BCH Archive - Crypto News Flash

AMC wants to accept DOGE in addition to BTC, ETH, LTC, and BCH for movie tickets

Bernice Nyambura — Thu, 23 Sep 2021 08:42:51 +0000

AMC, RedSwan are the latest companies to declare interest in Dogecoin (DOGE) for payments.
Dogecoin network activity hits the lowest mark in four years, despite the hype in the market.

The world’s largest theatre chain, AMC Entertainment Holdings, is looking to accept Dogecoin (DOGE) for movie ticket payments, according to a Twitter poll by AMC’s CEO Adam Aron.

Aron, who regularly engages with his 177,000 Twitter followers on polls, said that the cryptocurrency-related poll resulted in the biggest engagement he is ever generated.

So FASCINATING! Dogecoin Poll was by far my highest ever read tweet. In 24 hours, 4.2 million views, my most ever retweets, most ever replies.

In the poll, Aron said that AMC plans to add Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for online ticket payments by the end of the year. He then asked followers’ opinions about Dogecoin since many had previously suggested it as the preferable option.

The poll attracted 140,338 voters and 2000 comments, 7000 retweets, and 23000 likes. 68 percent said they would use Doge, 9 percent said they wouldn’t use it, 7 percent said Doge is a bad idea, while 16 percent thought it was a waste of effort.

140,000 votes 77% yes 23% no. It’s clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned.

Dogecoin rallied 14 percent from an opening price of $0.20 on September 22 to the day’s high of$0.23 following the news. At press time, Doge is up 7.6 percent on the day, trading at $0.22 with a 24-hour trading volume of $1.7 billion and a market cap of $29.3 billion. The hashtag #DogecoinToTheMoon is also trending with over 12,000 tweets.

DOGE increasingly gains institutional acceptance.

Aron also noted that Tesla and SpaceX CEO and Dogecoin evangelist Elon Musk liked his poll. Consequently, Elon Musk tweeted:

Super important for DOGE fees to drop to make things like buying movie tix viable.

Other notable cryptocurrency influencers and investors engaged in the poll, including Mark Cuban, who suggested that AMC should use Bitpay for Dogecoin payments.

In August, Cuban called Dogecoin the strongest cryptocurrency as a medium of exchange. His company Dallas Mavericks started accepting Dogecoin payments in March 2021.

The news adds to the growing list of companies rallying support for Dogecoin. Recently, popular trading app Robinhood said that its upcoming cryptocurrency wallet will also offer support for DOGE.

Additionally, real estate tokenization firm RedSwan announced Wednesday that it would accept payments for two digital high-rise apartment buildings with fractionalized ownership. Both buildings dubbed APLO and LHOK are valued at roughly 4,447 DOGE or $384 million.

Transactions on Dogecoin network lowest mark in four years

Despite increased publicity, transactions on its network have hit lows last seen in December 2017, data by Bit Info charts shows. For the first time in four years, transactions on the network have hit a low of 16,000. This sharply contrasts the hype that surrounded DOGE in April and May, when transactions reached 140,000. The price of Doge has also declined by 69 percent from its all-time high of $0.73 in May, reflecting the lack of on-chain activity.

Dogecoin is a memecoin that started as a joke in 2013 and a hardfork of the Bitcoin network. In 2021, however, Dogecoin has been one of the most traded altcoins mainly due to influence from Elon Musk and users on Reddit and TikTok. Elon shills Dogecoin over other cryptocurrencies, primarily because it has “dogs and memes, whereas others do not.”

SpaceX said in May 2021 that it will literally take Dogecoin to the moon by launching a moon mission funded by the memecoin in 2022. However, Musk has also said in the past that his comments about Dogecoin should not be taken seriously.

The coin is often criticized for its low developer activity, an unlimited supply, and whale concentration that has been found to be over 80 percent.

Meanwhile, AMC soared almost 1800 percent in 2021, despite Covid-related effects on the movie theatre business.

