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How will Bitcoin Cash face bitPico Threats?

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Bitcoin Cash
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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

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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Bitcoin

How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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Bitcoin

The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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