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The number of merchants accepting bitcoin cash (BCH) is growing. According to a community-curated website, there are over 1,000 BCH-accepting merchants, grouped into over 40 categories. The site also separately lists organizations that accept BCH donations.
Directory of 1061 Merchants
Accept Bitcoin Cash is a community-curated directory of merchants that accept BCH. It currently lists 1,061 merchants as accepting bitcoin cash for products and services and 61 organizations as accepting BCH donations.
The main directory has 1,039 BCH-accepting merchants, divided into 41 categories such as accommodation, art & design, banking, cloud computing, communication, crowdfunding, crypto exchanges, developer, domains, education, entertainment, food, gambling, gaming, IoT, legal, mining, payments, and security.
Organizations that accept crypto donations and merchants offering adult products or services are listed separately. Under the “Donations” tab, there are five categories consisting of 67 organizations, 61 of which accept BCH donations. The “Adult” tab has three categories comprising 57 businesses, 22 of which accept BCH.
Merchants can be searched by name or browsed by category. Since the directory includes some businesses that accept other cryptocurrencies, site visitors can filter the listings to only show those accepting bitcoin cash.
“This is an open source project which accepts submissions from the general community,” the project’s Github page describes. The site charges no fees and the team behind the initiative has clarified that they “do not endorse nor confirm the legitimacy of any of the sites/merchants linked to on this site.” They further noted, “While we try our best to verify the information submitted, it’s possible that we may miss something.” The site has a form for any visitor to submit a request for a merchant be added to the directory.
The team additionally explained that their goal is to build a directory “with a comprehensive list of sites that accept or support bitcoin cash, as well as bitcoin (legacy),” emphasizing that “Our hope is to connect consumers and merchants, while spreading awareness and promoting global adoption of bitcoin cash.”
Bitcoin Cash Adoption Growing
The Accept Bitcoin Cash website also features a handy page that shows adoption statistics from all of its listings. Currently, 56 percent of all merchants listed in the main directory accept BCH, which is 1,039 out of 1,848. Meanwhile, 67 organizations accept crypto donations, 91 percent of which accept BCH donations. Furthermore, 90 percent of the websites that accept BTC also accept BCH, which is 982 out of 1,091.
Last month news.Bitcoin.com reported that BCH merchant acceptance is thriving in three regions. Since then, more BCH-accepting merchants have been added in those regions, according to data from Marco Coino.
Slovenia, a central European country, is in the lead globally with 257 merchants accepting bitcoin cash within its borders, 105 of which are located in the capital city’s shopping district known as Bitcoin City. There are also crypto-dispensing ATMs located throughout the premises. Australian state Queensland comes in second with 104 merchants while 61 are located in Japan.
What do you think of the Accept Bitcoin Cash initiative? Let us know in the comments section below.
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Images courtesy of Shutterstock and Accept Bitcoin Cash.
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The post Community-Run Directory Surpasses 1000 BCH-Accepting Merchants appeared first on Bitcoin News.
European Union antitrust regulators are asking whether Amazon.com Inc. unfairly copies popular products sold by rivals on its online marketplace, according to a questionnaire sent to merchants.
In a 16-page form to be filled out by Oct. 9, regulators want to know whether Amazon has in recent years…
These days it is easier than ever for online merchants and brick and mortar shops to accept bitcoin cash. Today we’re going to introduce six BCH point-of-sale solutions that provide businesses worldwide with the ability to utilize this innovative technology.
Point-of-Sale Solutions for Merchants Who Want to Accept Bitcoin Cash Today
More people are starting to use the decentralized cryptocurrency bitcoin cash (BCH) for spending because network fees (the cost to send a transaction) are consistently less than a third of a US penny. This encourages merchants to accept BCH because they understand people are willing to use the digital asset, not only as a store of value against fiat, but as a reliable medium of exchange. For instance, on September 1 the BCH network processed more than 2.2M transactions in a community-led stress test and the median cost per transaction (tx) was about 0.001. Market participants willing to spend their cryptocurrency by using the utility BCH offers, gives an online business or mom-n-pop shop a whole new type of clientele.
Last April the firm Bitpay announced that bitcoin cash support would be added to the firm’s point-of-sale platform. Now BCH can be used by any merchant worldwide with Bitpay’s system and just recently the firm revealed BCH settlement has been added. So with Bitpay’s merchant services not only can users can accept bitcoin cash and get 100% settlement in BCH, they also choose to receive settlement with a variety of local fiat currencies as well. In fact, Bitpay merchants can allocate how much settlement they want in BCH and how much they want in fiat, which gives the merchant the ability to avoid cryptocurrency price fluctuations.
