BTC CASH Archives - 2100NEWS

UrbanJuly 8, 2018

5min621

Expedia, the online travel agency that has been one of the largest merchants to accept bitcoin since 2014, has quietly stopped accepting the cryptocurrency, forcing users to seek alternative travel services.

Marketexclusive.com reported on July 2 that an Expedia spokesperson confirmed the company would not accept bitcoin for hotel or flight bookings and that it was evaluating alternative payment options. The spokesperson said the company apologized for inconveniences because there had been no advance notice of the change.

Expedia Experienced Problems

The report noted that Expedia faced frequent problems with bitcoin payments, including customer dissatisfaction about the payment process timing out, a hectic refund process, and some customers finding they needed to pay with their credit card even after they paid in bitcoin.

Coinbase Change A Factor?

Numerous posts have speculated that Expedia stopped accepting bitcoin because Coinbase, Expedia’s bitcoin payment processor, introduced a new merchant tool that changed its custodial merchant service.

In late March, Reddit announced it would no longer accept bitcoin payments for its premium membership program, Reddit Gold, mainly on account of Coinbase’s new merchant platform. A Reddit administrator was quoted as saying that Coinbase’s change, in addition to some issues with the bitcoin payment option, caused the service to discontinue bitcoin acceptance.

Cheapair.com Switches To BitPay

expedia

While Cheapair.com, another online travel agency, also used Coinbase, that travel website has since switched to BitPay.

Jeff Klee, CEO of Cheapair.com, noted in a statement published on Bitcoin.com in late April that Coinbase had informed the travel service that it will no longer support custodial solutions for merchants, and that on April 30 merchants would no longer be able to create new orders using the Coinbase merchant tools. Klee further noted Cheapair.com’s plan to use BitPay as a processor.

Cheapair.com, in addition to accepting bitcoin since 2013, also accepts litecoin, bitcoin cash, and dash for both flight and hotel bookings, the company announced this past May.

Klee also stated in May that the company has experienced a “huge uptick” in customers requesting alternative currencies.

Alternative Travel Sites Available

Aside from Cheapair.com, there are a variety of lesser-known travel services and airlines that accept cryptocurrency.

Travel websites that accept bitcoin include Destina.com, Abitsky.com, Btctrip.com, Fluege.com, Nurflug.de and Agencciadeviajesvirtual.com.

Airlines that accept bitcoin include Airbaltic.com of Latvia, Flypeach.com of Japan, Fat.com.tw of Thailand, and Cebupacificair.com of The Philippines.

Gift cards that can be used to pay for some airlines include Gyft, eGiftergiftoff, FlightGiftCard, Bitrefill.com.

Expedia itself had been on that list since June 2014, when it announced that it would accept bitcoin for hotel bookings. Michael Gulmann, company vice president, said at the time that the bitcoin acceptance was only a test.

One Reddit poster noted that Expedia’s recent decision was especially unfortunate for IT industry users, since many of them receive a portion of their salaries in cryptocurrency.


Gabrijel ŠerjakJanuary 30, 2018

3min547

“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.


Žiga ŠtiftarJanuary 29, 2018

2min479

IS cryptoworld going mainstream?

A race might be on as merchants try to gain a competitive advantage through far lower fees and by opening themselves to a new half a trillion global crypto market.

Starbucks opened the firing shot, with its chairman, Howard Schultz, making it clear the world is going the crypto way. He said:

“I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application. And I believe that Starbucks is in a unique position to take advantage of that…

And we think we have something to offer the companies that are chasing this, because we are in a position to create the trusted legitimate place in which this could be accepted and possibly take advantage of the mobile payment digital platform that we have created.”

South Korean merchants then added fuel to the fire. One of their biggest online shopping malls is to add 12 digital currencies in a very first for the country. Its competitor, TMON, quickly followed suit by suggesting they might do the same. Naver too.

In a country where crypto trading is fairly mainstream, the phenomenon can quickly spread, with a new era potentially underway.

But can the network handle it? Depends which one. Bitcoin clearly can’t right now with its current ecosystem, so it’s placing all of its hopes on the Lightning Network. In contrast, Bitcoin Cash says they can scale to even country level this very moment.


