Cash Archives -
The 340,000 people who sent their cash to one of GoFundMe’s top fundraisers ever will be getting a refund. As Mashable reports, Air Force veteran Brian Kolfage’s campaign to privately fund President Trump’s border wall racked up $ 20 million—a giant sum by the site’s standards, but well short…
Over six months ago, Bitcoin.com launched a dedicated development page for programmers working on the Bitcoin Cash (BCH) network. More recently, our web portal further added the literature “Mastering Bitcoin Cash,” a comprehensive overview of BCH basics and technical operation of the protocol. In order to ring in the New Year, Bitcoin.com has added a dedicated Bitdb node and explorer this week that can query the BCH chain.
Bitcoin.com Adds Dedicated Bitdb Node for the Bitcoin Cash Network
Over the last year, Bitcoin.com has been spreading adoption with our wallet that’s seen more than 3.3 million wallets created and our BCH faucet which has given away free BCH to over 100,000 people. In addition to telling the masses about the best money in the world, Bitcoin.com wants to see Bitcoin Cash infrastructure and development flourish. In order to help the ecosystem, we launched Developer.bitcoin.com last year. The web portal offers programmers a Bitbox SDK, REST, GUI, and Cloud platforms that can help them scale and deploy software on top of the BCH chain. Moreover, this week on Jan. 7, Bitcoin.com launched a dedicated Bitdb node for developers and users interested in parsing the BCH chain for data.
“Bitdb has proven to be a useful part of the Bitcoin Cash ecosystem and today we’re very happy to announce Bitcoin.com’s dedicated BCH Bitdb node,” BCH developer Gabriel Cardona announced on Monday. “We also have a testnet node in preview,” the developer added.
Cardona further stated:
We’re committed to maintaining this project in the Bitcoin Cash ecosystem. Thanks to Unwriter for a great open source project and thanks to Spend BCH for all the work getting this live.
Query Data and Build Killer BCH Applications
The Bitdb protocol is an autonomous database that can crawl, index, and query the blockchain. The project was launched by the prolific programmer Unwriter, alongside the multitude of other applications the developer built last year. The open source project allows anyone to parse the chain for all kinds of information and can specifically query data like OP_Return transactions. Bitdb stores every bitcoin cash transaction in a uniformed format allowing a simple MongoDB query that can be useful for all types of ideas. A few developers have already used Unwriter’s Bitdb for certain applications. For instance, the Poster.cash platform uses Unwriter’s Bitdb and Bitsocket, which provided the creator with the ability to develop a “serverless Memo implementation.”
Adding Bitdb to Bitcoin.com’s suite of developer resources helps bolster the Bitcoin Cash network’s infrastructure, alongside all the other tools and introductory guides to certain frameworks. Researchers and developers who plan to get started building and studying the BCH chain can also utilize this handy list of programming resources. The comprehensive catalog includes tools and documentation for Bitbox, the Simple Ledger Protocol (SLP), Wormhole, a token creation web app, Cash-ID, and the Badger Wallet. With Unwriter’s innovative creation Bitdb helping developers parse the chain and build innovative BCH applications, we think hosting a mainnet and testnet Bitdb node on Bitcoin.com is a great addition to our growing development suite.
What do you think about our Bitdb node? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Github, and the Bitcoin.com Bitdb web node and API.
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The post Query the Bitcoin Cash Blockchain With Bitcoin.com’s Dedicated Bitdb Node appeared first on Bitcoin News.
BCH developer conversations have been taking place ahead of the upcoming May 2019 upgrade. In their latest video meeting, devs agreed that they need to know how much BCH is locked up in p2sh segwit addresses. It was also agreed that Andrea Suisani will take charge of the byte transaction size limit and Mark Lundeberg will review Amaury Sechet’s code on Schnorr signatures. Lastly, Jason Cox extended an open invitation for the qualified to assist with the development and review of BCH code.
Meeting of the Minds
A BCH developer meeting was held recently to get the ball rolling for the upcoming May 2019 upgrade. The meeting was moderated by David R Allen and consisted of lead developer of Bitcoin ABC Amaury Sechet, Bitcoin Unlimited developer Andrea Suisani, Bitcoin ABC developer Antony Zegers, Bitcoin ABC developer Jason B. Cox, Openbazaar developer Chris Pacia, CTO of Bitcoin.com Emil Oldenburg, and Bitcoin Cash developer Mark Lundeberg.
