Bitcoin Blockchain

Bitcoin News

Link to source

Bitcoin NewsPanel Recommends Indian Government Take Immediate Steps to Stop Bitcoin UseHere’s The Trading Center In HK Where They Mined Most of the Bitcoin Cash BlocksSeveral Exchanges Experienced Difficulties During Bitcoin Cash DistributionThese Exchanges Are Now Trading Bitcoin CashBitcoin Cash Now Third Highest Valued Cryptocurrency Market CapD10e Startup Societies Summit: A Conversation With Organizer Matt McKibbinNchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard ForkFork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkBTC-e Closure: Clients Are Mt. Goxed by the U.S. – A New Front in Crypto WarsFork Watch: First Bitcoin Cash Block Mined Included Over 6K Transactions

https://news.bitcoin.com Daily Bitcoin News Wed, 02 Aug 2017 18:26:23 +0000 en-US hourly 1 https://wordpress.org/?v=4.8 https://news.bitcoin.com/indian-government-take-immediate-steps-to-stop-bitcoin-use/ https://news.bitcoin.com/indian-government-take-immediate-steps-to-stop-bitcoin-use/#comments Wed, 02 Aug 2017 17:00:45 +0000

Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use


The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use. Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month Immediate Steps Recommended A multi-ministerial […]

The post Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use appeared first on Bitcoin News.

]]>

The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.

Also read: Indian Bitcoin Hotspot Bangalore Sees 50+ Merchants Added This Month

Immediate Steps Recommended

A multi-ministerial panel formed by the Indian finance ministry in April to study and suggest measures for the government to deal with digital currencies including bitcoin has reportedly given the government its official recommendations. The Financial Express reported that:

[The panel] has recommended the government to take immediate steps to stop use of VCs [virtual currencies] such as bitcoins to protect people from potential frauds and curb money laundering.

Indian Government Take Immediate Steps to Stop Bitcoin UsePrior to submitting its report to the government, the panel sought views from the public as well as cryptocurrency start-ups. It recently held a meeting where stakeholders were consulted, Minister of State for Finance Arjun Ram Meghwal said last week, adding that it looked into various aspects of digital currencies such as the usage of bitcoin.

The panel also proposed that if the use of digital currencies continues, the government has the option of stopping their transactions by regulating commercial establishments and intermediaries, sources told the news outlet.

Cryptocurrencies Already on the Rise in India

Indian Government Take Immediate Steps to Stop Bitcoin UseMeanwhile, bitcoin adoption in India is rapidly growing especially in cities like Bangalore, where Unocoin, one of the largest bitcoin exchanges in the country is located. The company told Bitcoin.com that over 50 new merchants have signed up to accept bitcoin this month alone. According to a recent survey, professionals in most industries have heard of bitcoin, even though they have not used it themselves.

A government official said that intermediaries have been regularly advertising cryptocurrencies and the government’s silence on them “can be construed as permission for such activities,” the Financial Express detailed, adding that:

The panel suggested that the government should launch a campaign to discourage people from buying digital currencies and stop advertisements by VC intermediaries.

Government Still Undecided on Bitcoin Regulation

Indian Government Take Immediate Steps to Stop Bitcoin UseThe Indian government has long been looking into regulating digital currencies like bitcoin. In addition to the aforementioned panel, the government has also set up a task force to look into regulating digital currencies. Recently, the Supreme Court has independently ordered the Reserve Bank of India (RBI) to investigate complaints regarding its inaction over digital currencies, giving the central bank four weeks to come up with a report.

Meanwhile, the RBI suggested that the Securities and Exchange Board of India (SEBI) should be the one regulating bitcoin as it should be considered a commodity, to which SEBI disagrees. The news outlet further noted:

The panel, however, did not recommend a blanket ban on digital currencies, as it is difficult to implement.

What do you think of the panel’s recommendations? Let us know in the comments section below.


Images courtesy of Shutterstock and Livemint


Need to calculate your bitcoin holdings? Check our tools section.

The post Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/indian-government-take-immediate-steps-to-stop-bitcoin-use/feed/ 35 https://news.bitcoin.com/the-trading-center-in-hk-where-they-mined-most-of-the-bitcoin-cash-blocks/ https://news.bitcoin.com/the-trading-center-in-hk-where-they-mined-most-of-the-bitcoin-cash-blocks/#comments Wed, 02 Aug 2017 14:39:52 +0000

Here’s The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks


The Trading Center In HK Where They Mined Most of the Bitcoin Cash BlocksEarlier today we reported on the unknown pool that has been mining a vast majority of the Bitcoin Cash (BCH) blocks so far. Now Bitcoin.com has had an exclusive conversation with the miner from Hong Kong otherwise known as ‘MC Pool.’ Also read: Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap A Discussion With the […]

The post Here’s The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks appeared first on Bitcoin News.

]]>

Earlier today we reported on the unknown pool that has been mining a vast majority of the Bitcoin Cash (BCH) blocks so far. Now Bitcoin.com has had an exclusive conversation with the miner from Hong Kong otherwise known as ‘MC Pool.’

Also read: Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap

A Discussion With the Hong Kong Bitcoin Cash Miner

Currently, there have been two mining pools that have dedicated significant hashpower towards the BCH network — Viabtc and an unknown mining operation called ‘MC Pool.’ The ‘MC Pool’ has mined most of the BCH blocks in existence, and the block’s coinbase data has revealed an address to a backpackers hostel in Hong Kong called Kwong Wah Mansion. For instance, the very last BCH block mined has a Coinbase that says, “Genesis Block 269-273 Hennessy Road Wan Chai Hong Kong.” So Bitcoin.com decided to reach out to the miner operating from within the hostel. The operator of the pool wishes to remain anonymous.