Bchpls.io is a free bitcoin cash point-of-sale application, allowing any online or brick and mortar merchant the ability to accept BCH for payments. News.Bitcoin.com reported on the platform this past May when the developers launched the application’s open beta so the public could test the software at their own discretion. Basically, all a merchant has to do is register with an email address and a strong password to start using Bchpls. After that users simply enter the extended public keys to the BCH address under their control and they can begin to accept bitcoin cash. Bchpls can be used in a physical store because it provides an access key for both a cashier screen and the customer screen for payments.
Another interesting merchant application called ‘Pop’ comes from the Handcash development team the creators of the bitcoin cash NFC compatible wallet. Pop also allows merchants to create an invoice for customers after the user registers their Handcash handle which is tethered to their Handcash wallet.
Together Pop and Handcash both have NFC capabilities but Pop invoices can also be paid with any wallet. We gave both Handcash and the latest merchant application ‘Pop’ a test drive recently. Pop is currently in its beta form and the firm is planning to launch its Handcash iOS platform very soon.
Cheddr.cash is a free point-of-sale platform for bitcoin cash acceptance and the application runs on any browser. Similarly to Bchpls.io, there’s no need to install anything to use Cheddr, and merchants can choose to accept zero-confirmation BCH transactions if they desire. The benefits to using Cheddr is that it’s fee but merchants pay much lower transaction fees than traditional payment processors. Cheddr supports the address format cashaddr and the application is open source on Github for review. “No private information is ever stored or transmitted,” explains the Cheddr developers.
Coinbase Commerce (CC) is an application provided by the San Francisco firm Coinbase that provides merchants with the ability to accept bitcoin cash in a matter of minutes. The application is free and can be used by both physical merchants and online stores. Furthermore, the CC platform has the potential to expose BCH to 2.7M merchants because CC can be integrated with plugins like Woocommerce, Shopify, Magento, Opencart, and Prestashop. Now even though CC is a Coinbase-created application unlike the exchange CC is a non-custodial service which means the merchant maintains ownership of the funds at all times.
Another free BCH payment platform called Akari Pay was introduced to the BCH community last May. The Akari Global Foundation believes in bolstering BCH adoption and has created a BCH-based payment gateway, and a micro-site builder for crowdfunding. In order for merchants to use Akari Pay, they have to visit the Github repository and follow the installation instructions. The Akari Pay codebase is open source and available for developer review as well. The platform is customizable and merchants can use a variety of themes and colors to go with the BCH-based payment gateway they set up. The developers have created an Akari demonstration video and users can chat with the Akari programmers on Freenode.
Many PoS Solutions Available Today, and Other BCH Payment Gateways in the Works
There are a bunch of options available for both online merchants and physical shops who want to accept BCH in everyday commerce. Furthermore, there are other point-of-sale solutions in progress as well. For example, a development team from the UK has created a BCH-based point-of-sale device called Mini-POS that enables brick and mortar stores to accept BCH.
What do you think about the options available for merchants to be able to accept bitcoin cash? Are there any payment platforms that we missed? Let us know what you think about this subject in the comment section below.
Images via Pixabay, Akari, Bchpls, Coinbase, Bitpay, Cheddr, and Pop.
The post Six New Bitcoin Cash Point-of-Sale Solutions for Merchants appeared first on Bitcoin News.
There’s been a lot happening within the Bitcoin Cash (BCH) ecosystem over the last week as far as development and upcoming announcements concerning the future of BCH. Further, the network has been seeing a lot more activity lately with transactions stemming from stress test experiments in preparation for September 1. This week the BCH community mostly discussed the recent disagreements between the Bitcoin ABC and Nchain development teams.
BCH Market Action
Bitcoin cash markets, like many other cryptocurrencies, seem to be on the mend as price values have seen some upswings in recent days. At press time the decentralized cryptocurrency is averaging $ 532 USD per BCH across global exchanges. BCH holds the fourth largest market capitalization at around $ 9.2B today. Bitcoin cash trade volumes are around $ 298M with the asset capturing the fifth highest trade volume on August 24. The top five exchanges swapping the most BCH today includes Binance, Coinex, Okex, Hitbtc, and Huobi. Tether (USDT) currently captures 49 percent of BCH trades followed by BTC (39%), USD (5.5%), QC (1.8%), and ETH (1.2%).
