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How will Bitcoin Cash face bitPico Threats?

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bitPico, an anonymous group has recently declared that they are currently developing numerous “attack nodes” online with the focus on Bitcoin Cash (51% attack) and will create “multiple forks”. There was a rumor in March 2018 that bitPico was responsible for the DDoS (distributed denial-of-service) attacks against the Lightning Network, Bitcoin’s proposed layer-two scaling solution. bitPico, in a Twitter post, had claimed the accusation to be true and revealed that they had created a network stress tool for the Lightning Network.

This means that the anonymous group was testing the network in adversarial conditions and checking out its strength. bitPico had revealed to the press its intentions, “as people with investment into bitcoin, we want to make sure layer-two solutions do not get [overwhelmed] out of the gate.” The measure was appreciated by many and Andreas Antonopoulos, Bitcoin lecturer had said that this free testing would give them the opportunity to strengthen the Lightning Network.

bitPico, it seems, now has turned their attention to Bitcoin Cash (BCH), as per their Twitter post on 22nd June 2018. Their Twitter post read, “It’s time to determine how centralized @rogerkver really is and we are 100% confident we can split the network into multiple forks. Look forward to a 51% attack on the #bitcoin #cash chain this September.”

The next day itself, a Twitter post of bitPico read that the attack has already started and 5,000 “attack nodes” can be expected to run within the next few weeks. The stress test tool used by bitPico lately is also ready for “botnet deployment”.

Bitcoin Cash is quite vulnerable to hacking because nearly 85% of the Bitcoin Cash nodes are located in two data centers. BTC, compared to this is better equipped as it is Sybil proof and will protect unless 50,000 full non-pruned nodes are deployed.  But, the hack will not be accomplished so easily as all their nodes will have to validate bitPico’s payload.

Real World Stress Test

During the Bitcoin Cash Stress Test, the aim is to confirm millions of minimum fee transactions within 24 hours. The BCH Stress Test Day site said, “Such volume of minimum fee transactions will prove to merchants and businesses worldwide, and also to ourselves, that the BCH main network is capable of scaling on chain and is capable of handling such volume of transactions today.”

Bitcoin Cash (BCH) has often been warned about the hard fork move and there have been allegations of instability, vulnerable to attacks and so on. However, Bitcoin Cash has till date defied all such critics and has climbed to the 4th position in the cryptocurrency rank list of coinmarketcap.com. This should say something about the most successful hard fork of Bitcoin (BTC).

The stress test welcomes anyone who is eager to participate and the cost is very less per head as it will be spread across the community. Bitcoin Cash has more or less been dismissive of threats like that of bitPico and Zeger has emailed to Bitsonline, “No, I don’t know anything about it. It seems like nothing, I’ve heard others say that the fellow has made other outlandish claims before that amounted to nothing.”

The stress testing date is scheduled for 12th September 2018, 12:00 UTC. In order to make this an annual event, the network has scheduled it before the BCH November upgrade. The aim is also to test apps, wallets and other services in stress. This way everyone will get useful data and they can use it to make further progress.

The testers assure that the capacity of the Bitcoin Cash network will be assured on that day and it will be a ray of hope for merchants, businesses and investors and they will be able to entrust the BCH network and its ability to scale on-chain. “You can also just like every comment on Memo.cash with 546 satoshi tip, or make lots of 546 satoshi donations to eatBCH.” Heck, chat up some buddies on the Kepyport app while you’re going about all the above, betting on “Satoshi Dice, Satoshi Bones or any other BCH online games.”

Price Details

The price of Bitcoin Cash, at the time of writing, shows approximately $753.18 USD (8.00%) while the market cap is nearly $12,956,527,343 USD. The volume (24h) shows over $574,268,000 USD. (As per coinmarketcap.com) June 2018 has seen some usual fluctuations with the price of BCH sometimes showing a negative slide. However, one can expect the price to rise in this year if Bitcoin Cash makes it through the stress test successfully.

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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

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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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

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

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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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