The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks
The owner and operator of “Genesis Block” Hong Kong Bitcoin Center sent us this photograph.

According to the owner of ‘MC pool’ in Hong Kong, he and his “big miner friends” started mining BCH “for fun.” Additionally, the miner started mining BCH to promote his new trading center called “Genesis Block.” The trading center will focus on day trading, Over-the-Counter (OTC) sales, retail, night-time lectures, sharing and local cryptocurrency meet-ups.

“You are asking about the genesis block?” the miner asks Bitcoin.com via Wechat. “I am part of the people mining those blocks. We are opening a trading center at that address. Our operation is huge, but the BCH difficulty is the same as BTC.”

Mining Bitcoin Cash for Fun and to Promote the New Trading Center

The Hong Kong miner then goes on to explain that he and “most of his friends” have already switched back to the BTC main chain. They started mining yesterday, Hong Kong time, and the miner says the operation hasn’t been profitable due to the difficulty. “Return still cannot catch up to difficulty,” explains the miner. Since switching back to the main chain, the Hong Kong miner doesn’t think they will mine it again. He doesn’t believe his “friends” will jump back into mining BCH either. When we asked again why he decided to mine the BCH chain he explains;

Seriously for fun and to promote the new trading center in Hong Kong.

The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks
Only twelve BCH blocks have been mined so far. Two-thirds of the blocks have been found by the Hong Kong miner “MC Pool.”

‘Only Time Will Tell if Bitcoin Cash Survives’

Now that his operation has left the BCH mining up to “other miners,” we asked him if he thinks the new chain will survive. “I think so, it happened with other cryptocurrency already. It can co-exist.” The miner says they plan on opening the trading center in mid-September and the building is currently under renovation. When we asked him if he wanted to say something to those supporting the BCH chain, the Hong Kong miner states;

I have nothing to add. Only time will tell which one will survive eventually.

What do you think about the Bitcoin Cash miner from Hong Kong? Let us know in the comments below. 


Images via Shutterstock, and the Genesis Block Trading Center Hong Kong.


Bitcoin.com’s store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin coffee mug? Go shopping.

The post Here’s The Trading Center In HK Where They Mined Most of the Bitcoin Cash Blocks appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/the-trading-center-in-hk-where-they-mined-most-of-the-bitcoin-cash-blocks/feed/ 10 https://news.bitcoin.com/exchanges-experience-difficulties-during-bitcoin-cash-distribution/ https://news.bitcoin.com/exchanges-experience-difficulties-during-bitcoin-cash-distribution/#comments Wed, 02 Aug 2017 12:45:53 +0000

Several Exchanges Experienced Difficulties During Bitcoin Cash Distribution


Exchanges Experience Difficulties During Bitcoin Cash DistributionSeveral major cryptocurrency exchanges experienced a number of difficulties during the highly anticipated bitcoin cash distribution that took place yesterday. From 12:20 UTC onward, customers of Kraken and Bittrex experienced several interruptions to login functionality, whilst Bitfinex reported that traders had attempted to manipulate its bitcoin cash distribution coefficient. Also Read: Fork Watch: Japanese Exchanges Embracing […]

The post Several Exchanges Experienced Difficulties During Bitcoin Cash Distribution appeared first on Bitcoin News.

]]>

Several major cryptocurrency exchanges experienced a number of difficulties during the highly anticipated bitcoin cash distribution that took place yesterday. From 12:20 UTC onward, customers of Kraken and Bittrex experienced several interruptions to login functionality, whilst Bitfinex reported that traders had attempted to manipulate its bitcoin cash distribution coefficient.

Also Read: Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

The Bitcoin Cash Distribution Resulting in a Flood of Traffic to Several Exchanges

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Yesterday’s forking of the bitcoin network and subsequent bitcoin cash distribution comprised the most highly anticipated cryptocurrency event in recent years, with several exchanges experiencing an extreme flood of traffic as traders raced to access their accounts.

Bittrex was the first exchange to complete its bitcoin cash distribution, having taken a snapshot of wallet balances at 12:20 UTC – the time at which the hard fork had been expected to take place. With the 12:20 UTC approximation proving to be an hour premature, a flood of Bittrex customers raced to access their bitcoin cash tokens that did not yet exist. The flood of traffic resulted in many traders being left unable to access their accounts for approximately one hour, whilst Bittrex rushed to re-enable log in functionality.

Kraken also experienced a flood of traffic during the bitcoin cash distribution, resulting in several interruptions to the exchange’s login and trading operations leading up to and after the fork. At 12:45 UTC, Kraken posted that it had identified a number of “performance issues” resulting from “very heavy site traffic heading into the Bitcoin Cash (BCH) fork”, and reminded traders that “BCH account balances and trading will not be enabled until well after the 6th block with a timestamp of 12:20pm UTC or later”. At 13:36 UTC Kraken stated that “Bitcoin Cash (BCH) trading is now live”. This announced proved premature, and likely exacerbated operational difficulties, with the company posting that “BCH balances have not been credited yet. We are still working to credit BCH balances to accounts” just 4 minutes later. At 14:36 UTC Kraken announced it was “still seeing extremely heavy traffic to the site and login functionality is currently down.” Kraken would not complete it’s bitcoin cash distribution for another four hours, experiencing numerous operational difficulties throughout.

