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Will Bitcoin Cash Lead the Way with Its Continued Innovations?

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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.

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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

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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