network split. Until recently, Bitasiaex, Coinex, and Ledger Wallet were the major companies to have detailed their plans for the fork, but since then a tidal wave of other businesses have come forward.  

Binance and Coinbase

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansFor instance, on Nov. 2 the trading platforms Coinbase and Binance disclosed how the companies plan to handle the fork situation. Binance announced it plans to “support the upcoming Bitcoin Cash hard fork” in a blog post published that morning.

“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC),” the exchange wrote. “Deposits and withdrawals of bitcoin cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).”

Binance continued by stating that it will follow up with a second announcement after the fork. The exchange concluded by stating that Binance users can refer to the 2018 BCH upgrade Github repository published by the Bitcoin ABC team.   

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansAfter the statements from Binance, 12 hours later Coinbase published an announcement concerning the BCH network fork. The San Francisco exchange detailed the service is “prepared to support the published roadmap from Bitcoincash.org,” and also linked to the Github repository page published by the Bitcoin ABC team. Coinbase said in its blog post that approximately one hour before the fork the business will pause BCH transactions. The company explained that customers can be sure their funds will remain safe at Coinbase. “In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain,” the organization emphasized.

Poloniex and Kucoin

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansOn Nov. 5, Poloniex exchangem which is owned by Circle Financial, revealed its plans to support the Nov. 15 BCH fork and pause transactions. According to the trading platform, the exchange will take a snapshot of all BCH balances prior to the fork and stop BCH transactions during the upgrade. “Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals,” explained Poloniex. The trading platform concluded by stating that users can also refer to the Bitcoin ABC roadmap.

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansThe same day, the Kucoin cryptocurrency exchange explained it would be supporting the Bitcoin ABC hard fork roadmap. Before the fork takes place, Kucoin will take a balance snapshot and suspend BCH transactions. “Deposits and withdrawals of BCH will be suspended at 23:00:00 on November 15th, 2018 (UTC+8),” explained the trading platform.  

Wallet Providers Trezor and Cointext

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansOn Twitter, the hardware wallet company Trezor explained to the cryptocurrency community its plan for the upcoming fork. Trezor detailed that its server runs the Bitcoin ABC client and will follow with the development team’s upgrade proposal. “There is no replay protection, so users have to take their own measures to split the coins on other chains that may emerge,” Trezor emphasized. It added, “Electron Cash supports Trezor and supports all chains, so users can select the server supporting the chain they want to use.”

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency PlansAnother BCH wallet provider, Cointext, has published contingency plans in regard to the fork on Nov. 15. The wallet provider has said all Cointext BCH access numbers will remain fully available to users and the company will read from the blockchain as it exists on nodes running Bitcoin ABC and Bitcoin Unlimited. “Cointext will broadcast transactions so that those transactions have the highest probability of being accepted by nodes running every ruleset and mined into every blockchain on the network,” the organization detailed.

Centbee and Cashpay

On Oct. 5, the BCH wallet provider Centbee has outlined its plans for the fork and published a Medium post about the situation on Twitter. “Our users hold their own Private Keys and will not be affected by the November 15 fork,” Centbee states on the social media outlet. “We support the Bitcoin SV node and the efforts of all those in the Bitcoin Cash community that seek stability,” the team adds.

Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency Plans
Centbee and Cashpay Solutions have indicated support for the Bitcoin SV node.

Additionally, the company Cashpay Solutions has indicated that it also supports the Bitcoin SV node. The company hasn’t made an official announcement but according to the analytical data website Coin Dance Cashpay Solutions does not support Bitcoin ABC. 

Lots of Exchanges and Wallet Providers Have Come Forward With More to Come

Overall, quite a few exchanges and wallet providers have come forward and there will likely be more statements during the course of next week. In addition to the announcements above, our own Bitcoin.com Wallet, Block Explorer, and other services are currently running “Bitcoin ABC 18.2 with Bitcoin Unlimited 1.5.0.0 as the clients powering our services.” Additionally, another exchange called Bitz revealed on Reddit it would support the November fork, but the platform didn’t detail which implementation they would be running. Lastly, the developer of Yours.org and the Money Button, Ryan X Charles, published a video on what he thinks exchanges and wallets should do to prepare for the fork. Charles explains that he believes infrastructure providers should support both sides if there’s a split. The Money Button creator says he will be looking into this idea in order to implement it into the Money Button wallet.