Žiga ŠtiftarJanuary 26, 2018

2min702

Cryptocurrency trading without fees

Watch out crypto exchanges as popular stock trading app ‘Robinhood‘ is coming to steal your space in the crypto world. It has absolutely streamlined, no-commission approach. On Thursday, Robinhood announced that by February next month,  it will allow its customers to buy Bitcoin and Ethereum without any added transaction fees. However, for now, customers will be able to track the prices and news. They will also be able to set up alerts for Bitcoin and 15 other cryptocurrencies.

Robinhood is a popular stock trading app within millennials with over 3 million registered users. Their average age is 26. The digital currency trading platform of Robinhood will go live the next month. It will allow users in the states of California, Massachusetts, Missouri, Montana and New Hampshire. There it has received regulatory approvals to acquire digital currencies with no minimum purchase amount.

The popular U.S. exchange ‘Coinbase’ which clocked a billion-dollar revenue last year currently charges its customers about 1.5 to 4 percent fees. There is exponential increase in the number of investors rushing to the crypto exchanges. The price of trading virtual digital currencies have considerably gone high above $20.

Robinhood app currently hosts a day and night theme for the traditional stock markets to indicate the open and close times. Unlike this, the crypto section is styled with the 80s Tron design in order to indicate the 24-hour trading window. Regarding the operations, Robinhood’s co-CEO Baiju Bhatt told Fortune that the company will act like as a broker-dealer. Not an exchange in the cryptocurrency market. For this, Robinhood will partner with other big institutions which would help to acquire cryptos on behalf of customers.


Žiga ŠtiftarJanuary 25, 2018

2min381

It seems that cryptocurrency miners based in Canada will have to restrain their activities. The miners began flooding with messages the electricity suppliers in Quebec. They seem to have big plans to create new virtual currencies, said Reuters.

 

Numerous miners are looking after the Canadian market. Following several requests from them, Hydro Quebec renegotiates that the country would not have enough energy to satisfy the demands of all miners.

The energy company has researched this issue. They took into account the mining operations of 70 virtual currencies. The company claims to accumulate a surplus of 100 terawatt hours in 10 years. To support Hydro Quebec research, Digiconomist’s Bitcoin Energy Consumption Index calculated roughly how much energy will consume the Bitcoin and Bitcoin Cash mining activities. The result was 31 terawatts hours per year. Imagine that in the future there will not be just these two cryptocurrencies.

The utility supplier named Marc-Antoine Pouliot, related for Reuters that “We are receiving dozens of demands each day. This context is prompting us to clearly define our strategy. We won’t be able to power all the projects that we’re receiving. This is evolving very rapidly so we have to be prudent”.

Canada is already home to three most popular blockchain players, said in an interview the Director of Business Development at Hydro Quebec. Once Canada won’t support many demands of the miners wishing to settle on their territory, we assume that they will implement new regulations to control it.


Nejc PanticJanuary 19, 2018

2min397

South Korea’s citizens started a petition.

A lot is happening in South Korea, with a potential ban on trading with cryptocurrencies and some inspection regulations already in place. It now seems the South Korea’s citizens have taken the matter into their own hands.

The petition they started, already has more than 250.000 signatures. Among other things the citizens pledge that any politician voting in favor of restrictions will not be re-elected when new elections take place. They are also stating that the government is “taking away their dreams”.

As the pressure is starting to pile up on politicians, looks like the tide is already turning for the citizens. Strangely, the Korean government is now reportedly willing to introduce their own cryptocurrency. They can now see the long-term potential in the market.

It will probably take time until the South Korean government is fully on board but at least people’s enthusiasm is forcing them to realize the potential that blockchain has in their daily lives.


Luka GlogoskiDecember 28, 2017

4min667

We are about 5 hours away from block No. 501451, when the new version of the dreaded SegWit2x hard fork will launch.

It will join Bitcoin Cash (BCH), Bitcoin Gold, Bitcoin Diamond and Super Bitcoin as the 5th Bitcoin fork of 2017.

This new version has very little, if anything, to do with the original SegWit2x hard fork, which failed to launch in November, after the New York agreement fell apart at the last minute.