Bitfinex Reports to Have Identified Manipulation Attempts by Traders Attempting to Accrue Additional Bitcoin Cash

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Bitfinex had a unique policy for their bitcoin cash distribution. According to a statement issued on July 27 by Bitfinex, the exchange would distribute bitcoin cash to “all BTC wallet balances”, and bitcoin lenders. The announcement stated that “Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH” and “Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH”. Due to the methodology employed, Bitfinex anticipated that it may see “a surplus or deficit of BCH”, and would be resolving the “discrepancy in the form of a localized distribution coefficient.”

After the fork had taken place, Bitfinex claimed to have held 101,798.8855 BCH to distribute to 131,237.8562 settled bitcoin wallet balances and -29,438.9707 BCH in unsettled margin positions, resulting in a bitcoin cash distribution coefficient of 0.7757 – however, the coefficient was changed to 0.8539 following “adjustments for manipulation attempts.” Bitfinex stated that “several accounts began large-scale manipulation tactics in an attempt to obtain BCH tokens at the expense of exchange longs and lenders of the platform, causing the distribution coefficient to artificially plummet.” Bitfinex has stated that those who attempted to execute “this kind of manipulation” were in “violation of Bitfinex’s terms of services” and have been “sanctioned accordingly”.

Did you experience any difficulties accessing exchanges during the bitcoin fork? Share your experience in the comments section below!


Images courtesy of Shutterstock and Bitfinex


Need to calculate your bitcoin holdings? Check our tools section.

The post Several Exchanges Experienced Difficulties During Bitcoin Cash Distribution appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/exchanges-experience-difficulties-during-bitcoin-cash-distribution/feed/ 7 https://news.bitcoin.com/exchanges-trading-bitcoin-cash/ https://news.bitcoin.com/exchanges-trading-bitcoin-cash/#comments Wed, 02 Aug 2017 12:10:23 +0000

These Exchanges Are Now Trading Bitcoin Cash


These Exchanges Are Now Trading Bitcoin CashAn increasing number of trading platforms have started trading Bitcoin Cash (BCH, BCC), the new cryptocurrency resulting from the blockchain split on August 1. Also read: Japanese Exchanges Embracing Bitcoin Cash Post-Fork At 7 AM UCT on August 2, the 24-hour trading volume for Bitcoin Cash is approximately $130 million, according to Coinmarketcap. The new cryptocurrency […]

The post These Exchanges Are Now Trading Bitcoin Cash appeared first on Bitcoin News.

]]>

An increasing number of trading platforms have started trading Bitcoin Cash (BCH, BCC), the new cryptocurrency resulting from the blockchain split on August 1.

Also read: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

At 7 AM UCT on August 2, the 24-hour trading volume for Bitcoin Cash is approximately $130 million, according to Coinmarketcap. The new cryptocurrency is already ranked No. 3 among all cryptocurrencies, behind only bitcoin and ether.

Bittrex

Bittrex offers BCC/BTC, BCC/ETH and BCC/USDT trading pairs. Its collective 24-hour trading volume for all three pairs was at the time of writing approximately $59 million, with the BCC/BTC trading pair accounting for over $54 million volume.

These Exchanges Are Now Trading Bitcoin Cash
Bittrex trading chart for BCC/BTC from August 1 when BCC trading began

Kraken

These Exchanges Are Now Trading Bitcoin CashKraken opened BCH trading on August 1 at 13:24 UTC, shortly after the last common block on both chains, 478558, was mined. Trading began before customers were credited with BCH, leading to some criticisms. By 18:38 UTC, Kraken announced that all customers had been credited. The site had some problems as customers were trying to trade the new cryptocurrency. One customer tweeted, “BCH credited, disappeared, reappeared. Several crashes, but finally managed to sell some XBT for BCH.”

Three trading pairs are available on Kraken; BCH/EUR, BCH/USD, and BCH/XBT, with a collective 24-hour trading volume of approximately $49 million.

Viabtc

Viabtc announced on August 1 that it had started BCC deposits and withdrawals, stating that:

BCC deposits to Viabtc will be available for trading after 1 confirmation and withdrawal after 20 confirmations.

In contrast, bitcoin deposits will be available for trading after 1 confirmation and withdrawal after 6 confirmations. BCC/CNY and BCC/BTC and the two trading pairs available.

These Exchanges Are Now Trading Bitcoin Cash
Viabtc trading chart for BCC/BTC from August 1

Bter

Bter has about $4.3 million 24-hour trading volume for its two trading pairs BCC/CNY BCC/BTC. The former accounts for $4.26 million and the latter only $44,860 in volume.

These Exchanges Are Now Trading Bitcoin Cash
Bter trading chart for BCC/CNY from August 1

The Big Three Chinese Exchanges

Huobi
These Exchanges Are Now Trading Bitcoin CashHuobi announced that Huobi.pro will start trading BCC/BTC on August 2 at 2:41 Beijing time. Unlike Huobi.com which is a fiat-blockchain asset trading platform, Huobi.pro is a blockchain asset-only trading platform. It was launched on July 28.

Okcoin’s Okex
Okex stated that “in response to a large number of users’ requests, Okex has decided to enable BCC / BTC trading on August 1, 23:00 (Beijing time) 2017,” the company wrote.

These Exchanges Are Now Trading Bitcoin CashBTCC
BTCC has announced that its “BTCC DAX and USD Exchange will not support BCC deposits or trading for the time being.” However, its Justpay customers will be able to trade BCC/CNY on BTCChina’s Blockchain+ trading platform. Blockchain+ is BTCChina’s new platform for trading ETH and ICOCOIN with CNY.