Agenda One: BIP 62, Attempts to Fix Third Party Malleability
After introductions, the meeting opened with discussions on BIP 62. Zegers pointed out that some BCH users are unable to recover their funds because they are sending BCH to BTC segwit P2SH addresses. Then, Cox asked if it was possible to identify the extent of this problem. In response, Oldenburg proposed indexing all segwit addresses and then checking the UTXOs, an extremely time-consuming process.
Alternatively, Lunderberg proposed a way to fix third party malleability by applying the clean stack rule to Pay-to-Public-Key-Hash and Pay-to-Script-Hash multisig. That way every other script would have to manually check itself using OP_DEPTH. However, he noted that his solution would require another hard fork on top of the May 2019 hard fork.
In conclusion, the developers concluded that they need to measure the amount of coins that are locked in p2sh segwit addresses before proceeding on BIP 62.
Agenda Two: Changing the 100 Byte Transaction Size
Lunderberg pointed out that since the August 2017 hard fork, there have been in the ballpark of ten transactions that were less than 100 bytes. Since a 100-byte limit could affect some transactions, he proposed relaxing it to 64 bytes.
Interestingly, Cox pointed out that it’s easier to to lower the byte transaction size limit than it is to raise it. Suisani added to Cox’s point, and explained that raising the byte transaction size limit would have to be implemented by hard fork.
At the end of the discussion, Suisani offered to lead the second agenda by maintaining a stream of communication between the developers, and writing notes to rationalize tweaking the constraint.
Agenda Three: Schnorr Signatures
On the topic of Schnorr signatures, Sechet pointed out that Schnorr has cost advantages because of batch validation. For example, computing and verifying eight signatures as a batch is more cost-effective than checking eight signatures individually. He then pointed out that Schnorr will aid with user privacy and is better for the Bitcoin network itself.
Even though Sechet had made an implementation of Schnorr just over a year ago, his code has not yet been thoroughly reviewed. The lead developer of Bitcoin ABC warned that the code would have to be reviewed more than usual and implemented carefully, otherwise the network would become susceptible to side-channel attacks through the branch predictor of the CPU and through the cache hierarchy of the CPU.
After Sechet’s explanation, Lunderberg agreed to review the former’s code within a month and a half. Sensing that everyone in the group was stretched thin, Cox issued an open invite to cryptographers and developers to assist with development and review of Bitcoin Cash code.
Agenda Four: Old Opcodes
As this point, most of the developers in the meeting had their plates full. In response, Suisani explained that he would reach out to the other Bitcoin Unlimited developers to see if they were interested in working on the old opcodes. Suisani explained that Bitcoin Unlimited developers were the logical choice as they had previously included Nchain implementation in the SV client they produced.
Towards the end of the meeting, Oldenburg mentioned that there is currently a 25 unconfirmed transaction chain limit that is affecting various protocols right now, which needs fixing. He also mentioned that Bitcoin.com was currently working on its own on-chain dice game similar to Satoshidice. In response, news.Bitcoin.com reached out to Oldenburg for some closing thoughts on the developers meeting. The Bitcoin.com CTO was positive about the meeting overall, especially since the “limitation of unconfirmed chained transactions will be removed long term.”
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CVS, UnitedHealth, Humana and other health insurers’ bids to manage Part D prescription-drug plans for seniors have been consistently off in ways that benefit the companies at the expense of taxpayers, and they can keep the overpayments because of the legislation’s rules.
WSJ.com: US Business
One of the great benefits of the Bitcoin Cash (BCH) network is that miner fees have been consistently inexpensive for well over a year. A typical BCH network fee in 2018 has been lower than most blockchain networks and the median average each day has not surpassed a U.S. penny in 10 months.
Bitcoin Cash Transaction Fees Stay Low
The BCH network continues to truck along in 2019 and with it comes the cheap and lightning fast transactions supporters talk about all the time. Over the last 10 months, the median average for daily BCH miner fees has not risen above a penny. Typically, a transaction of 236 bytes or less costs the sender around $ 0.001 to $ 0.008 on the Bitcoin Cash blockchain. Fees were a touch higher during a three month period (December 2017, January and February 2018) when the BCH price touched record highs. However, this was before the BCH hard fork in May, which bumped the block size from 8MB to 32MB. During the BCH stress tests in the first week of last September, the Bitcoin Cash chain processed millions of transactions per day.