The Debate Over Upgrade Features
Besides the price, there’s been a lot going on this week and people have been heavily discussing this coming November’s BCH protocol changes. Earlier this week we mentioned the contention between the recently announced Bitcoin SV full node client and the newly published Bitcoin ABC 0.18.0 codebase. The issue at hand is that both clients want two different upgrade features to be added this November, and if they remain indifferent when the fork comes closer, BCH could face a chain split. Following the initial arguments, Bitcoin Unlimited revealed they would incorporate both client’s upgrades so miners can vote on which features they want out of all the choices.
The Bitcoin ABC Vision
Bitcoin ABC has also addressed the community with a letter called “The Bitcoin ABC Vision.” The ABC development team says they want the world to have sound money that can be used by anyone and the recent release of version 0.18.0 is the latest step towards that path. The team has detailed they believe BCH proponents should focus on zero-confirmation transactions, implementing technical measures to enable massive on-chain scaling, and improving fungibility. The team has also published a diagram that explains in a visual way some of the suggested plans and features they believe “would make a solid roadmap for Bitcoin Cash.” The recent post written by the Bitcoin ABC development team can be read in its entirety here.
Bcash Full Node Client Developers Reveal New Release Coming Soon
The bcash full node implementation created by the Purse.io and bcoin developers have revealed on August 24 that a new release will be launched soon. Purse.io unveiled the bcash full node client this past May the same time the firm added native BCH support to the company’s marketplace. “Bcash 1.1.0 will include OP_CHECKDATASIG and canonical transaction ordering — Release coming soon,” explains the development team on Friday.
Bitcoin Cash is Open to More Merchants This Week
The BCH community was very pleased to hear that Coinbase Commerce (CC) has added bitcoin cash support for its non-custodial merchant acceptance system. Essentially CC allows for payment modules with Opencart, Woocommerce, Shopify, Magento, and Prestashop exposing 2.7M merchants to BCH. Then the payment processing platform Coppay who has merchants located in the Baltic states of Lithuania, Latvia, Estonia, and now in Portugal, supports bitcoin cash settlement for all 52 Coppay merchants.
Never a Dull Day
Overall there’s been so much going on this week its been awfully hard to keep up with all the action taking place in the BCH environment. News.Bitcoin.com tested two new BCH-powered token creation projects (Colored Coins Wallet & SLP) and created our own tokens. Further, we looked into Recursive Smelting and the Bitcoin Token concepts; two more token projects using BCH that plan to launch soon. Then there was the odd announcement from the curious character Cobra who plans on launching a BCH full node client called the ‘Cobra Client.’ Nevertheless, with all the craziness happening within the crypto-space there’s one thing we can all be thankful for — There’s truly never a dull day in Bitcoin-land.
What do you think about everything happening within the Bitcoin Cash ecosystem this week? Let us know what you think in the comment section below.
Images via Shutterstock, Twitter, Satoshi Pulse, bcash, Bitcoin ABC, and Pixabay.
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Two Bitcoin Cash (BCH) proponents, Javier Barrera and Andrés Rivera, believe the evolution of cryptocurrency will be bolstered by the BCH network so they recently developed a payment processor called Bitek.co. The company offers merchant processing with payable invoices, and accounting services as the Bitek platform provides merchants with the ability to accept BCH and convert all or a percentage of the funds into Colombian pesos.
Bitek: Promoting the Use of Bitcoin Cash in Columbian Markets
There’s a new payment processor for the Bitcoin Cash (BCH) network called Bitek.co — a system that allows merchants from Colombia to accept BCH and convert to pesos immediately if they choose. The business model is similar to the Bitpay service as Bitek offers BCH-based merchant processing, invoices, and accounting services its customers. Bitek also offers a community section on their website for merchants who want to announce they accept BCH. In order to use Bitek merchant who are interested need to register and fill out the necessary information for a payment gateway and receiving deposits in BCH and Colombian pesos.
Bitek’s founder Javier Barrera recently spoke at the Satoshi’s Vision Conference in Tokyo, and detailed how his team is integrating BCH into Colombia’s retail market. Moreover, earlier this week Javier Barrera and Andrés Rivera explained their passion for Bitcoin Cash in an interview with the Latin American publication Diariobitcoin. The founders explain they believe BCH is a better Bitcoin and “it is the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.” Bitek plans to educate residents in Colombia with meetups and educational programs throughout the region as the firm tells Diariobitcoin:
The objective is to promote the use of Bitcoin Cash in the national market.