BCC Also Trading on These Exchanges

Hitbtc offers BCC/BTC, BCC/USD, and BCC/ETH trading pairs. Their collective volume is about $1.7 million, according to Coinmarketcap.

These Exchanges Are Now Trading Bitcoin CashYobit opened trading for Bitcoin Cash on July 31 with two trading pairs, BCC/BTC and BCC/USD.

Cryptopia, a New Zealand-based digital asset exchange, offers BCH/BTC, BCH/LTC and BCH/DOGE trading pairs with a collective 24-hour trading volume of approximately $220,000.

Nova Exchange offers BCC/BTC, BTC/LTC, BCC/DOGE, and BCC/ETH with an overall 24-hour trading volume of $138,000.

The Rock Trading offers BCH/BTC with only $40,990 of 24-hour trading volume.

Coinexchange offers BCH/BTC trading with a 24-hour trading volume of $17,809.

Stocks.exchange offers a BCC/BTC trading pair with a 24-hour trading volume of only $30.

Which exchanges would you like to see trade Bitcoin Cash? Let us know in the comments section below.


Images courtesy of Shutterstock, Bittrex, Kraken, Viabtc, Bter


Need to calculate your bitcoin holdings? Check our tools section.

The post These Exchanges Are Now Trading Bitcoin Cash appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/exchanges-trading-bitcoin-cash/feed/ 3 https://news.bitcoin.com/bitcoin-cash-now-third-highest-valued-cryptocurrency-market-cap/ https://news.bitcoin.com/bitcoin-cash-now-third-highest-valued-cryptocurrency-market-cap/#comments Wed, 02 Aug 2017 11:54:56 +0000

Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap


Bitcoin Cash Now Third Highest Valued Cryptocurrency Market CapOn August 1st the Bitcoin blockchain forked into two separate networks producing a digital currency called Bitcoin Cash (BCH). Currently, there’s been a total of twelve BCH blocks mined so far as two mining pools have been dedicating resources to the forked chain. Also read: Fork Watch: BCH — The Ghost in the Exchange — Mostly […]

The post Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap appeared first on Bitcoin News.

]]>

On August 1st the Bitcoin blockchain forked into two separate networks producing a digital currency called Bitcoin Cash (BCH). Currently, there’s been a total of twelve BCH blocks mined so far as two mining pools have been dedicating resources to the forked chain.

Also read: Fork Watch: BCH — The Ghost in the Exchange — Mostly

Bitcoin Cash Becomes the Third Highest Valued Cryptocurrency Market Cap  

Yesterday we reported on the genesis day of  Bitcoin Cash  A historical event that will be forever remembered in cryptocurrency history as people witnessed the Bitcoin ‘community’ go separate ways with entirely different visions. Since the split, the price of BTC has consistently remained stable at roughly $2700. Meanwhile, BCH has been trading at around $475-590 per token beating out litecoin in market capitalization. Every exchange trading so far has had different prices per BCH producing significant spreads between each trading platform. According to popular market cap data sites like Coinmarketcap.com and Coincap.io Bitcoin Cash is the third highest valued market.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Coin market cap data August 2, 2017, 7 am EDT.

Currently, fifteen cryptocurrency trading platforms are trading BCH including Bittrex, Kraken, Yobit, Viabtc, and more. On August 1st many Japanese exchanges announced supporting BCH trading as well over the next few days. Further, the currency is seeing over $129 million in 24-hour trades and is holding the fourth highest trading volume across global cryptocurrency markets. So far the currency is paired with currencies like CNY, USD, EUR, Bitcoin (BTC), Tether (USDT), and even Doge.

The Unknown ‘MC Pool’ and the Successful Parting

There are two mining pools dedicating resources to the BCH chain Viabtc, and an unknown mining pool called “MC Pool.” The anonymous pool has mined roughly half of the twelve BCH blocks mined so far and is possibly located in Hong Kong. These specific BCH blocks’ coinbase data reveal an address to a backpackers hostel called Kwong Wah Mansion. Currently, MC Pool is finding the majority of BCH blocks but both pools seemed to have dropped a good portion of their hashrate as of August 2.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Block coinbase data reveals an unknown miner with a Hong Kong address.

At the moment an exact hashrate of both pool’s efforts combined and the random miners worldwide mining the currency is unknown. However, people are currently speculating with data that there could be roughly 2-4 percent of the BTC network hashrate pointed at the BCH chain. A difficulty adjustment triggered at 09:40 UTC but has yet to activate. Further, the first BCH block was close to 2MB in size containing over 6K transactions but proceeding blocks have had very low transaction counts and various byte sizes per block.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
Exchanges start coming back online throughout August 1-2.

 The Chick Has Hatched But Still Has an Uphill Battle

So far for both blockchains, the transition has been smooth all around, and this includes trading markets. The apocalyptic scenarios never happened, and Bitcoin successfully hard forked showing that it can be done without chaos. Both sides of the debate did well informing the masses of what would happen and how to manage the two cryptocurrencies after the split. There were even people from the Reddit forums r/bitcoin and r/btc congratulating each other for going separate ways amicably. At the moment ‘small blockers’ are getting what they want with the upcoming arrival of Segwit, and ‘big blockers’ now have a protocol with a block size limit of 8MB.

Bitcoin Cash Released Into the Wild With a Long Road Ahead
12 Bitcoin Cash (BCH) blocks have been mined so far.