What do you think about the network hard fork approaching and the two disagreeing parties involved? What are your thoughts on the decisions exchanges and wallets have detailed so far? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, and the BCH infrastructure providers mentioned above.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Bitcoin Cash Fork Watch: BCH Infrastructure Providers Reveal Contingency Plans appeared first on Bitcoin News.

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This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real Time

November 5, 2018 |

This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real Time

On Oct. 25, an individual posted a live stream on the Twitch Interactive video platform to show the world how Bitcoin Cash (BCH) proponents can instantly feed his chickens online using zero-confirmation transactions. Since the stream kicked off, people have processed over $ 300 worth of BCH transactions to feed the fowl. 

Also read: Miners Have Begun Using Asicboost on the Bitcoin Cash Network

Feeding Chickens With Bitcoin Cash

This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real Time
Spencer Lambert, owner of the BCH-powered chicken feed system.

The peer-to-peer cryptocurrency bitcoin cash is being used to feed chickens in an unusual manner. Just recently, BCH enthusiast Spencer Lambert told the public how they can feed his chickens using BCH and watch them get fed in real time on a Twitch live stream channel. To feed Lambert’s chickens, users simply need to send $ 0.50 worth of BCH to the coop’s address. After the money is sent, a cryptocurrency-powered dispenser flips a switch and pours out mealworms. According to Lambert, the “24/7 stream of our wonderful chicken life” uses the Handcash application coupled with an Iozeta-manufactured, cryptocurrency-enabled touchless candy machine.

On the payment side, users simply send $ 0.50 of BCH with the Handcash.io handle “$ CHICKEN” to start the power outlet. The Handcash wallet uses a name system, otherwise known as a “handle,” to make payments easier than using long alphanumeric BCH addresses. The process also utilizes zero-confirmation transactions, so once a transaction is broadcast, the mealworms are almost instantly dispensed. Lambert explained that the payments “take place in a fraction of a second, more or less instant.” He said he put up the money for the operation, adding that “mealworms don’t come cheap.”

This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real Time
Lambert has referred to his Twitch channel as a “24/7 stream of our wonderful chicken life.”

Iozeta Touchless Dispenser

This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real TimeLambert’s system uses an Iozeta touchless candy machine to dispense the chicken feed. Basically, users pay the QR code and the machine flips a switch to dispense candy, mealworms or anything else that will fit through the chute. The machine accepts bitcoin cash, litecoin, dash, and ravencoin, but Iozeta also manufactures a cryptocurrency power adapter. Paul Lambert, one of Iozeta’s co-founders, has explained how the candy dispenser works on Youtube:

Once the Cryptocandy candy dispenser detects a new payment to the cryptocurrency address you specify, it activates the ‘payment received’ light and the motion sensor, allowing for candy to be dispensed. When the customer has received the candy, the
motion sensor is again turned off.
 

Memochicken

BCH proponents have commended Lambert’s BCH-powered chicken feeding system on social media forums such as Twitter and Reddit. Many well-known cryptocurrency enthusiasts have also tested the system, including Coinbase CEO Brian Armstrong. 

Moreover, Unwriter has created an application called Memochicken, which the prolific BCH developer has described as a “fun but internally highly sophisticated” bitcoin app with a full event-driven architecture.

“(Post) a memo with Money Button, and pick up the real-time transaction event through Bitsocket, which then queries the Handcash handle $ chicken for the receiving address, which then queries Coinbase price API for the currency exchange rate for $ 0.50 in BCH, and then finally send the chickens $ 0.50 in BCH, which triggers the already-so-cool chicken feeding Twitch stream by Spencer Lambert,” Unwriter explained after releasing the Memochicken application.

Lambert’s Twitch live stream and poultry feeding system can be seen here. The chicken’s first breakfast feeding begins at 9:20 a.m. EDT every day.

