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Bitcoin Cash (BCH) Bags Another Milestone Achievement

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Bitcoin Cash (BCH)
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Everybody has been eyeing cryptocurrencies as the new asset class but due to its dynamic and complicated nature, many have been speculative regarding these digital currencies for a long time. This year has been proving itself to be quite profitable for cryptocurrency enthusiasts and investors so far. Both crypto giants, as well as top altcoins, have been performing well for the past quarter. The crypto market suffered a recent bearing trend due to the emergence of UPbitfud which was denied yesterday. The markets are yet to stabilize and during this moment the biggest news comes from Bitcoin’s favorite and prosperous fork, Bitcoin Cash (BCH) as they complete their anticipated goal of increasing block size.

True Meaning behind the Upgrade

The overjoyed Bitcoin Cash community experienced a hard fork of Bitcoin Cash to the new Bitcoin ABC Software. To those who still do not understand the basics of a hard fork, it is a fundamental change of blockchain or distributed-ledger technology. The typical result of a hard fork is two separate coins. The origin of Bitcoin Cash was also a result of hard forking Bitcoin. Bitcoin Cash can be called another version of bitcoin which represents an upgrade of processing power to 8 MB units whereas Bitcoin core version has a 1MB block. But the current hard fork of bitcoin is more of an upgrade of the said blocksize from 8MB to its quadruple value and will not produce another coin. This upgrade is meant to provide users with even faster transactions while keeping the network fee at a minimum.

Default Data-Carrier-Size Upgrade

The Bitcoin Cash blocksize upgrade is a huge achievement for not only BCH community but also those who have been waiting for Bitcoin Cash to turn the wheels of crypto markets. The hard fork was initiated using Median Time Past and went live on the next block after MTP timestamp at 4:14 p.m. UTC. But it is important to note that Bitcoin Cash also announced some other significant upgrades along the way. For example, the blockchain’s default data-carrier-size has now risen to 220 bytes from 80 bytes. This increase will enable a strong OP_Return feature which is basically a less expensive method to embed data into Bitcoin Cash Chain. The OP_Returnis actually a script code which is used to mark transactions as invalid. Although, the common belief is that OP_Return can record other sets of data and not just financial transactions, but present developers believe that this upgrade will enable various types of transactions and new features in Apps such as Counterparty Crash, Blockpress, Memo and other such platforms.

How Will It Help The Community?

The main idea of this upgrade is to permit the huge amount of transactions on the BCH blockchain while maintaining Bitcoin Cash’s promised less expensive network fees. It’s a known fact that the current amount of transaction on BCH has been gradually increasing and has been supported with commercial adoption almost every day by new businesses. At this point, by increasing the block size fourfold, the blocks will take much more time to fill up. Crypto experts believe that equipped with these new innovations, Bitcoin Cash will become even more popular and boost its usability. Bitcoin Cash has also re-enabled Satoshi OP_Codes which are used to perform particular operations such as simple math and string management. It is believed that these OP_Codes will bring new functionalities to the Bitcoin Cash network and promote better comprehension of these codes which were created originally by Satoshi.

Future Development Plans

The upgrades announced by Bitcoin Cash are by far, a huge milestone for the platform and it will undoubtedly attract many more followers and developers to its side. However, these are not the last upgrades brought by Bitcoin Cash. According to the team behind Bitcoin Cash, it is merely the first step towards the upcoming innovations. Some other developments which are currently underway are;

Double spend notifications which according to its name, will be used to notify the nodes whenever double spend occurs.

New Proof-of-Work ‘Bobtail’ and Merging concepts such as ‘Graphene Protocol’ to enrich the set of features provided by Bitcoin Cash Chain.

Current Market Position

Although Bitcoin Cash sells itself as the original Bitcoin which offers lowest transaction fees according to records, Bitcoin’s transaction fee was noted lower than BCH at the end of February. Currently, the crypto markets are experiencing a see-saw situation and will probably need more time and support to gain momentum. According to the data on CoinMarketCap, Bitcoin Cash is ranked as the 4th largest cryptocurrency in the world. Its individual price is at $1257 USD and is going down at a rate of 11.45% while its total market capitalization is approximately $21 billion and $535 million USD at the time of writing.

Final thoughts

The upgrade has spelled a new chapter for Bitcoin Cash’s dominance in the cryptocurrency markets and 15th May will remain as a historical day for the BCH community. But it will take some time before the crypto markets rally towards recovery and Bitcoin Cash leads all digital assets to oblivion. It’s safe to say that this innovative upgrade will spur new adoptions of BCH and maximize transactions on Bitcoin Cash Network.

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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.

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Bitcoin

New Tendencies of Bitcoin Gambling

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Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

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Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

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—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

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