There is still a long uphill battle for BCH to ‘survive’ and people will be monitoring this situation closely. The price has yet to be determined as exchanges are just coming back online and many people have not been moving BTC, and BCH over the past 24-hours. The BCH price has been extremely volatile over the past 12 hours. Some people with certain wallets are still unable to access their BCH so trading circulation and market liquidity is still very low. Furthermore, when difficulty adjusts it will drop 20 percent but the chain still needs more hashpower to flow smoothly. As of now, the chain is running very slowly which means it is not very profitable for miners at the moment and clearing transactions will take longer than usual. 

What do you think about the events over the past 24-hours? Let us know in the comments below.


Images via Shutterstock, Blockchair, Coinmarketcap, and Coin Dance. 


Bitcoin.com’s store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin coffee mug? Go shopping.

The post Bitcoin Cash Now Third Highest Valued Cryptocurrency Market Cap appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/bitcoin-cash-now-third-highest-valued-cryptocurrency-market-cap/feed/ 6 https://news.bitcoin.com/d10e-startup-societies-summit-a-conversation-with-organizer-matt-mckibbin/ https://news.bitcoin.com/d10e-startup-societies-summit-a-conversation-with-organizer-matt-mckibbin/#comments Wed, 02 Aug 2017 05:30:16 +0000

D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin


D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbinThis week Bitcoin.com spoke with Matt McKibbin organizer of the D10e conference – an event that specializes in promoting decentralization and innovative technologies. D10e has held conferences all over the world, and will host another event on August 11-12 at City College in San Francisco with its “Startup Societies Summit.” McKibbin gives our readers an inside […]

The post D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin appeared first on Bitcoin News.

]]>

This week Bitcoin.com spoke with Matt McKibbin organizer of the D10e conference – an event that specializes in promoting decentralization and innovative technologies. D10e has held conferences all over the world, and will host another event on August 11-12 at City College in San Francisco with its “Startup Societies Summit.” McKibbin gives our readers an inside glimpse at what attendees should expect during the summit and what it’s like to organize a conference that promotes cryptocurrencies, blockchain tech, decentralized applications, and a vast array of other groundbreaking movements.

Also read: Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split    

D10e an Event Dedicated to Exploring Decentralized Technologies and Philosophies and Social Organizations

Bitcoin.com (BC): Can you tell our readers a summary of what D10e is?

Matt McKibbin (MM): Decentralize (D10e) is a conference dedicated to exploring decentralized technologies and philosophies and social organizations. We aim to provide engaging content from four main pillars of fintech/blockchain, the sharing economy, the future of work, and disruptive tech and cultures.  

Content has ranged from blockchain projects, apps that use the sharing economy to hack hunger, and the future of the sharing economy, to how psychedelics are being used in conjunction with traditional psychotherapy to disrupt the mental health industry.   

BC: How have past D10e events been so far?

D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin
Matt McKibbin of D10e.

MM: D10e events started when Coin Congress was rebranded to include a wider audience than just cryptocurrency. To date, we have held events in Amsterdam, San Francisco, Bucharest and Tel Aviv. The events have been well received by the community who are passionate about decentralization and the potential for creating positive political, social and financial change in the world. We have been fortunate to host some incredible speakers, including; Brock Pierce, Craig Sellars, David Orban, Jason King,  Bernard Lietaer, and John McAfee.

BC: Can you tell our readers a little about the upcoming conference in San Francisco? 

MM: This edition of D10e in San Francisco is focused entirely on Startup Societies.  Political decentralization comes when the people can easily exit their current governance systems and create their own private systems on top of the transparent and modern tools blockchains provide. The goal of this conference is to bring together all the parties involved in startup societies, be they investors in Special Economic Zones (SEZs), economists, infrastructure providers, and governance specialists. By bringing all the thought leaders and relevant stakeholders together under one roof, we will speed the process of innovation in startup societies.

D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbinBC: What are startup societies?

MM: A startup society is an experimental government located in a small geographic area. We call them “startup societies” because they are experimental, lean, and geared towards the needs of those they serve.

Any governance philosophy or practice can be experimented in these zones. Examples include city states, special economic zones, eco-villages, private cities, intentional communities, communes, microstates, and seasteading. Modern day exemplars are Hong Kong, Singapore, and Shenzehn. Historical startup societies included venice, early united states, and greek city states.

BC: San Francisco is often referred to as a technological hub. Do you think this will be highlighted in the D10e Startup Societies Summit?  

MM: During this joint summit with the Startup Societies Foundation, we will bring together the worlds of political decentralization with the technologies that help to build the foundation for future cities and societies. San Francisco has some of the brightest minds in technology concentrated or “centralized” if you will in one place. This provides many companies and speakers who share our vision and provide some of the most cutting edge technologies in the world.  

BC: Is it a lot of work organizing conferences like these and what have you learned from organizing past events?

MM: It is definitely a lot of work to organize a conference. It feels like you can never actually finish your work or empty your email inbox. However, the feeling you get when people come up to you and tell you they learned something or became passionate about blockchains/decentralization at the conference is always worth the sleepless nights. Through this conference, I personally have learned how to actually create useful results from a shared vision, and that one is only as powerful as the network who surrounds you. Throwing conferences has shown me there are always people as passionate about subject as you are, and bringing them together can lead to transforming the world for the better. Also, the D10e affiliates parties are always a great time.

BC: How do you currently feel about the growth of cryptocurrencies, and blockchain solutions?