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PayPal debuts its first international cryptocurrency services to UK customers

Bernice Nyambura — Fri, 17 Sep 2021 11:06:40 +0000

PayPal customers can now buy, hold and trade BTC, BCH, ETH, and LTC in the UK.
PayPal reveals plans to introduce new features and integrations for its Cryptocurrency wallet.

PayPal has officially launched its cryptocurrency services in the UK, allowing its UK users to buy, hold and trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), according to its Friday announcement. The service will allow users to make Cryptocurrency purchases for as little as £1.

We’re delighted to share that all eligible customers in the UK can now buy, hold, and sell #Cryptocurrencies, # Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account.

The launch comes less than a month after the payments giant announced the plan in August 2021, making this its first international push into cryptocurrency services

PayPal extensive cryptocurrency plans get underway

The announcement is also part of PayPal’s plan to extend its cryptocurrencies offerings, including launching a “super app” digital wallet, open-baking integration, and third-party wallet transfers.

During the company’s second-quarter earnings conference call on Wednesday, CEO Dan Schulman provided updates on PayPal’s Cryptocurrency plans and progress. He stated;

We continue to be really pleased with the momentum we’re seeing on Cryptocurrency, and we’re obviously adding incremental functionality into that.

Schuman further added that the code for the initial version of the super app wallet is complete and in testing.

New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional Cryptocurrency capabilities and customized deals and offers.

Furthermore, each super app wallet will have advanced AI and machine learning capabilities to enhance user experience and opportunities. The services will be rolled out in the next several months, starting with a full ramp in the US and introducing several products and services. The products and services will be launched every quarter, ranging from payments, basic consumer financial services to commerce and shopping tools.

Bank integration and third-party wallet transfers

Paypal is currently working on bank integration for its Cryptocurrency services, according to Schuman. This will help to fully integrate into Automated Clearing House (ACH) to enable faster payment processing.

We’re going to launch hopefully, maybe even next month in the UK, open up trading there. We’re working right now on transfers to third-party wallets, and we really want to make sure that we created a very seamless process for taxes and tax reporting.

PayPal first announced its Cryptocurrency services to US clients in October 2020, after obtaining the conditional Bitlicense from the New York State Department of Financial Services. The services debuted a month later in November, amidst high demand that forced the company to increase its cryptocurrency purchase limit from $10,000 to $20,000. The limit has since increased to a weekly of $100,000, while the annual limit has been abolished altogether.

At the time, PayPal said that the plan was to significantly increase its cryptocurrency utility by availing the services to over 29 million merchants worldwide.

Again in March 2021, PayPal launched Checkout with cryptocurrency, a checkout service allowing its customers to make online payments using cryptocurrency to its global merchants’ network. Customers who hold Bitcoin, Ether, Bitcoin Cash, or Litecoin can now convert their holdings into fiat at checkouts to make purchases.

These moves have made PayPal one of the world’s largest mainstream fintech companies to create a seamless infrastructure for cryptocurrencies and significantly boost adoption.

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Dogecoin leads altcoin rebound with 30% surge as Bitcoin stabilizes

John Kiguru — Mon, 19 Apr 2021 13:46:09 +0000

All eyes are on DOGE for the second week in a row after gaining a jaw-dropping 500% last week – the precarious coin has started the new week with a 30% gain, inspiring a wider altcoins rally.
Bitcoin has yet to find its momentum and is slowly losing market dominance to the altcoins.

The weekend saw the crypto market wipe out roughly $200 billion. Bitcoin dropped a staggering $8,400 in just a few hours. The top digital asset was however better off than altcoins including XRP, BCH and BSV which saw bigger price drops in the Sunday market crash. As CNF reported, the reason for the crash remains unclear with some analysts noting most of the reasons were fictitious and meant to trigger FUD.