BCH Meetups and Bitek’s Plan to Launch a Marketplace
Barrera explains that Bitek has three benefits for merchants looking for a BCH payment gateway such as accounting, liquidity with a remuneration in Colombian pesos, and protection from cryptocurrency volatility as BCH deposits can get the equivalent in pesos the same day. The exchange rate is based on estimates stemming from local exchanges and trading platforms like Bittrex. Just like other cryptocurrency payment processors, merchants have the ability to convert 100 percent of their funds into pesos or a fraction.
Bitek plans to launch a marketplace as well that facilitates trades between buyers and sellers and payments made with Bitcoin Cash. Further Bitek has detailed it has been in talks with BCH-based firms such as Centbee and Nchain concerning future collaborations. The startup has also organized BCH meetups on a weekly basis at popular venues like the Revellion Cultu-Bar. Bitcoin Cash supporters seem pleased with another addition to the slew of companies offering BCH infrastructure services.
What do you think about the Bitek payment service? Let us know your thoughts on this subject in the comments below.
Images via Shutterstock, and Bitek.co
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Chinese traders in Moscow’s huge wholesale bazaars have become the most active buyers and sellers of cryptocurrency in the Russian capital. The retail turnover there is estimated at almost $ 10 billion a month. Authorities say that most of it is converted to cryptocurrencies and sent back to China where it‘s exchanged to yuan.
Crypto Flows Considered Easier To Track than Cash
The three largest bazaars in the Russian capital, “Moskva”, “Sadovod”, and “Food City”, make about ₽600 billion rubles each month (~$ 10 billion). That’s almost a quarter of the retail turnover in the Russian Federation. Practically none of it is deposited in bank accounts, according to Yuri Polupanov, head of the Central Bank’s Financial Monitoring and Currency Control Department. 90% of the businesses there are owned by Chinese merchants and producers, he said during the Thomson Reuters Forum in Moscow, RBC reported.
The retail centers have become pioneers in crypto trade. Russia’s Centrobank believes that Chinese traders convert most of their revenues to cryptocurrency and send it back home, where it is exchanged to yuan. Financial authorities have learned that crypto exchange bureaus are also operating there. Polupanov said that some of them are registered as financial services providers. Inspectors have found discrepancies between their accounting reports and the data gathered remotely by the CBR.
There is no point in denying that cryptocurrency is used in wholesale and retail trade, thinks Elina Sidorenko, head of a working group at the Duma tasked with assessing crypto circulation. “It’s no secret that Chinese merchants are using cryptocurrencies through anonymous wallets. But as soon as they are defined legally in the civil code, these financial flows will be easily controlled. It’s easier to track them than cash,” she said.
Sidorenko believes the situation will improve in a few years. If the central bank has evidence of illegal crypto-fiat exchange, it should give it to the Prosecutor’s Office, she added. Elina Sidorenko noted that illegal activities in these bazaars are not a new phenomenon. Violations of immigration laws and crimes related to laundering of illicit proceeds are flourishing there, she said, admitting: “We should’ve dealt with all that long time ago.”
Relics from The ’90s
The story of improvised retail bazaars and flea markets in Russia dates back to the breakup of the Soviet Union. Many of them were set up in the capital in the ‘90s. They have been targeted by authorities since the early 2000’s. Trade there is often unregulated and untaxed. Government inspectors have found multiple violations of sanitary and fire safety standards, customs and migration regulations.
In the summer of 2009 Moscow authorities closed down the “Cherkizovskiy” bazaar, which was one of the biggest. Russian police found 6,000 containers of contraband worth an estimated $ 2 billion. The newer trade centers “Sadovod” and “Moskva” are now major wholesale markets for clothes and shoes, while “Food City” is the main food distribution center. The volume of retail trade in the Russian capital has been estimated at more than $ 72 billion dollars in 2017. The monthly turnover is between $ 5.5 and $ 7.8 billion. It reaches $ 49 billion USD a month on national level.
Cryptos like bitcoin have been gaining popularity in Russia, where 12% of crypto users now claim cryptocurrency is their main source of income. Two draft laws regulating the crypto sector have been introduced in the State Duma, the lower house of Russia’s parliament. The bill “On digital financial assets” legalizes activities like initial coin offerings and mining. A second draft aims to amend the civil code in order to legalize the use of “digital money” in payments. It’s still unclear whether the circulation of cryptos will be allowed in the country. Recently, Russian media reported that a new crypto exchange bureau is now buying and selling bitcoin for cash in Moscow.
