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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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Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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Bitcoin ETF
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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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TRON (TRX) Back In The Crypto Top 10

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Tron
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For three weeks now, the crypto market was in a free fall. There was one moment when it seemed like the coins are finally bouncing back, and Bitcoin managed to climb back to $4,200. However, this uptrend was only temporary, and the coins dropped once again as December started.

Not a lot of coins are doing well these days, and almost every single one is trading in the red. Bitcoin is currently priced at $3,864, and the total market cap of the crypto space is barely over $123 billion. As expected by many, the bearish trend is still active, and seemingly at full strength. However, there are a few coins in the vast crypto space that are actually managing to grow in these unfriendly conditions, with the most notable one being TRON.

TRON on the rise

At the time of writing, TRON is also trading in the red. Although, only hours ago, this was not the case. Even now, TRX is losing only around 0.50% of its value, while all other coins around it are dropping by 4-5% on average.

TRON’s increase, while it lasted, was not big. However, considering the current state of the market, it was easily enough for the coin to make a big step, and actually improve its position on the list of largest cryptos. After months of waiting at the 11th spot,…

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Altcoins

MobileGo (MGO) – An Internet Gaming Pioneer

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MobileGo
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Although I love trading cryptocurrencies as much as anyone, I’m far more interested in analyzing the impact that blockchain technology can have on the business landscape.  After all, blockchain’s potential was the main catalyst behind the surge in trading volume last year.  While many industries will be forever changed through blockchain applications, the gaming industry will be the focus of this article.

The first thing my parents would think of upon hearing the word “gaming” is Nintendo.  And while video games do make up a considerable percentage of gaming sales, the industry has grown far beyond that.  Several years ago, ESPN aired an episode of E:60 that went inside the world of professional video game competitions.  One team, Dota2, was on a quest for a piece of an $18.4 million tournament prize pool.  Yes, $18.4 million for people who play games.  Since then, the industry has grown beyond anyone’s wildest imagination.  And one company, MobileGo, appears to be taking full advantage of that opportunity.

MobileGo’s MGO token is an Ethereum based ERC223 token that was developed to usher in a new era in the world of internet gaming.  The company’s main goal is to turn MGO into the world’s leading currency for the more than 2.6 billion gamers that currently exist.  It is expected that mass adoption will occur as game developers continue to grow their…

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