Crypto bulls, despite the weekend crash, have proven they are still in charge. The market is back in the green zone with the market marking a 0.40% positive change in the last 24 hours. Altcoins have led the recovery and are slowly encroaching on the BTC dominance.

Altseason is here, led by DOGE

Altcoins are outperforming Bitcoin at the start of the week. Dogecoin (DOGE) is leading the comeback with a 30% gain in the last 24 hours. This is a strong start to the week after closing the last one with a historic 500% price increase in seven days. During the weekend, there were reports that CME Group was planning to launch a Dogecoin futures product. These claims have since been refuted.

Binance Coin (BNB) is another altcoin that has inspired the market’s return to winning ways. The digital asset has gained by as much as 20% during the day, climbing back above $500. Last week, Binance burnt over $500 million worth of BNB from its total supply, effectively raising the value of the circulating supply.

Among the top ten ranked coins, Bitcoin Cash (BCH) has also pulled off a remarkable rebound in the last few hours. Approaching $1,000, the Bitcoin fork is now up by 40% in the last seven days.

Bitcoin’s dominance threatened

Meanwhile, Bitcoin is still a long way to cracking the $60,000 level. In the last 24 hours, the market leader has gained as much as 3% but is trading in the $57,000 region. Being outperformed by altcoins, Bitcoin is struggling to maintain dominance which is now approaching its lowest levels in years.

A few months ago when the digital asset was on a parabolic surge, its dominance level was as high as 65 percent. This has since dropped to 51% at the time of press. In the historic 2018 altseason, Bitcoin’s dominance was under 50%. If this level is achieved, Bitcoin might continue to struggle to keep up with altcoins.

However, some analysts believe that altcoins and Bitcoin can rally simultaneously as the market is not currently rotating money. It is rather celebrating an influx of new money from new investors getting involved.

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Bitcoin Cash: New coin BCHA trades at $20, struggling for survival

Jake Simmons — Wed, 18 Nov 2020 07:46:01 +0000

Bitcoin Cash ABC (BCHA) is currently traded on Binance, Gate.io, Poloniex and Bitfinex at a price of approximately $20.
Due to the low hash rate, the viability of the blockchain is still questionable. BCHA has already released a new update with V 0.22.7

After the Bitcoin Cash Hard Fork took place on Sunday and a clear winner, i.e. the camp around Roger Ver and Bitcoin Cash Node (BCHN), was brought out. With this, at least the controversy about the name “Bitcoin Cash” and the ticker symbol “BCH” was clarified, however Bitcoin Cash ABC continues to fight for a viable blockchain. With Binance, Gate.io, Poloniex and Bitfinex, Bitcoin Cash ABC (BCHA) is available on at least a few well-known exchanges and has already been distributed to these exchange users.

BCHA started trading at USD 11.78 according to CoinMarketCap. Subsequently, the coin recorded considerable trading volume, rising to USD 22.91 before settling in the USD 19 to 21 range. However, despite the rising BCHA price, there are also rumors of an imminent demise of Bitcoin Cash ABC.

The reason for this is the low hash power that the network has been able to gain so far. As the data by Coindance shows, the Bitcoin Cash (BCHN) network has now almost reached the hash rate level it had before the hard fork. In contrast, the BCHA is bobbing around at an extremely low level. This is also reflected in the fact that at the time of writing, 384 blocks have been mined under the new consensus rules and the BCHN blockchain was 371 blocks ahead.

Source: https://cash.coin.dance/

This is worrying for users of Bitcoin Cash ABC in that only a handful of blocks of miners have been included in the BCHA blockchain since November 15. This is due to the current imbalance between a too high mining difficulty and the lack of hash rate. As a result, too few blocks are being found while no improvement is in sight until the next difficulty adjustment.

The last two blocks were mined at the time of writing (8:00 UTC) on November 17 at 21:21 and on November 18 at 02:14 UTC. No block has been created for more than 6 hours, which is not uncommon since the start. Accordingly, the number of transactions that have to be included in a block are correspondingly large. The most recent BCHA block contained 17,902 transactions, and the previous block contained 14,047 transactions, a significant increase from the 1,674 in the previous block.