Do you think regulating cryptocurrencies will minimize their use for illicit purposes? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Food City.
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According to a recent study of 100 U.S. based merchants that use Square Inc.’s payment technology — a good majority surveyed are open to taking bitcoin as a form of payment. Nomura Instinet surveyed merchants who made at least $ 100,000 in annual revenue and 60 percent said they would accept bitcoin instead of USD.
Also read: Bitcoin Futures Launch in the UK
Amid Bitcoin Volatility, 60% of Square Merchants Still Willing to Accept the Cryptocurrency
During the first month of 2018, the cryptocurrency proponent and Square CEO Jack Dorsey announced the integration of bitcoin with it’s ‘Cash App.’ Dorsey who is also the CEO of Twitter has been a bitcoin fan for quite some time and is very vocal about his cryptocurrency enthusiasm. Since Square launched the Cash App integration with bitcoin, a research survey was conducted by Nomura Instinet which showed that more than half of Square merchants who participated would take BTC rather than dollars.
“This result is surprising, especially amid bitcoin’s elevated volatility,” Nomura Instinet analyst Dan Dolev explained this week.
Since Adding Cryptocurrency Features, Square’s Public Shares Rise by 49%
The research called “SQ Survey: Merchants Say YES! To Bitcoin” reveals that the highest represented age group in those surveyed and willing to accept the digital currency was 31-40. About 40 percent fall under that category, explains the researcher Dolev’s note to clients.
“Like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible,” the analyst Dolev details.
The researcher also reveals that more than 7 million merchants are using the Square Cash App. Roughly 95 percent of the participants called the application “excellent” or “good” while the remainder said the app was “average.”
“Undoubtedly, the success of the Cash App is a significant achievement,” Dolev writes to clients.
Currently, an individual can set up the app in minutes and send peer-to-peer payments, store money, receive their paycheck and buy and sell bitcoin.
Since Square started the bitcoin initiative, the company’s public shares have been selling like hot cakes. Square’s digital currency initiative that started in February of this year has pushed Square’s stock up over 49 percent.
What do you think about the study with Square merchants and their willingness to accept bitcoin payments? Let us know in the comments below.
Images via Pixabay, Bloomberg, and Youtube.
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Bitcoin was originally created to free people’s money from the control and censorship of regulators, banks and governments. Companies in the ecosystem are supposed to be infused with this ethos, but as they strive to become more mainstream some, like Bitpay apparently, adopt the more prevailing standards in the business world.
Terms and Conditions
Additional “prohibited activities” include the sales of narcotics, research chemicals or any controlled substances; cash or cash equivalents, and virtual currencies; items that infringe or violate any intellectual property rights; ammunition, firearms, explosives (including fireworks) or weapons; transactions that show the personal information of third parties; transactions that support pyramid, Ponzi, or other “get rich quick” schemes; transactions that are related to cloud-mining; credit repair or debt settlement services; any services which compete with Bitpay; and the sales of Kratom or Nootropics.
The company’s Terms also list “restricted activities,” which are subject to internal review and only allowed when expressly authorized by Bitpay. These include Forex, Money Service Business activities or E-wallets; selling bitcoin mining hardware; Currency exchange services; and transaction that are associated with purchases of lottery tickets, lay-away systems, banking, offshore banking, finance, investing, investment related products or gambling.
Two Months’ Notice
Following the recent update, Bitpay is apparently searching for websites that don’t follow the Terms and terminating the relationship with them. At least one porn creator has reported in community forums that the company has given her two months to find an alternative and leave.
How should online merchants of sexually explicit content react to this news? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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Vietnamese authorities have announced that they are investigating establishments that accept bitcoin for payments. This follows reports that restaurants and cafes are still accepting the digital currency despite the government warning that bitcoin is not a legal means of payment in Vietnam.
Investigating Bitcoin-Accepting Merchants
Despite the State Bank of Vietnam warning that bitcoin is not a legal means of payment, the digital currency is still being used to pay for goods and services in the country, Vnexpress reported last week.
Citing that several coffee shops and restaurants in Ho Chi Minh City are still accepting bitcoin for payments, the publication quoted an official of the central bank saying:
Authorities in Ho Chi Minh City will be working with the country’s central bank to ‘handle violations’ at several restaurants and coffee shops in the city that have been accepting bitcoin as payment… We have also asked the city’s police department to work with us.
