Connect with us

Bitcoin

Will Bitcoin Cash Lead the Way with Its Continued Innovations?

Published

on

Bitcoin Cash
READ LATER - DOWNLOAD THIS POST AS PDF

The current bearish trend of Bitcoin doesn’t bode well for any altcoin. Each second Bitcoin price dips even further making its recovery harder. Crypto investors and traders have been suffering from losses since the last weekend and even now the cryptocurrency markets show no signs of reformation. At this critical juncture, Bitcoin Cash (BCH) that is also dubbed as Bitcoin’s best fork so far is busy working on its platform innovation. On completion, this on-going project could help BCH survive Bitcoin’s current relentless fall. In this article, we shall know more about ChainBet and the new transaction ordering rule for Bitcoin Cash.

ChainBet: First Atomic Bet Using New OP_Codes

A few days ago BCashers went wild over the news of ChainBet becoming the first atomic bet use-case for Bitcoin Cash OP_Codes. ChainBet is a proposed Bitcoin Cash protocol developed to allow on-chain betting. It is being developed by Jonald Fyookball the founder of Bitcoin Cash supported wallet Electron Cash, James Cramer, and Openbazaar’s dev Chris Pacia. The initial proposal depends on a simple coin flip bet which is tethered to Bitcoin Cash chain, the only difference is that its principles can be extrapolated to offer more elaborate configurations. The protocol mainly comprises two components which are:

  • Commitment Scheme, it offers a trustless wager
  • A messaging system which works on-chain for the sake of communication.

Although ChainBet still needs peer reviews in order to mend its flaws but on the subreddit of BTC where fyookball first posted it shows people’s support for it.

Effect on Bitcoin Cash Community

Majority of Bitcoin Cash’s community is delighted with ChainBet and OP_Codes application. They’ve openly complimented fyookball’s idea all over the subreddit. The detailed information regarding how ChainBet works on the GitHub repository has wowed people and even non-believers of BCH. The system proposed is well prepared to reduce collision and there’s potential in ChainBet to grow even more secure and efficient. One of the major differences between Satoshi Dice and ChainBet is that in its case of the former, players have to place their trust in the operator that he’d pay out the winnings and not escape with their bets whereas since the former one is an atomic bet hence it guarantees that winner will be paid irrespective of other consequences. Chris Pacia has already shown the Bitcoin Cash community how the trustless scheme looks in action while focussing on the point that this won’t work on BTC since it doesn’t have OP_Codes enabled.

Proposal of a New Transaction Ordering Rule

The Bitcoin Cash community and even its developers have proved many times that they believe in continuous innovation and improvement of its blockchain platform. Instead of behaving like sitting ducks, four researchers and Bitcoin Cash developers have come forward with a plan to enable different transaction sorting process called ‘canonical transaction ordering’. The current topological transaction ordering rule is far complex as compared to the newly proposed ordering rule because it would sort transactions against their identifiers which would ultimately ease the processing of very large blocks by the network. according to the researcher’s proposal paper, the new transaction ordering rule would also contribute to better scaling. This new process is said to increase the efficiency of block propagation and emissions. With the help of proposed ordering rule, networking participants will have a chance to use their bandwidth capacity better by transferring much more information before the emission of a new block occurs. After this proposal was made public on 12th June, it seemed to have gained the support of many BCashers on various forums and social media. The only question remains is that whether this functionality will be added to Bitcoin Cash in the upcoming hard fork in November.

Current Market Position

As most crypto enthusiasts know, cryptocurrency markets are currently showing no sign of betterment as Bitcoin continues to dip. At this point, there aren’t many altcoins which are not following bitcoin. Currently, Bitcoin Cash is stuck at the 4th rank on CoinMarketCap. Its individual price has reached $875.8 and is currently rising at the rate of 0.38%. Its total market capitalization at the time of writing is $15 billion whereas an approximate of $586 million worth of Bitcoin Cash has exchanged hands in the past 24 hours.

Final Thoughts

It’s clear to see the untapped potential in Bitcoin Cash. The upgrade that took place in May and the re-enabling of OP_Codes continues to be of use to BCH. It has also started a new sort of comparison among crypto enthusiasts nowadays. The new buzz is whether Ethereum smart contracts are better or Bitcoin Cash OP_Codes. Although both smart contracts and OP_Codes differ widely, there’s a possibility that due to OP_Codes functionality, BCH may observe positive profits in the days to come.

For the latest cryptocurrency news, join our Telegram!

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.

Image courtesy of Pexels

Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

Published

on

CoinFlip
READ LATER - DOWNLOAD THIS POST AS PDF

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

Continue Reading

Bitcoin

New Tendencies of Bitcoin Gambling

Published

on

Bitcoin gambling
READ LATER - DOWNLOAD THIS POST AS PDF

Gambling has always been an integral part of human nature. Nothing is sweeter than the money you win, and that’s why wagering games have always captivated people throughout history. Last couple of decades saw the gamblers switch increasingly towards virtual gaming, instead of physically being inside a casino. The popularization of online casinos led to the integration of Bitcoin Gambling into the systems and today a very large share of the casino industry is based on the virtual currency.

Reasons behind the transition

The tendency to switch from classic casino environment was dictated by the fact of mobility and accessibility. But the new age has brought us cryptocurrencies like Bitcoin that revolutionized the gambling business. From now on, the gamblers of the world don’t have to rely on traditional banking transactions to be able to enjoy themselves online. A simple crypto-wallet and ownership of virtual currency is enough to engage in Bitcoin Gambling.

Bitcoin Gambling and Blockchain Technology

The big reason for the heavy shift towards Bitcoin Gambling is the fact that Bitcoin and other cryptocurrencies are based on the blockchain technology. This means that the process is decentralized, resulting in a much faster speed of transactions, when it comes to depositing or withdrawal of funds in or from the casino accounts. It also makes gambling incredibly secure,…

Continue Reading

Bitcoin

Bitcoin will return to the bear market? Bex500 senior investor teaches you how to get profit in the Bear market

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

—— Don’t forget to join Bex500 bonus program at the bottom of the article.

Since September, the Bitcoin price has been decline from beyond $10000 to below the $8000, which 20% of the bitcoin value has been removed. The collapse of bitcoin price brings about the new panic in the bitcoin trading market. Many bitcoin investors are scared of the returning bear market as the early of this year. On the contrary, some of the bitcoin-believer, especially the investor who brought Bitcoin in the height of the price still thought that the bitcoin price will rebound very soon. However, it is no doubt that the early stage of the bear market has been shown up in the past month. Many crypto analysts start to predict the bottom price of this market movement.

However, as the market developed, crypto traders have detected more tools to safely pass through the bear market. They realized more ways to avoid the loss of the price decline; moreover, they began to earn profit from the bear market. The key to the tools is the bitcoin futures contracts. We are honored to make an interview with Bex500 senior investor Tom Beck and he introduces the details about bitcoin futures contracts. (Reporter=R, Tom Beck=T)

R: Hi, Tom, Thank you for accepting our interview, Could you introduce yourself?

T: Sure, My name is Tom, I have over…

Continue Reading

Elite