I think the growth of cryptocurrencies and blockchain solutions was inevitable and is healthy. The internet of money is a world changing tool which in my opinion will have a greater effect on society than the invention of the internet has. Applications not only in currency and financial transactions but governance and digital property recording applications are starting to become more mature and have real world impact. In the future all things of value which humans want to keep track of will be recorded and stored on the world wide ledger for transparency and accountability. These blockchain solutions and decentralized applications provide a way for all humans to trade value without having to trust third party intermediaries. This paves the way for an entire societal reformation. That said, like with any emerging technology there will be growing pains, and fortunes both won and lost. Despite these challenges, I remain bullish on cryptocurrency and distributed ledger technologies more generally, and believe they will lead to radically positive change long term.

BC: Can you explain what D10e’s overall mission is?

The overall mission of D10e is to teach people about the decentralization movement and the various subjects that fall under the decentralization umbrella. We bring together the brightest and most engaging speakers who educate and create memorable experiences within the community. We hope to grow exponentially the number of people who are passionate about decentralizing the world and making it a better place, and have been humbled by our ability to play a role in the movement thus far.

Will you be attending the D10e event in San Francisco? Let us know in the comments below.

Disclaimer: Bitcoin.com is a media partner and sponsor of the D10e conference 


Images via D10e, Linkedin, Matt McKibbin, and Pixabay. 


Bitcoin.com’s store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin coffee mug? Go shopping.

The post D10e Startup Societies Summit: A Conversation With Organizer Matt McKibbin appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/d10e-startup-societies-summit-a-conversation-with-organizer-matt-mckibbin/feed/ 1 https://news.bitcoin.com/nchain-and-bitcoin-unlimited-to-promote-bitcoin-scaling-initiatives-amid-hard-fork/ https://news.bitcoin.com/nchain-and-bitcoin-unlimited-to-promote-bitcoin-scaling-initiatives-amid-hard-fork/#comments Wed, 02 Aug 2017 02:00:37 +0000

Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork


NchainPrior to the bitcoin cash hard fork, research firm Nchain conducted a workshop with the Bitcoin Unlimited (BU) team. The intent of the meeting was to signal joint support for new bitcoin scaling initiatives. The two groups explored ways to achieve greater bitcoin scaling in order to grow overall network capacity. They met in Vancouver, […]

The post Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork appeared first on Bitcoin News.

]]>

Prior to the bitcoin cash hard fork, research firm Nchain conducted a workshop with the Bitcoin Unlimited (BU) team. The intent of the meeting was to signal joint support for new bitcoin scaling initiatives. The two groups explored ways to achieve greater bitcoin scaling in order to grow overall network capacity. They met in Vancouver, Canada on July 26. 

Also read: Fork Watch: First Bitcoin Cash Block Mined Included Over 6k Transactions

Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork

According to an Nchain press release, the meeting focused on ways Nchain can help enhance the Bitcoin Unlimited protocol. Nchain is supposed to make the software into a “certified,” next generation version. The software will be rigorously tested for quality assurance. They will eventually release a version intended for mass consumer and small business usage. Stefan Matthews, Chief Executive Officer of the nChain Group, elaborated:

“Nchain has confidence in Bitcoin Unlimited and BU’s code. With improvements we can provide using nChain’s expertise, we are also confident that our ‘certified’ version of Bitcoin Unlimited’s client software will address the needs of enterprise users, especially miners. nChain intends to make this certified version available for usage without charge, as part of our contributions to help achieve a faster, more powerful bitcoin network and exponentially higher bitcoin value for everyone’s benefit.”

Bitcoin Unlimited and Bitcoin Cash Connection; Segwit2x

With the happening of the recent Nchain and BU workshop, there have been whispers either BU or Nchain has had a connection with bitcoin cash. Dr. Craig Wright of Nchain has already come out and falsified those claims. He also praised bitcoin cash. He said,

I recognize why I am a polarizing figure in bitcoin and understand why so much is written about me on the Internet and social media, even though most online posts are incorrect. The incorrect comments include anything suggesting that I am behind the Bitcoin Cash initiative; I am not. However, I applaud the efforts of whoever is behind Bitcoin Cash to achieve a truly decentralized, peer-to-peer electronic cash with higher, more efficient transaction capacity.

Both teams, however, have a problem with Segwit2x. Nchain supports the 2mb fork increase. However, Nchain claims it is not enough. In staying true to Satoshi Nakamoto’s original vision, Nchain wants to see larger scaling initiatives for the Segwit fork of bitcoin. Nchain said they will remain open for communication and new research development to help bootstrap bitcoin with more network capacity.

Nchain

What do you think about this meeting? Will Nchain and BU succeed at scaling bitcoin? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, prnewswire.com, and bitcoinunlimited.info


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics

The post Nchain and Bitcoin Unlimited Promote Bitcoin Scaling Initiatives Amid Hard Fork appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/nchain-and-bitcoin-unlimited-to-promote-bitcoin-scaling-initiatives-amid-hard-fork/feed/ 5 https://news.bitcoin.com/japanese-exchanges-bitcoin-cash-post-fork/ https://news.bitcoin.com/japanese-exchanges-bitcoin-cash-post-fork/#comments Wed, 02 Aug 2017 00:00:54 +0000

Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork


As Bitcoin Cash (BCC, BCH) blocks are being mined, all major Japanese exchanges are gearing up to credit their customers with the new cryptocurrency. A growing number of exchanges have already set a date to start trading Bitcoin Cash, while others are still in the planning stage. Also read: How Japanese Exchanges Prepares to Deal with […]

The post Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork appeared first on Bitcoin News.

]]>

As Bitcoin Cash (BCC, BCH) blocks are being mined, all major Japanese exchanges are gearing up to credit their customers with the new cryptocurrency. A growing number of exchanges have already set a date to start trading Bitcoin Cash, while others are still in the planning stage.