Contrary to expectations, there is currently at least no drama or “hash war” like with previous forks. Thus, the chief developer of Bitcoin ABC, Amaury Séchet, recognized the will of the community and the probability of a defeat already before the fork on 12 November. In this sense, he also transferred the domain bitcoincash.org to parties belonging to the Bitcoin Cash node group.

In addition, Séchet had also stated beforehand that the network would support both the BCHA and BCHN implementations in order to serve companies that had accepted the coin as a means of payment. Currently, Séchet seems to continue to fight for BCHA. A few hours ago, he released a new version of BCHA, V 0.22.7.

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Bitcoin Cash hard fork goes live – Will BCH owners receive new coins?

Jake Simmons — Mon, 16 Nov 2020 07:37:25 +0000

The controversial hard fork of the Bitcoin Cash blockchain was activated yesterday, with BCHN currently mining all blocks in the network.
At the moment it is still questionable whether there will be new coins or whether the BCH ABC blockchain will “disappear”.

The developers of Bitcoin Cash have done it again. After a new fork of the network had been announced in August, the hard fork was activated yesterday, November 15. Currently, there is a clear winner in the dispute between the developer teams of Bitcoin Cash ABC (BCH ABC) and Bitcoin Cash Node (BCHN).

At the time of writing, according to Coindance, all 73 blocks have been mined after the hard fork through a mining pool using the BCHN software, and none have been mined using BCH ABC. A look at the hash rate of both competing parties also shows that BCHN has won over the majority of the miners. However, the chart also shows that there was a sharp drop in the hash rate after the hard fork.

Source: https://cash.coin.dance/

The “victory” of BCHN is no surprise. Even before the hard fork, 80% of the miners signaled their support for BCHN, presumably not least because BCH ABC will introduce a change in their own sense. As things stand at present, it can therefore be assumed that BCHN will inherit the ticker symbol “BCH” as the “original” Bitcoin Cash.

Moreover, most major crypto exchanges had announced in advance that they would support BCHN. One of them is Coinbase, which had already declared on November 05 that it would support the BCHN:

Prior to the fork, Coinbase will run BCHN nodes and expects that it will be the dominant chain post fork. […] Once the fork is complete, please be aware that we will NOT support BCH ABC forked coin sends/receives on coinbase.com or Coinbase Pro.

Binance however did not exclude the possibility that there will be two coins after the fork, which the exchange would also distribute. On November 3rd Binance wrote:

The two likely scenarios to occur with the Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) contentious hard fork are:

Scenario A: The fork results in two competing chains. Binance will credit users with BCH from the chain with the most work done. We will then also credit users with the coin from the minority chain at a ratio of 1:1 based on the snapshot of BCH balances at 2020/11/15 12:00 PM (UTC) as stated above. Further details regarding this distribution will be stated in a separate announcement.

Scenario B: No new coin is created. Binance will then resume BCH deposits and withdrawals as soon as possible.

Whether the BCH ABC can attract enough hash power to form a viable blockchain was not clear at the time of writing. However, it could well be that there are no “free coins” and the BCH ABC blockchain could theoretically “disappear”.

The story behind the Bitcoin Cash hard fork

As reported by CNF, the hard fork is based on an update of Bitcoin ABC’s implementation of Bitcoin Cash announced in August. Among other changes, the chief developer of Bitcoin ABC, Amaury Séchet, had proposed a new “Coinbase rule”, which provides that 8% of the mined BCH be directed to Bitcoin ABC to finance the development of the protocol.

However, the BCHN camp around Roger Ver was against the implementation of the new “Coinbase rule”. As Ver explained, the change contributes to the centralization of the network and is “a Soviet style central planner’s dream come true”.