When Millions of Transactions Per Day Were Mined — BCH Fees Did Not Budge
On Sept. 1 miners processed 2.2 million transactions in 24 hours, which was followed by the next day’s 1.37 million transactions and the 1.67 million confirmed on Sept. 4. These records shattered BTC’s milestones back in December of 2017 when the BTC chain processed a little over 400,000 transactions per day that month. Although, at that specific time the BTC mempool was severely clogged with unconfirmed transactions and network fees for BTC were anywhere between $ 25-50 per transaction.
Now one would think fees would have started to increase when the Bitcoin Cash network processed millions of transactions per day, but the BCH median average network fee for all three stress test days was roughly $ 0.001 per transaction. BCH miners also mined several large 4-8MB blocks, but they also processed a 9, 10, 13.5, 15.2, 23.15MB blocks that week as well.
BCH Network Fees With Exchanges and Wallets May Differ
Some people still may be paying too much per BCH transaction, if their wallet’s fee settings are set incorrectly or the wallet client does not let the user customize the network fees. If you think your wallet is sending BCH transactions with a high network fee rate, check the wallets settings and set the fee to “low” or “economy,” instead of “high” or “priority.” Some wallets like Electron Cash allow users to create a customized fee (satoshis-per-byte) so they can set the miner fee to whatever they desire. If a wallet doesn’t allow you to change the fees to a lower setting, then you might want to move the funds to a wallet that does allow custom fee settings. With the ability to customize the fee settings, a BCH wallet user can send incredibly small micropayments across the network.
When a crypto newcomer withdraws BCH from an exchange, they might assume the Bitcoin Cash network is slow and fees are more expensive than the median rate because of the exchange’s method of operations. If it takes too long to withdraw BCH from a trading platform this is not the network’s fault at all, as the exchange is entirely in charge of releasing the funds. Further, when depositing BCH on an exchange, most of them will not let a customer trade the funds until a number of onchain confirmations have completed.
Another issue with exchanges is that they usually don’t let customers change the network fee and will sometimes make the customer pay the highest network fee. None of these issues are inherent with the BCH network and have everything to do with leaving funds in the hands of a third party and not having full control. However, there are some exchanges that use low fee settings and in extremely rare occasions some trading platforms will let customers customize the fee.
Low Fees Allow for More Innovation and Global Participation
All year long, BCH network fees have been incredibly inexpensive, which has allowed for all types of innovation. This includes the opcodes added last May and the use of OP_Return transactions with metadata. A wide variety of applications were released during the second half of 2018 that leveraged OP_Return transactions and the new opcodes and the low fees have made things much easier for developers and end users. Low network fees have inspired users to create representative tokens, upload written text, books, and all kinds of files using the BCH chain’s security. BCH network fees that are less than a cent also make it uncomplicated to send microtransactions and support crowdfunding charities like Eatbch in South Sudan and Venezuela. If there is a whole ton of small amounts of micropayments, then it can really add up for people in need. Bitcoin Cash fans believe that inexpensive fees will help push adoption forward and over the last year the network fees have been very low even when processing 4X the number of transactions that other networks have recorded.
What do you think about the low fees on the Bitcoin Cash (BCH) network? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, Bitinfocharts.com, Fork.lol, Pixabay, Electron Cash, and the Bitcoin.com wallet.
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The number of online retailers accepting bitcoin cash (BCH) has swelled to more than 945 stores in the last few months. According to Marco Coino, which provides a directory of merchants that accept payments in BCH, more than 670 bricks and mortar retailers also now handle transactions in the cryptocurrency. In October, that figure stood at just over 500.
Low Fees and Faster Settlements Draw Merchants to BCH
Europe is home to the greatest concentration of merchants that welcome BCH as a form of payment, with about 337 locations in total accepting the P2P digital currency. About 134 physical stores in North America, 120 in Australia and 75 in Asia also take payment in bitcoin cash, data from Marco Coino shows.
Bitcoin cash offers reliable, fast and inexpensive cryptocurrency transactions when compared to traditional means of sending money. For example, credit and debit card providers generally charge fees that can be as much as 3.5 percent of every transaction. That compares with transaction fees of around $ 1 or less for cryptocurrency-based purchases, regardless of the value of each transaction. In the case of BCH, fees tend to be lower still, typically in the region of a few cents.
In Africa, the cryptocurrency, which split from bitcoin core over a year ago, has seen steady growth as a payment means for goods and services. BCH payments are currently established at three physical points in two countries on the continent – Kenya and South Africa – and it continues to flourish elsewhere in the world.
