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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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How is the Crypto Market Changing?

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It has been around a month and a half since the start of 2019, and there are already some pretty obvious changes in the way the crypto market operates, especially when compared to the last year. Early 2018 was almost a complete opposite. The previous year started with cryptocurrencies at their strongest, only to see them crashing down after a few weeks. Back then, the ICO model was still quite strong, and so was the hype surrounding the crypto space. New investors kept entering the space, and new startups emerged with their tokens ready to be sold.

As the year progressed, things started to change. The prices continued to drop, the ICO model went down from around $1.4 billion in raised funds at the beginning of the year to only $100 million in the last month.

The ICO model lost investors’ trust, as many of the projects turned out to be either too weak to survive after the crypto winter struck, or scams which tricked investors out of their money and disappeared. Not to mention that the increase in ICOs popularity attracted the regulators who cracked down on them pretty hard, especially in the US.

With all of that happening, it is of a small surprise that the investors started giving up on ICOs, especially with the constant drops in prices which saw even the largest coins…

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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gambling dApps
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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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