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Google developer questions real market cap of Cardano, XRP and Bitcoin Cash

Reynaldo — Fri, 11 Sep 2020 11:07:10 +0000

Bitcoin Cash, XRP, Cardano, among others are accused of manipulating their market capitalization.
Decentralized finance protocols on Ethereum will absorb “ghost blockchains” market capitalization.

The Total Valued Locked (TVL) on Ethereum‘s DeFi sector reached an all-time high this year, with a current figure of $6.46 billion. At its peak, the TLV increased by billions in a few days. This phenomenon has led several experts and members of the crypto community to question the future of the “ghost blockchains”.

A ghost blockchain, as podcaster Eric Conner explained, is one with a low level of adoption. Furthermore, they could be understood as projects with few use cases or with a use case that is overtaken by a competitor. In that line, the developer for Google Payments Tyler Reynolds published a tweet in which he asks how some of these blockchains and cryptocurrencies can have market capitalization exceeding one billion dollars. Among these projects, he mentioned some of the most important cryptocurrencies in the top 10 such as XRP, Bitcoin Cash, Cardano, Stellar Lumens, EOS.

Does Cardano, XRP and Bitcoin Cash manipulate their market cap?

According to Google’s developer, there is no solid foundation for the referred coins to have a market capitalization greater than yearn.finance. The latter has been one of the most successful protocols on Ethereum’s DeFi in recent months and offers its users the possibility of doing yield farming without having to go through the complexities of calculating fees and finding the protocols with the best returns.

At the time of publication, yearn.finance has less than a billion dollars in market capitalization with $994 million. On the other hand, the cryptocurrencies that Reynolds is questioning accumulate about $23 billion in market capitalization. Comparing this figure with the DeFi protocol capitalization, the Google developer concluded that the listed cryptocurrencies get their rating because they have a restricted supply, do market manipulation or intensive marketing for “the vulnerable”. Reynolds believes that investors should not be guided by “just the graph” of prices to value a project. In a different publication, he stated:

Degen DeFi farming has left some amazing projects deeply undervalued. People mistakenly skip out on things that can 100x over the next 5 years for a “safer” 10-20% gain over 2wks. These discounts won’t last forever. Look at $YFI price action.

Jasoon Choi of the Spartan Group said there are no “defensible arguments” for Bitcoin’s forks to continue to exist in the future. Choi along with Reynolds and Conner believe that the DeFi sector and its protocols will absorb the nearly $50 billion found from the ghost blockchains.

The Google developer conducted a recent survey through his Twitter account. There he asked his followers how much the DeFi sector could grow to by the end of this year. With nearly 400 votes, survey participants voted that DeFi will exceed $10 billion by the end of the year. Reynolds added:

In the last bubble, total crypto mcap was nearly $900B, BCash alone was $50B. A great index of DeFi assets should easily 10x in the next bubble from today’s prices. Even a 100x return from here wouldn’t surprise, but we’re guaranteed to have some major pullbacks along the way.

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Bitcoin Cash faces a new hard fork on November 15

Jake Simmons — Wed, 02 Sep 2020 07:45:42 +0000

Bitcoin Cash will most likely experience a new hard fork on November 15th, which will bring BCH owners an airdrop.
At the moment the camp around Roger Ver and BCHN seems to have a small majority of the community, whereby Bitcoin ABC could be forked off.

Over the past few weeks, a disagreement within the Bitcoin Cash (BCH) community has escalated, culminating in the threat of another hard fork. As Roger Ver, one of the leading figures of Bitcoin Cash, wrote via Twitter, the chief developer of Bitcoin ABC, Amaury Séchet (@deadalnix), will conduct a Bitcoin Cash hard fork on November 15, 2020.

Bitcoin ABC and @deadalnix have announced that they are forking away from #BitcoinCash on Nov 15th. We wish them good luck with their new coin and thank them for the free airdrop to all BCH holders.