In October, news.Bitcoin.com reported on the Vietnamese central bank announcing that it had completed the legal framework for digital currencies in Vietnam. While bitcoin itself is not banned, using it as a means of payment in the country could result in a fine between 150 million to 200 million dong (~USD8,800). “From January 1, 2018, the act of issuing, supplying or using illegal means of payment may be subject to prosecution in accordance with the provisions of Article 206 of the Penal Code 2015,” according to the bank’s announcement.
Bitcoin Uses Continue
A survey by Infonet found 4 bitcoin ATMs (BTMs) in Vietnam, 24h newspaper reported. All of them are located in Ho Chi Minh City and are also listed on the BTM tracking website Coinatmradar.
One machine is located inside a coffee shop at the corner of Ly Tu Trong – Cach Mang Thang Tam in District 1. The establishment revealed to the publication, “Every day there are dozens of visitors buying bitcoin through the machine located in the store.” Both the number of customers using the BTM and the number paying with bitcoin at the store are growing, the publication noted, adding that:
At some cafes in the center of District 1, despite the [sign saying] “Bitcoin Payments Are Not Accepted,” they are in demand from customers (Vietnamese and foreigners), [and] the staff is still handling [it].
Growing Number of Market Participants and Miners
According to Bitcoin Vietnam’s Nguyen Viet Bach, the number of bitcoin market participants in the country has increased from 30,000 in 2016 to 60,000 this year, Soha reported.
In addition, the Ho Chi Minh City Customs Bureau has received applications to import 1,478 mining rigs during the 10 months ending in October. “Even a high-end jewelry company located in Ho Chi Minh City has filed the import declaration for 100 Bitmain mining rigs from China with an estimated total value of $ 129,000,” the publication wrote.
Do you think the government will be able to stop people from paying with bitcoin at stores? Let us know in the comments section below.
Images courtesy of Shutterstock and Vietnamnet.
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Property Investors from Wenzhou, Zhejing Province, which has a reputation as the home of China’s savviest businessmen, are dabbling in the cryptocurrency market for new investment opportunities. Instead of holding Bitcoin, their focus is on forked coins.
“Bitcoin Will Evolve into a Capital Game”
In 2008, a Wenzhou merchant surnamed Chen set up a real-estate speculation squad with twenty of his friends. They bought houses on the same street, negotiated on the sale price, and went to the same agent to sell houses. If anybody sold at a lower price, Chen would kick him out of the squad. Now as housing prices decline month-over-month due to the central government’s tightened property policy, Chen has sold off his houses and used the profits to invest cryptocurrencies.
He started with Bitcoin, but only focuses on forked coins. “Bitcoin will evolve into a capital game for rich bankers and financiers,” Chen explained. “I don’t have enough capital to compete with them, but the bitcoin price will keep rising and simultaneously the price of forked coins will increase.” He learned the concept of a fork when he realized he had received some free Bitcoin Cash in his account this August.
Bitcoin users usually get free forked coins at a rate of 1:1 like BCH and BTG, but some forked coins are distributed at a rate of 1:10 like BCD, even 1:10000 like Bitcoin X. Chen believes that this is the most direct way for forked coins to attract users. Normally, when a new coin is created, it is hard for it to gain brand recognition. These forked coins, however, don’t have to work their way up like other coins did, because they have the same userbase as Bitcoin.
Are Forked Coins Sustainable?
“Forked coins were worthless at first, but as trading volumes soars, price rises and falls, they are attracting more attention,” said Chen. Over the past three months, he has first invested in Bitcoin Cash (BCH), then Bitcoin Gold (BTG) and now Bitcoin Diamond (BCD). He bought BCH when the price was 2000 rmb ($ 300) and sold out when it hit 19000 rmb ($ 2800). He is looking for the next BCH.
Chen believes that four factors matter most for a forked coin to sustain.
First, the team. Who is behind the project? Do they have the ability to develop? Second, the price. If the price is already too high, then there is no room to rise further. Third, the user base. Is it listed on multiple exchanges? A coin must go global to rein in political risks. Fourth, patience. Forked coins will gain more traction, but it takes time.
Chen is now inviting public figures and big whales to join his crypto squad. He sees his squad as a small venture capital fund. As long as a project initiator has resources and welcomes small investment, he would get involved.
His investment portfolio is 10% BTC, 40-50% forked coins and 10% ICO tokens. He explained that his investment philosophy is to invest in the unknowns. “The world is changing so fast, it’s easy to miss an opportunity before you realize it. Keep an eye on what you don’t understand and that’s where opportunities lie.”
Do you see great potential in forked coins? Let us know your thoughts in the comments below.
Images via Shutterstock.
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