Also read: How Japanese Exchanges Prepares to Deal with Forked Bitcoin Cash

Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkFollowing the August 1 hard fork, all major Japanese bitcoin exchanges announced that they will soon credit their customers with Bitcoin Cash, the new cryptocurrency created as Bitcoin’s blockchain diverged into two separate blockchains today. For every bitcoin held by customers at the time of the fork, the same number of BCC will be credited to their accounts.

Meanwhile, all of them have suspended bitcoin deposits and withdrawals during the fork, and some are preparing to list BCC for trading in the next couple of days. Below is a roundup of all major Japanese exchanges that have updated their plans for Bitcoin Cash in the wake of the hard fork at press time.

Exchanges Planning to Trade Bitcoin Cash

Bitbank.cc
Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkBitbank.cc was among the first few Japanese exchanges to announce its support for Bitcoin Cash. The exchange expects to start trading BCC on August 3. Bitcoin deposits and withdrawals are currently suspended, since July 31 at 15:00 Japan time, and are expected to restart on August 2.

Bittrade
Bittrade plans to allow BCC withdrawals as well as trading but the exchange will make an announcement on August 3. Meanwhile, bitcoin deposits and withdrawals have been suspended as of July 31 at 15:00 Japan time and are expected to resume on August 2.

Bitflyer
Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkBitflyer had been taking a wait-and-see approach regarding Bitcoin Cash. However, on July 31, the exchange announced that it had determined that BCC is a permanent chain and promptly launched a Bitcoin Cash campaign to boost its business. Customers depositing 1 or more bitcoins between July 31 at 21:20 and August 1 at 21:19 Japan time will be entered into a drawing to receive 1,000 yen cash. 100 customers will be selected. The exchange also announced that BCC trading service will be offered “soon”.

Bitpoint
Bitpoint has scheduled BCC spot trading for “around mid-August.” Bitcoin deposits and withdrawals are currently suspended and are scheduled to resume on August 2 at 16:00 Japan time, when BCC deposits and withdrawals will also be available.

Btcbox
Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkBtcbox originally scheduled to start BCC trading on August 1 at 22:00 Japan time. However, the exchange has postponed the launch, citing that the length of time required for BCC block generation is uncertain. Bitcoin deposits and withdrawals were halted between July 31 at 16:00 and August 1 at 8 pm Japan time. At press time, BCC trading on the exchange has not begun.

Exchanges That Will Announce BCC Trading Later

Coincheck
Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkOn August 1, Coincheck updated its Bitcoin Cash policy, stating that it will grant them to customers “after the hard fork only when replay attack prevention is confirmed.” The exchange halted deposits and withdrawals on July 31. Deposits were restored on August 1, but withdrawals are still suspended at press time.

Fisco
Fisco announced their “plan to make all deposits and withdrawals possible for the virtual currency after branching.” However, for BCC trading on the exchange, “we will judge after confirming the situation,” the exchange noted.

GMO-Z Coin
Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-ForkGMO-Z Coin announced on Tuesday that the trading of BCC will be announced at a later date. The exchange is currently working on crediting customer accounts with Bitcoin Cash. Once the new coins are showing inside the accounts after logging in, they can be withdrawn, the company detailed.

Quoine
Quoine announced that their customers “will be allowed to withdraw the BCC credited.” However, regarding the trading of BCC, the exchange added: “we may offer trading of BCC against fiat and BTC at a later time.”

Zaif
Tech Bureau’s Zaif exchange suspended bitcoin deposits and withdrawals on August 1 but has yet to announce when they will resume these services. The company has stated that “as a general rule, you can buy and sell coins after forking,” adding that more details including the trading of BCC will be released after confirming the situation.

What do you think of Japanese bitcoin exchanges’ Bitcoin Cash policies? Let us know in the comments section below.


Images courtesy of Shutterstock, Bitbank, Bitflyer, Btcbox, GMO, Coincheck


Need to calculate your bitcoin holdings? Check our tools section.

The post Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/japanese-exchanges-bitcoin-cash-post-fork/feed/ 7 https://news.bitcoin.com/btc-e-closure-clients-are-mt-goxed-by-the-u-s-a-new-front-in-crypto-wars/ https://news.bitcoin.com/btc-e-closure-clients-are-mt-goxed-by-the-u-s-a-new-front-in-crypto-wars/#comments Tue, 01 Aug 2017 22:00:08 +0000

BTC-e Closure: Clients Are Mt. Goxed by the U.S. – A New Front in Crypto Wars


For the first time, the U.S. government attacked a foreign exchange on foreign soil. It closed down the Russian-based exchange BTC-e. (Russian-based refers to ownership, not location.) BTC-e reported, “On July 25…the FBI staff came to the data center…and seized all equipment, the servers contained databases and purses of our service.” BTC-e is charged with […]

The post BTC-e Closure: Clients Are Mt. Goxed by the U.S. – A New Front in Crypto Wars appeared first on Bitcoin News.

]]>

For the first time, the U.S. government attacked a foreign exchange on foreign soil. It closed down the Russian-based exchange BTC-e. (Russian-based refers to ownership, not location.) BTC-e reported, “On July 25…the FBI staff came to the data center…and seized all equipment, the servers contained databases and purses of our service.” BTC-e is charged with 21 violations of U.S. financial law; the Financial Crimes Enforcement Network also hit it with a $110,003,314 penalty. The move was stunning not only because BTC-e is one of the oldest and largest exchanges but also because many now locked accounts are owned by U.S. citizens, non-residents.