Here are the main claims to fame of this latest Bitcoin fork:

  • Increased block sizes of 4MB (compared to 1MB for BTC)
  • A higher production rate of 2.5 minutes (compared to 10 minutes for BTC)
  • Recalculation of complexity (difficulty) after each block
  • Protection against repeated transactions (i.e. replay protection)
  • Use of the X11 encryption algorithm

The roadmap for the next 12 months for B2X also includes:

  • Offline code support
  • Lightning network support for instant transactions
  • ZkSNARK support
  • Ethereum Smart Contract Support
  • Anonymous transactions

The idea behind these changes is to allow for faster and cheaper transactions by allowing more transactions to occur in each block, and for blocks to have faster production rates.

That is all very welcome, but as we can see, this is nothing like the original SegWit2x, which only increased the size of the block to 2MB, so the name is very misleading.

The project is headed by Jaap Terlouw and a small team of developers. For more information, you can visit their website at b2x-segwit.io.

The big question now is how can you make sure you can claim your fair share of the new fork. There is a lot of mixed information available on the web as to which exchange will support the fork. Possible ones include:

 

1. https://hitbtc.com/

2. https://yobit.net/en/

3. https://exrates.me/

4. https://zumminer.com/

5. https://localtrade.pro/

6. https://needlecoin.org/

7. https://www.wmtransfer.com/

8. https://freewallet.org/

Binance and KuCoin are also rumored to support it, but due to the confusion with the name, it’s hard to know for sure.

The only sure way of getting the forked coins is to hold your bitcoin in your own hardware or software wallet, such as the Ledger Nano S or Exodus at the time of the blockchain snapshot, which is coming up very shortly now.

It’s tempting to dismiss this coin as just another useless fork, but look at where bitcoin cash is right now and ask yourself if you can afford to take the chance.


Luka GlogoskiDecember 21, 2017

4min297

Bitcoin is beginning to look like it might be running out of steam. Following the recent futures launch by  CME and Cboe, enthusiasm appears to be switching over to the so called alt-coins, such as ethereum and litecoin, which have been growing at an ever increasing rate relative to bitcoin. Could Bitcoin Drop to 11k?

According to CoinMarketCap, the cryptocurrency is currently trading at $16,700, down from the record high of $19,783 set on Dec. 17.

Overall, bitcoin has depreciated by 4.95% over the last 24 hours, however even more alarming is the $19 billion trading volume, which is indicating there may be some big players behind the selling off.

A major driver has certainly been the recent listing of bitcoin cash on Coinbase, the world’s largest cryptocurrency exchange. Due to the large number of new users many have jumped on the opportunity of a cheaper bitcoin, perhaps without realising the difference.

Trading of the BCH/BTC pair had to be halted after only 3 minutes, following a huge price spike, to avoid even more users paying a massive premium. After trading resumed, bitcoin cash price continued to rise and is currently at $3,765.

The question now is, how low will bitcoin go and could we see a reversal of the price leader of the bitcoin franchise, so called “flippening”?

Technical analysts are predicting the bitcoin price could drop as low as $11,000.

Bitcoin chart

 

The above chart (from CoinMarketCap) shows the falling price of bitcoin:

  • Yesterday’s weak close confirmed a bearish pattern.
  • The short term drop to $14,000 also indicates trouble may be on the horizon.

Based on historical bitcoin price action, a 61.8% Fibonacci retracement level would not be out of the question. If that were to happen, we could see the current pullback finding support around $11,000.

Harmonic price pattern analysis also identifies a potential reversal zone around $11,000.

A cypher pattern is a part of the harmonic trading methodology that utilizes the recognition of specific price patterns and the alignment of exact Fibonacci ratios to determine a highly probable reversal point.

Cypher is characterized by:

  • AB= 0.382 to 0.618 retracement of the XA swing leg;
  • BC= extend to minimum 1.272 and maximum 1.414 of the XA swing leg
  • CD= retrace to 0.786 of the XC swing leg
  • D = reversal point

Conclusion

  • In the short term, BTC seems to have topped out near $20,000.
  • $11,000 could act as a strong support.
  • Possible Bullish scenario – A close today above the 5-day MA of $18,700 could indicate a price reversal and could yield a move above $20,000.

 


Gabrijel ŠerjakDecember 20, 2017

4min404

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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