Original Bitcoin Fork, BCH, Gets Exchanges’ Seal of Approval for Upcoming Fork

  • Darryn Pollock
    ⭐ Features

    Bitcoin Cash’s recent boom is based around an upcoming fork, but this one is being backed rather than shunned by a lot of prominent exchanges

Original Bitcoin Fork, BCH, Gets Exchanges’ Seal of Approval for Upcoming Fork
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During this time of low volatility and steadiness across the cryptocurrency markets, Bitcoin Cash has been rolling impressively. The original Bitcoin fork, that is now over a year old, is preparing for another fork in the near future, promoting a buying phase.

The price of Bitcoin Cash increased by nearly 40 percent over this past weekend, and it has also seen huge increases in its trading volume, which is up almost seven-fold. It managed to move its trading volume from less than $200 mln to $1.4 bln.

An interesting thing about this forked currency’s latest fork is the type of support it is garnering now, more than 12 months on from its creation. When Bitcoin Cash first emerged onto the market, there was a lot of doubt and skepticism surrounding it, and support from exchanges was limited and muted.

This time around, the controversial fork has already got the sign of approval from the likes of Binance and Coinbase as well as hardware wallet Ledger, saying it would support the dominant chain.

A boom before the fork

It is nothing new to see a cryptocurrency to boom in price just before a hard fork is brought to the fore. A lot of this has to do with investors receiving equal amounts of the newly forked cryptocurrency from their original BCH hoard.

So, the rally around the Bitcoin Cash fork has probably a lot more to do with greed and the chance to receive a free bounty of the newly forked currency than anything else, but it is helping the Bitcoin hard fork gain back some of the losses it has suffered since its inception. The Bitcoin Cash price is currently around $560, up from the last week’s lows of $415.

But, the level of this price boom, as well as the increase in trading volume, probably has a lot to do with the support that has been garnered from major exchanges and hardware wallets.

Bigger support this time

On Friday, the world’s largest crypto trading platform Binance announced its continued support during Bitcoin Cash’s upcoming hard fork, as did the USA’s Coinbase. Hardware wallet Ledger is going to support the dominant chain, too.

It is in stark contrast to Bitcoin Cash’s original fork from Bitcoin how much support is being given this time around. The likes of Coinbase and others were initially disparaging to Bitcoin Cash and then made a surprising decision to support the cryptocurrency.

Coinbase’s decision to suddenly support Bitcoin Cash came with a bout of criticism for market manipulation, but this time around, they have suggested support even before the fork expected on Nov. 15 has taken place.

More than scheduled maintenance

Forks can occur twice a year as part of planned protocol upgrades. But this fork is somewhat different from the usual upgrades as there is a competing proposal that is not compatible with the original roadmap of Bitcoin Cash from

There are two competing clients in this arena: that of Bitcoin ABC and nChain. Bitcoin ABC, the most used Bitcoin Cash client, has proposed a non-scheduled change to Bitcoin Cash. It claims it will make the currency more scalable and usable as well as open doors for non-cash transactions on the Bitcoin Cash Blockchain. They also do not want the blocks to change from their current 32mg.

On the other hand, nChain wants to avoid canonical transactions and raise the block size to 128 MB. nChain has the support of US-based Coingeek which has around 21 percent of the mining power, while Bitcoin ABC has Bitmain at its back with 18 percent of the hash rate.

It will now be about rallying the rest of the hashing power on either side of the debate to see which fork of Bitcoin Cash survives with what planned changes to its protocol.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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