However, this is not the whole truth. As in the past, there is a dispute in the Bitcoin Cash community about whose blockchain may claim the “Bitcoin Cash” brand and the ticker symbol “BCH” after a fork. Of course, the Bitcoin ABC development team around Amaury Séchet will not give in without a fight. Séchet commented on the tweet from Ver on Twitter only as follows:

To quote Craig Wright, “Bullshit and lies!”

What is behind the renewed hard fork war in the Bitcoin Cash community?

The alleged cause for the renewed split of the Bitcoin Cash community is an update proposal for Bitcoin Cash announced about a month ago for November 15. Among other changes, Séchet and his development team will introduce a new “Coinbase Rule”, which provides that 8% of the mined BCH will be redirected to Bitcoin ABC to finance protocol development. According to Séchet, the financing should enable the provision of new development capacity to enable Bitcoin Cash to compete with Bitcoin and Ethereum.

However, the camp around Bitcoin Cash’s most famous evangelist, Roger Ver (founder of Bitcoin.com), and the client implementation Bitcoin Cash Node (BCHN) is against the implementation of the new “Coinbase Rule”. As Ver wrote, diverting part of the Bitcoin Cash block reward to pay a single development team is “is a Soviet style central planner’s dream come true“.

At first sight it doesn’t seem to be clear how the recent hard fork war will end. As the data of Coin.Dance shows, about 42% of the nodes use the client of Bitcoin ABC, 45% use the client of Bitcoin Unlimited and only 10% use the client of BCHN.

Source: https://cash.coin.dance/nodes

However, at the moment Ver’s camp still seems to have the majority of the community behind it. So the developers behind the Bitcoin Unlimited implementation have spoken out against the new Coinbase Rule. If they actually join Roger Ver’s camp, this would lead to a narrow majority of 55% rejecting the November upgrade and thus keeping the Bitcoin Cash brand.

Furthermore, in the last few days, some groups of Bitcoin Cash Miners, such as Binance, Huobi, BTC.Top, Hashpipe, P2Pool, F2Pool, Easy2Mine and Bitcoin.com have signaled “powered by BCHN” in the Coinbase parameters of the block. Despite that, it remains to be seen how the hard fork will turn out. There are still 75 days to go. Ironically, November 15th could be the same day that the Bitcoin SV hard fork took place two years ago.

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Bitcoin, Ethereum and Bitcoin Cash fall – Are whales to blame?

Collin Brown — Fri, 10 Apr 2020 07:25:46 +0000

Bitcoin, Ethereum and Bitcoin Cash have fallen sharply within the last hour after the recovery of the last 7 days.
Bitcoin whales have moved more than 250,000 BTC in several transactions of 50,000 BTC each from unknown wallets.

Bitcoin has fallen by more than $300 in the last hour (6:10 GMT), from $7,200 to an interim $6,900, down 4.04% in the last 24 hours. The last targeted resistance along the $7,500 mark could not be broken after three tests, so that a short-term correction is now following, which could however be catalysed by whales.

Experienced Bitcoin trader and Blockroots founder Josh Rager describes that it is too early to determine whether Bitcoin and the Altcoins have found their ground. In his opinion, the United States of America is at the beginning of a deepening recession, which could result in rising unemployment and possibly a further crash of the crypto market.

And with over 16 million currently claiming unemployment the last three weeks in the US plus a global pandemic without a vaccine

It's quite safe to say we're at the beginning of a recessionhttps://t.co/TZVbUFo9Ys

— Josh Rager ? (@Josh_Rager) April 9, 2020

Are Bitcoin whales to blame?

In the last few days, the data analysis service Whale Alert has detected several transactions involving large amounts of Bitcoin. Only yesterday, 49,342 BTC worth $361 million were transferred by an unknown wallet. Attentive users have observed a total of 6 of these transactions, with a similar volume. The Bitcoins were sent through different wallets, so it is not clear what strategy the owner is following.