The number of stores accepting bitcoin cash is growing, including a few established privately owned enterprises. Jewelry maker Marks Jewelers, one of the biggest retailers of its kind in the U.S., began taking BCH for payments in October, joining a growing list of jewelry retailers including Samer Halimeh New York and Reeds.
Marks said at the time that the new payment methods, established in partnership with ecommerce platform Shopping Cart Elite, will help to expand access to its jewelry range for buyers throughout the world. “This will allow us to make our fine jewelry available to the global market while paying lower fees and avoiding chargebacks,” Joshua Rubin, director of marketing at Marks Jewelers, said at the time.
Bitcoin Cash Bounty Program
Adoption has been hastened by the appeal of low fees and faster settlement times that are a hallmark of the Bitcoin Cash network. Acceptance by payment processors like Bitpay, used by leading retailers such as Overstock and Newegg, has also helped the cause to move forward.
In November, the Bitcoin Cash Association (BCA) and Spendbch.io started a bounty to spread BCH merchant acceptance in multiple south American countries. The BCA, which describes itself as a “community-driven, grassroots project to accelerate the adoption of bitcoin cash,” said more than 250 new businesses in Venezuela and Colombia were now being onboarded to accept BCH.
The Spendbch bounty offers funds to users who spread merchant adoption in Venezuela, Colombia and Mexico, granting them BCH rewards for helping local businesses accept bitcoin cash.
What do you think about the growing acceptance of BCH as a means of payment? Let us know in the comments section below.
Images courtesy of Shutterstock and Marco Coino.
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Last October, Bitcoin Cash (BCH) proponent and developer, Jonathan Silverblood, told the BCH community about a new identification system he developed that ties a custom human-readable alias to a bitcoin cash address. Silverblood has launched a beta version of the platform Cashaccount.info so visitors can test out the platform’s functionality and give the developer feedback. On the 10-year anniversary of the Bitcoin Genesis block, all beta account names will be invalid when the system finalizes on January 3rd.
Bitcoin Cash-Powered Human Readable Account Names You Can Share in Conversation
Bitcoin Cash proponents can experiment with a new BCH-powered alias-address system called Cashaccount.info. News.Bitcoin.com reported on the initial development of the BCH name system that allows for human-readable account names tied to the keys of a BCH address. The protocol is open source and uses an OP_Return transaction when the name is broadcast and confirmed on the BCH network. Silverblood’s Cash Accounts code and specifications can be found on Gitlab if a user wants to review how naming the process works.
“The Bitcoin address system based on hashing data creates complex and difficult to share identifiers,” explains Silverblood’s motivation behind creating Cash Accounts on Gitlab. “While these identifiers have proper checksums and misspellings are rare, they are still very cumbersome to transfer over the telephone, in a regular chat or similar — Many attempts have been made to obfuscate the addresses by transferring them as QR codes or NFC tags, but the need for a human-accessible format remains.”
Experimenting With a Cash Accounts Name System Until January 3rd
News.Bitcoin.com tested the Cash Accounts platform by registering a temporary name using the beta version. Everything is fairly straightforward as you simply type your alias and tether the name to a public BCH address. After that, the user presses a button that says “Create Register Transaction,” which then gives the registrant a protocol number, account name, and payment data.
Pressing the “Broadcast Register Transaction” will then broadcast the information to the Bitcoin Cash network so miners can include the transaction in a block. The registrant will have to wait for the transaction to confirm in order to “Lookup” the name they just created. The process only took news.Bitcoin.com about 2 minutes to register and then waiting a few more minutes for the name “Posternut #3451” to be registered in a block.
The Cash Accounts concept could do well if a lot of users registered for usernames or aliases, but the protocol would also work more smoothly with a lot of infrastructure behind it. At the moment the Cashaccount.info website displays all the bitcoin cash supporting wallets the developer has reached out to for client compatibility. Wallets include BRD, Edge, Bitcoin.com, Electron Cash, Copay, Stash, Ledger and more. Some wallet providers have responded back and Silverblood has initiated pull requests for other clients.
What do you think about the Cashaccount.info concept? Let us know what you think about this platform in the comments section below.
Disclaimer: Readers should do their own due diligence before taking any actions related to the mentioned software/company/organization or any of its affiliates or services/products. Bitcoin.com and the author are 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. This editorial is for informational purposes only.
