BCH Archives - 2100NEWS

Gabrijel ŠerjakJanuary 30, 2018

3min549

“Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain,” according to a draft report on blockchain technology by the National Institute of Standards and Technology (NIST)

The controversial statement appeared in a draft document titled “NISTIR 8202 – Blockchain Technology Overview”  It attempts to set a clear definition of what blockchain technology is, and explain its surrounding issues. Including concepts like consensus, permissioned vs. permissionless, and hard forks.

The 57-page document has a section describing each of the major blockchain projects. That includes (among others) Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Ripple, and Hyperledger.

Most of the descriptions are fairly bland and straightforward. However, the section on Bitcoin Cash (which the report also calls by its original code “BCC”) stands out. It reads:

8.1.2 Bitcoin Cash (BCC)

In July 2017, approximately 80 to 90 percent of the Bitcoin computing power voted to incorporate Segregated Witness (SegWit, where transactions are split into two segments: transactional data, and signature data), which made it possible to reduce the amount of data being verified in each block. Signature data can account for up to 65 percent of a transaction block, so a change in how signatures are implemented could be useful. When SegWit was activated, it caused a hard fork, and all the mining nodes and users who did not want to change started calling the original Bitcoin blockchain Bitcoin Cash (BCC). Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash.

When SegWit was activated, it caused a hard fork” is arguably inaccurate. Near the end of July 2017, miners merely signaled their intent to approve SegWit. They reached an 80 percent required threshold to support BIP91 over a 336-block period.

Those who opposed SegWit and preferred larger transaction blocks separated around that point. On August 1st they created a new token called Bitcoin Cash (BCC or later, BCH). The BCH token has a current value of around $1,700 USD. But it has always been a chain with a minority of total hashing power, compared to Bitcoin (BTC).

SegWit itself was finally activated on August 24th via a soft fork, long after the hard fork that created Bitcoin Cash occurred. Soft-forking the network meant non-SegWit transactions could still occur, which they do to this day.


Gabrijel ŠerjakDecember 20, 2017

4min405

bitcoin cashOne of the US’s leading crypto-currency exchanges, Bitcoin Cash, is carrying out an insider trading investigation.

Coinbase fears its own workers may have exploited its move into Bitcoin Cash – a spin-off of the original Bitcoin.

The San Francisco-based firm announced the move after Bitcoin Cash’s price jumped.

Coinbase began letting its users buy, sell, send and receive Bitcoin Cash on Tuesday in a surprise decision but has temporarily suspended trade.

The company’s chief executive intervened after several market watchers posted allegations of illegal activity on social media sites.

Brian Armstrong responded that he had repeatedly warned his staff not to disclose its launch plans to family or friends. Or to trade in the digital asset themselves.

It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement,

he wrote on The Coinbase Blog.

.

If we find evidence of any employee or contractor violating our policies  –  directly or indirectly  – I will not hesitate to terminate the employee immediately and take appropriate legal action.

 

Bitcoin Cash – which is no more tangible than Bitcoin itself – came into being in August;  after several developers became frustrated at lengthening transaction times for the original crypto-currency.

Bitcoin Cash addressed this problem by tweaking the underlying technology – the blockchain – to allow bigger chunks of data to be processed at a time.

Although there have been other Bitcoin splits before, this “fork” was unusual. Everyone who owned the original virtual currency was offered a matching sum of Bitcoin Cash. This effectively created money out of nothing.

However, many exchanges, including Coinbase, initially refused to support the innovation, casting doubt on its prospects.

Price surge

Claims of insider dealing were not the only hitch that Coinbase experienced when it finally added support for the new asset.

Trade of Bitcoin Cash was frozen just four minutes after it began on the firm’s Global Digital Asset Exchange (Gdax) and existing orders were cancelled.

The move seems to have been a reaction to an apparent price surge in Bitcoin Cash on the platform beyond its already elevated level elsewhere.

When Coinbase launched Bitcoin Cash at 17:20 PST (01:20 BST) it was valued at about $3,500 (£2,612) per coin.

At the time it suspended it, the company was quoting a price of about $8,500. It remains unclear whether or not this was a software glitch or if deals were really being made at this level.

Coinbase has yet to give a full explanation. But it has said that it intends to reopen Bitcoin Cash order books later on Wednesday.

Bitcoin Cash is currently the world’s third biggest crypto-currency with a total market capitalisation of about $56bn, according to Coinmarketcap.

That compares with there being $79bn worth of Ethereum and $293bn worth of the original Bitcoin.

 



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