I’ve seen at least 6 of these transactions in like 48 hours. All for around the same amount, about 49,599#btc/$360B odd is US fiat…. who the fuck is transferring these hectic amounts of #btc???

— WaHoo (@MrNorseman) April 9, 2020

Arthur Hayes, founder of BitMEX, describes that Bitcoin continues to be very volatile and could test the $3,000 mark again. However, he still sticks to his forecast that BTC could reach the $20,000 mark by the end of the year. Central banks around the world are pumping massive amounts of money into the market, so inflation will rise and exactly two assets will benefit, Bitcoin and gold:

Everyone knows the shift is upon us, that is why central bankers and politicians will throw all of their tools at this problem. And I will reiterate, that is inflationary because more fiat money will chase a flat to declining supply of real goods and labour. There are only two things to own during the transition to whatever the new system is and that is gold and bitcoin.

Furthermore, a well-known crypto analyst has predicted that the stochastic indicator will indicate that Bitcoin will fall in the next few days. The Stochastic Indicator is a technical analysis tool used in chart analysis to measure the strength and dynamics of a trend. According to the analyst, this indicator has been true in 86% of cases in the past, including when Bitcoin reached its all-time high of $20,000.

$BTC $BTCUSD #BTC

ℙ????? ??? ?????

Since 2017's top, daily Stoch can give very good signals.

When Stoch cross up 85, 88% signals are accurate
When Stoch cross down 15, 86% signals are accurate. pic.twitter.com/bo7M3aLhNG

— Coiner-Yadox (@Yodaskk) April 9, 2020

Due to the continuing high correlation between Bitcoin and the Altcoins, the latter follow the recent downward trend. Within the last 24 hours, Ethereum recorded a minus of almost 5% to a price of $161.05. Within the top 10 crypt currencies, Bitcoin Cash (- 8.71 %) was hit hardest with a price drop to $240.12 and Bitcoin SV (- 10.30 %) to USD 192.42.

Central banks worldwide pump trillions into the market

As the corona epidemic continues, central banks around the world are pumping billions into the market to stimulate the collapsing economy. As part of this, multiple billionaire Mike Novogratz said that he will pull out of Bitcoin if the price does not double within the next 6 months:

I am seeing investors I never saw before, hedge fund investors, high-net-worth investors getting into Bitcoin for the first time. If it doesn’t go all out by the end of the year, I think I might just hang my spurs. Because if it doesn’t go up now, you know, I’m not sure when it will…

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Bitcoin Cash’s Halving: Miners could seek refuge in Bitcoin

Reynaldo — Sun, 05 Apr 2020 16:19:21 +0000

Coin Metrics claims that the Halving of Bitcoin Cash could force the miners to surrender and enter the more profitable Bitcoin network.
The Bitcoin mining difficulty could rise as a result.

The data platform Coin Metrics has published a report on the short and mid-term mining landscape of Bitcoin and Bitcoin Cash. The conclusions are somewhat pessimistic for Bitcoin Cash and predict an increase in the surrender of miners in favor of the Bitcoin network.

The capitulations will be accelerated by the Halving of Bitcoin Cash, which will take place in about 3 days when the BCH block reaches 630,000. At that time, the mining reward will be reduced by 50% from BCH 12.5 to BCH 6.25. This adjustment is the same as for Bitcoin in May, however, the gap between the two events could have a negative impact on Bitcoin Cash’s mining power.

Capitulation of the miners of Bitcoin cash

The crypto market has been negatively impacted by the expansion of COVID-19. Not only did the prices of the most important currencies plummet, but the crash also hit numerous miners hard. After March 12, when the BTC had one of its worst price crashes, its hash rate also plummeted. At that time it fell to its 3-month low of 82.2 TH/s. The Bitcoin Cash hash rate also fell to a yearly low, in line with the market’s collapse.