What do you think about Lambert’s BCH-powered chicken coop? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Twitch, Spencer Lambert, Iozeta, and Twitter.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post This Chicken Coop Feeder Is Powered by Bitcoin Cash Payments in Real Time appeared first on Bitcoin News.

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Miners Have Begun Using Asicboost on the Bitcoin Cash Network

November 5, 2018 |

On Oct. 22, Bitmain released new firmware for the company’s Antminer mining rigs that enables the use of an optimization known as (overt) version-rolling Asicboost. Since then, Bitcoin Cash mining pools have been using the protocol and 63 Asicboost blocks were mined last week on the network.

Also read: Developers Launch BDIP: A Bitcoin Cash Proposal Process for Decentralized Apps

Six BCH Pools Are Mining Bitcoin Cash With Overt Asicboost Technology

The Asicboost optimization has been steadily making its way into the mining industry and now the protocol is being used on the Bitcoin Cash (BCH) chain. So far six mining pools are using the version-rolling Asicboost technology to mine BCH blocks. The operations currently using Asicboost on the BCH chain comprise Antpool, BTC.com, Okminer, Prohashing, Viabtc, and an unknown pool. According to the data website Asicboost.dance, since the Oct. 22 firmware release, both BTC and BCH blocks have seen a significant spike in Asicboost usage. The creator of the data website has built another portal called Cash.asicboost.dance, which measures the metrics of Asicboost used on the BCH network.

Miners Have Begun Using Asicboost on the Bitcoin Cash Network
The use of Asicboost technology on the Bitcoin Cash network covers over 6% of the global hashrate.

Asicboost was once controversial because some individuals assumed the technology was being used covertly. Now that mining operations are overtly using the technology, a slew of mining pools have adopted the protocol in order to improve efficiency. This is because Asicboost can speed up the mining process by a factor of approximately 20 percent by reducing the gate count on mining chips. Essentially, the protocol is also applicable to all types of ASIC chips according to the whitepaper written by Dr. Timo Hanke. Initially, the use of Asicboost had occurred solely on the BTC chain and last week there were 111 version-rolled blocked mined on the BTC network. This accounts for 11 percent of the BTC hashrate and 5.87 exahash per sec (EH/s).

Miners Have Begun Using Asicboost on the Bitcoin Cash Network
Bitcoin Cash (BCH) network hashrate (5.1 EH/s) and Bitcoin Core (BTC) network hashrate (41.4 EH/s) on Nov. 4, 2018.

Asicboost Accounts for Over 6% of Total Hashrate

Bitcoin Cash miners are slowly starting to increase usage of the protocol and last week there were 63 version-rolled Asicboost blocks mined on the BCH chain according to the Cash.asicboost.dance website. This means that on the BCH network mining pools have processed 0.23 EH/s or 6.25 percent of the overall hashrate. The pool processing the largest share of Asicboost blocks on the Bitcoin Cash network is Okminer, a mining operation that currently commands roughly 10.3 percent of the global BCH hashrate. The lead held by Okminer is followed by Bitmain’s Antpool and then the mining operation BTC.com.

Miners Have Begun Using Asicboost on the Bitcoin Cash Network
Due to the increase in BCH values, it is more profitable to mine on the Bitcoin Cash chain this weekend.

Overall, the BCH hashrate has increased, but no significant hashrate spikes have been seen since Asicboost started being steadily used on the BCH chain. The hashrate increase is likely correlated with bitcoin cash markets jumping in value, making it more profitable to mine BCH over BTC. On Sunday Nov. 4., it is 4.6 percent more profitable to mine bitcoin cash than bitcoin core. This weekend, as the price of BCH increased, Asicboost came awfully close to touching 7 percent, reaching its all-time high since the mining protocol began being measured on the BCH network.    

What do you think about Asicboost being used on the Bitcoin Cash network? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, Cash.asicboost.dance, Fork.lol, and Coin Dance Cash


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Miners Have Begun Using Asicboost on the Bitcoin Cash Network appeared first on Bitcoin News.

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