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Bitcoin Cash Hard Fork Dilemma: What is The Future of BCH?

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Bitcoin Cash
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As November 15th approaches, so does the Bitcoin Cash (BCH) hard fork. However, the hard fork gained unexpected support from two well-known cryptocurrency exchanges  — Binance and Coinbase.

This fork was originally supposed to be a method for BCH to receive a new upgrade. However, due to disagreement regarding said upgrade, many expect the event to lead to another code split. The disagreement arose between Craig Wright’s nChain and Amaury Séchet’s Bitcoin ABC. nChain believes that the upgrade will bring inappropriate changes to BCH and that they will not fit the original version of the protocol. More precisely, ABC aims to remove topological transaction order constraint and to enforce the canonical order of transactions instead.

Discussion regarding this issue took months, and the two entities still did not find a solution that would satisfy both sides. As a result, there are speculations and rumors of nChain releasing a new coin named Bitcoin SV, which will stick to the original idea of BCH.

Coinbase and Binance support the hard fork

While this alone is considered by many to be a big development, it is not the end of the conflict. Last Friday, Coinbase announced that it plans to support the BCH upgrade by Bitcoin ABC. They also stated that sending and receiving BCH on their platform will be paused one hour prior to the fork. That way, disruptions in transactions will be minimal. In addition, Coinbase announced that, in case of a new coin being launched after performing the fork, their platform will offer access to customer funds on each chain.

Soon after Coinbase released this statement, a similar announcement came from Binance. However, Binance did not pick sides like Coinbase, and instead, it supported both of them. It promised its customers the ability to access digital assets on both blockchains after the fork is performed, and chains get a chance to stabilize.

It should be noted that there may not be a second coin after the fork is performed. While it is not unusual for a new coin to emerge from a hard fork, this is still not an obligatory result. Right now, it all comes down to whether or not a consensus can be reached.

In the meanwhile, BCH price experienced a noticeable surge after the news of Coinbase and Binance providing support emerged. At the time of writing, the BCH price is $563, which is over $130 more than the coin’s value a week ago. Whether BCH will keep this price or experience a correction after a while has yet to be seen.

In any event, Bitcoin Cash still remains the fourth largest currency by market cap. For now, both sides seem to be moving forward with their plans. It is difficult to predict what will the situation be like after the fork is performed, but the date approaches, and everything will be resolved in less than 10 days.

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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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