Although prices have recovered in recent weeks, they have not yet risen beyond the point of profitability. The least efficient miners have therefore had to capitulate. This is evidenced, as Coin Metrics claims, by the latest adjustment of Bitcoin’s mining difficulty a few days ago. The difficulty level has decreased by 16%, which is considered one of the most significant adjustments in BTC’s history. This fact, combined with the Halving, has a direct impact on Bitcoin Cash, as Coin Metrics reports:

Miner-led selling pressure for Bitcoin is likely to continue to increase because both Bitcoin Cash and Bitcoin SV will be experiencing their halving on April 8 and April 9, respectively. All three assets share the same SHA-256 mining algorithm and miners can seamlessly redirect their hash power to the asset that provides the highest return on investment.

Coin Metrics concludes that there is a high possibility that after their Halving of Bitcoin Cash miners will be forced to direct their hash power to Bitcoin that will still have a 12.5 BTC reward for one more month. Therefore, Coin Metrics, expects that there will be an increase in the difficulty of Bitcoin and a reduction in profits for all miners. However, Coin Metrics concludes that in the long term this will be positive:

Once inefficient miners exit the network, profit margins will improve for the remaining miners, which reduces selling pressure, increases prices. Once this cycle is complete, the miner industry should return to a healthier state that is supportive of future price increases.

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Bitcoin and Ethereum integrated to payment platform Poynt through BitPay

Reynaldo — Wed, 12 Feb 2020 16:14:49 +0000

BitPay and Poynt meet on a partnership to allow consumers to pay merchants with Bitcoin, Bitcoin Cash and Ethereum.
Poynt has more than 100,000 merchants globally using the company’s smart payment devices.

Through a press release BitPay and Poynt announced their new partnership. The cooperation will integrate payments with the cryptocurrencies Bitcoin, Ethereum and Bitcoin Cash into the payment system with smart terminals of Poynt.

According to the statement, Poynt has more than 100,000 retailers globally. Its payment system uses Smart Terminals as points of sale. Users only need to scan a QR code and choose the cryptocurrency they wish to pay with. The cooperation is aimed at making the user experience faster, easier and safer than using traditional payment methods such as credit cards and cash.

BitPay Co-Founder Stephen Pair said he is enthusiastic about the cooperation with Poynt. Pair said that Poynt has proven to be a true driver of payment innovation. In addition, BitPay hopes to enter the market for large-scale in-store payments:

It’s a massive growth opportunity for BitPay and an important milestone in our now nine-year mission to make payments faster, safer, and less expensive for individuals and businesses.

On the other hand, the founder of Poynt Osama Bedier said that the company was built on the idea of open trade and cryptocurrencies represent this idea:

Poynt OS lays the foundation for developers and retailers to collaborate and drive unlimited growth. The addition of open source and decentralized currencies like Bitcoin is a natural fit in our open trading environment.

Poynt hopes that the cooperation with BitPay will help them maintain the growth trend the company has been experiencing. In a 12-month period Poynt surpassed $9 billion in payment volume.

Limitations of Bitcoin and Ethereum

The use of Bitcoin and Ethereum as everyday payment methods is a key point in the adoption process. However, an effective solution to improve the scalability of the Bitcoin and Ethereum networks has not yet been achieved.

The Bitcoin Lightning Network is a second-tier payment solution that promised to drive the adoption of Bitcoin as a daily payment currency. Research by the Bank of England has shown that the results of the Lightning Network are disappointing. Although proposals are being made to improve the performance of Lightning and the payment channels at major universities such as MIT. The routing solution presented by MIT is called Spider and promises to bring a positive change to the problem of scalability.

The Optimism research group recently announced an important advance to improve the scalability of Ethereum. An alpha version of the Optimistic Virtual Machine (OVM) was deployed as a second layer scalability solution. The OVM will be fully compatible with the Ethereum Virtual Machine and will allow Optimistic Rollup to execute all transactions off-chain.

Der Beitrag Bitcoin and Ethereum integrated to payment platform Poynt through BitPay erschien zuerst auf Crypto News Flash.