Connect with us

Blogs

BCH vs BSV: One Month After The Hash Wars Ended

Published

on

BCH vs BSV

While most cryptocurrencies experienced massive losses throughout 2018, no one will soon forget the mid-November hard fork of BCH, which has given birth to BSV and has also pushed the entire crypto market into a completely new nosedive and created a BCH vs BSV rivalry. Now, over a month after the event, the market is still suffering consequences. However, many are interested in what did the hard fork manage to achieve, as well as what might await these coins in the future.

BCH vs BSV: A quick recap

As many already know, Bitcoin Cash (BCH), which itself came to be as a fork of Bitcoin, was scheduled to have a hard fork on November 15th. This was one of two hard forks that BCH is expected to have annually so that it can implement necessary upgrades and improve the blockchain. However, due to the difference in opinion within the BCH community, two sides eventually formed.

One was led by Bitcoin ABC, which wanted to bring its version of upgrades to BCH. The other was led by nChain’s Craig Wright, who believed that implementing said upgrades would change BCH and that it would no longer be what Bitcoin’s creator, Satoshi Nakamoto, envisioned when he created BTC a decade ago.

After months of debating, the two sides were unable to come to a consensus, and the hard fork resulted in the creation of two coins. Another problem was that both of them wanted to be considered the real BCH, which is why they entered a hash war. After more than a week of excessive block mining, Bitcoin ABC got its version of BCH to be considered the real BCH. As for Wright’s coin, it came to be known as Bitcoin SV (BSV).

BCH and BSV in a post-war market

As mentioned, the hash wars of these two coins started a downward spiral that has affected Bitcoin’s entire ecosystem, and the entire crypto market followed. Within only days, Bitcoin lost nearly half of its value, and the same is true for the crypto market as a whole. After the hash wars died down, the BSV representative, Calvin Ayre, stated that the community is ready to move on from the conflict. Their coin was doing well even without the BCH as their name, and they have decided that they do not want it anymore.

The entire situation has proven that the community believes that BSV should exist, and this fact alone is enough for the coin’s developers. Despite the fact that they have lost the name Bitcoin Cash, they consider BSV’s very existence to be their victory. At first, it appeared like BSV might disappear, and join Litecoin Cash, Bitcoin Diamond, and Bitcoin Gold. However, the coin soon started gaining value, especially in early December, when it started seeing massive gains in the middle of a crashing market.

BSV started advancing rapidly, in terms of price and market cap, and it quickly moved past several of the top 10 coins. The progression soon stopped, and dropped to 9th position, with a current price of $105.77. As for Bitcoin Cash, it also appeared like it might lose its position permanently, but it soon returned to the 4th spot, where it currently resides.

Right now, it appears like the market is trying to find a way to reach stability. After almost a week of growth, a lot of coins are currently seeing a slight correction. Investors have already given up on their dreams of a bull run, but many still hope that the market will successfully find balance in the last days of 2018.

For real-time trade alerts and a breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

on

Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

Continue Reading

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

on

2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

Continue Reading

Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

Published

on

Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

Continue Reading

Press Release