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

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Bitcoin Cash

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

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

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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…

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