Images via Shutterstock, Bitcoin.com’s BCH Block Explorer, and Cashaccount.info
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On Dec. 27 the Houston Rockets challenged the Boston Celtics. During the game’s intermission, two contestants participated in a contest called the Antpool Red Planet Race. The participants played a game that involved ‘mining’ bitcoin cash (BCH) on the court floor in the hope of winning $ 300 worth of BCH.
Houston Rockets Fans Get a Taste of Bitcoin Cash Mining
Bitcoin technology got some mainstream attention during the Rockets and Celtics match on Thursday. The mining operation Antpool was in attendance and had a booth set up in the arena, which showcases the benefits of blockchain technology and digital assets. Back in September, mining rig manufacturer Bitmain announced the company would be sponsoring the Houston Rockets and pledged they would help invest upwards of $ 500 million into the Texas economy. At the time, the press release stated that Antpool would be allowed to host its exhibit inside the Toyota Center during the second week of January 2019. However, pictures stemming from Thursday’s Rockets game suggests that Antpool was allowed to at least set up the exhibition early.
When the deal was first inked, Antpool’s overseas operations manager, Haijiao Li, explained the exhibit would be used to teach people visiting the Toyota Center about the innovation behind cryptocurrencies. “As far as professional sports teams go, the Houston Rockets are legendary across the globe, and what better way to continue the momentum of our U.S. expansion than partnering with the prolific Houston Rockets basketball club, the No. 1 team in China,” explained Haijiao Li during the announcement.
Antpool’s Red Planet Race
Bitcoin Cash fans will also be pleasantly surprised by the number of BCH symbols displayed at the Toyota Center. Furthermore, during the intermission at the Rockets vs Celtics game, two contestants helped ‘mine’ bitcoin cash on the court floor in order to win a prize. During the start of the intermission, the audio played the Beastie Boys track “Intergalactic” while showing a large physical bitcoin being mined.
Then the announcer explained the rules to the contest, which was dubbed the Antpool Red Planet Race. The two contestants had to receive two deposits while ‘mining’ with Antpool’s mining operation on the BCH chain and then plant ‘red rockets’ flags in the red rocks. The contest lasted less than 45 seconds and one of the ‘space cadets’ took home $ 300 dollars worth of BCH.
— Bitcoin.com Official (@BitcoinCom) December 28, 2018
Bitcoin Cash fans on social media and on forums like r/btc were pumped to see BCH bolstered at a mainstream sports arena. The news also follows the recent Litecoin Foundation’s UFC sponsorship, which will be used to advertise Litecoin symbols on the arena’s canvas floor at the Ultimate Fighting Championship match on Dec. 29. Cryptocurrency supporters believe sponsorships like these will further progress mainstream awareness over time.
What do you think about Bitmain’s Antpool sponsoring the Houston Rockets? Let us know what you think about this subject in the comments section below.
Images via Shutterstock, NBA, Houston Rockets, Antpool, and the Toyota Center in Texas.
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December 28th, 2018
Bitcoin.com CEO Roger Ver has announced a strategic partnership within the cryptocurrency space between his company and the Tokyo-based ACD Inc (funded by ANA Holdings).
Based on this alliance, ACD’s token will be launched on the Bitcoin Cash network as a BCH token. As early as spring 2019, ACD will provide consumers with various services on this Bitcoin Cash Platform, including the ability to purchase authentic Japanese goods through their online store.
After extensive research and testing, ACD and Bitcoin.com jointly advocate Bitcoin Cash as the cryptocurrency that offers the most benefit to both consumers and businesses across the world due to its cheap, fast, and reliable payments. The partnership will begin with ACD accepting Bitcoin Cash payments from their customers. Many additional use cases will be announced in the coming months, including details for the ACD token that will be based on Bitcoin Cash Platform.
Mr. Yasuhiro Sonoda, CEO of ACD said, “After extensive research into different cryptocurrencies on the market, ACD chose to implement Bitcoin Cash as a new payment method. This will benefit our customers by offering fast, cheap and reliable worldwide transactions for both online and offline payments.”
Roger Ver, CEO of Bitcoin.com said, “I’m honoured to be a part of this exciting partnership between ACD and Bitcoin Cash! Worldwide money is a natural fit for a worldwide airline.”
Bitcoin Cash is a peer to peer electronic cash system that allows anyone to pay from anywhere in the world instantly, basically for free, and with no risk of chargebacks, payment denials or reversals. It is a natural fit for any global business like ACD, and their decision to adopt Bitcoin Cash payments sets them ahead of competitors by providing customers with an innovative new way to pay.
Mr. Kota Morimoto
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com 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 the press release.
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