Also read: Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split

Russian Native Alexander Vinnik Indicted and Awaits Extradition

BTC-e Closure. Its Clients Are Mt. Goxed by the U.S. A New Front in Crypto WarsThen, on July 27, the Russian Alexander Vinnik was arrested on vacation in Greece and also charged with 21 counts of financial crime. He is allegedly an owner or operator of BTC-e, although BTC-e denies it. Assessed with a $12 million penalty, Vinnik’s arrest was prompted by a U.S. warrant and he awaits extradition.

Perspective is difficult to come by. News accounts are biased toward painting BTC-e as a criminal site designed to launder ‘dirty’ funds, yet discussion forums brim with panicked account owners who are clearly legitimate traders. And, then, there are gleeful trolls who plant fake stories. BTC-e’s twitter updates contradict government accounts. And no one seems to know key details like what exactly was on the seized equipment.

The secrecy surrounding BTC-e also causes confusion. A statement from the law site J.D. Supra captures it well. “The superseding indictment notes that BTC-e’s website stated that it was located in Bulgaria yet subject to the laws of Cypress [sic]; its managing shell company, Canton Business Corp., was based in the Seychelles but affiliated with a Russian phone number and had web domains registered to shell companies in countries including Singapore, the British Virgin Islands, France and New Zealand.”

One question has a clear answer, however. How can the U.S. claim jurisdiction on foreign soil and force a foreign company to close?

America’s Global Jurisdiction

BTC-e Closure. Its Clients Are Mt. Goxed by the U.S. A New Front in Crypto WarsThe answer is two-pronged: domestic laws on financial transfers; and, international treaties.

Domestic Laws. U.S. law requires a foreign Money Service Business (MSB) doing business in America to be registered and to comply with a list of conditions. Because BTC-e “conducted at least 21,000 bitcoin transactions worth more than $296 million in the United States, with….some…funds being sent customer to customer,” it is deemed to operate in the U.S. even without a physical presence. Thus the first charge against BTC-e and Vinnik is being unregistered.

The remaining twenty charges are multiple violations of two statutes. 18 U.S.C. § 1956 governs money laundering and imposes a punishment of up to 20 years imprisonment. 18 U.S.C. § 1957 addresses money transfers that involve the proceeds of a crime and imposes a punishment of up to 10 years. Both allow for a $500,000 fine or twice the value of the property involved in the transaction (each count).

The U.S. is a mishmash of laws on whether cryptocurrency is money and, usually, ambiguity in the law favors the defense. Here, it would either favor the prosecution or it would not matter. The prosecution enjoys a strong political atmosphere and will to convict cyber ‘criminals’, such as drug dealers or terrorists. Besides which, most trades and accounts involve fiat currency at some point.

As long as BTC-e and Vinnik avoid the U.S., however, an indictment or a conviction in absentia would have little impact. At least, that was the case before a series of treaties changed law enforcement relationships around the world.

A Department of Justice press release accompanied the indictment and stated, “The arrest of Alexander Vinnik is the result of a multi-national effort and clearly displays the benefits of global cooperation among US and international law enforcement.”

There are so many international agreements to share financial information and law enforcement that it is simpler to list non-participants rather than signatories. An article entitled “International Law Enforcement Gathered to Share Concerns About Bitcoin and Money Laundering” described a January 2017 international conference of more than 400 cybercrime, cybersecurity, and money laundering investigators; they discussed the problem of digital currency. One solution: “international cooperation to investigate should be given to the ‘international exchange of suspicious Bitcoin addresses’.”

A signatory nation with the powerful U.S. is likely to respect a warrant based on U.S. law. If a targeted person travels to the signatory nation, then he is vulnerable.

BTC-e Closure. Its Clients Are Mt. Goxed by the U.S. A New Front in Crypto Wars

Status and Significance

BTC-e has promised to refund its clients’ funds. It stated, “The next update will be information on what options are available to restore the service, as well as the procedure for obtaining funds, in the event that the service is not started….Then from September 1 we will start the process of refund. In the next 1-2 weeks, we will evaluate and publish information about how much money fell into the hands of the FBI and what amount of funds is available for return.”

Thus far, Vinnik has refused to assist the law enforcement investigation. His silence may slow the investigation but not halt it. Rooting out “bad actors,” including tax evaders, has a high priority for the U.S. government and others. A few weeks ago, the BBC announced, “Two of the largest dark web marketplaces have been shut down following a ‘landmark’ international law enforcement investigation. The AlphaBay and Hansa sites had been associated with the trade in illicit items such as drugs, weapons, malware and stolen data.” U.S. Attorney General Jeff Sessions held a prominent press conference at which he declared to cyber criminals, “You cannot hide. We will find you.”

Dave Lee, BBC’s North America technology reporter, explained that the significance of this statement would become “known over the coming year of more as authorities follow up the ‘many leads’ they…found as a result of infiltrating and shutting down these two enormous networks….What authorities really want to do is start putting significant numbers of people behind bars.” The problem is that the “huge coordinated action has only resulted in a handful of arrests.” They need a large network of criminals, and the data seized from BTC-e may provide it.

The grim determination with which the U.S. is pursuing BTC-e can be judged by the indictment’s which states, “The case is being investigated by the Internal Revenue Service…; Department of Homeland Security, Homeland Security Investigations; FBI; U.S. Secret Service Criminal Investigative Division; and Federal Deposit Insurance Corporation. ” The seizure notice on BTC-e included the U.S. Department of Justice, Computer Crime and Intellectual Property Section. The shutdown of BTC-e may well be a first of many attacks on unregulated exchanges and markets both inside and outside American borders.

What To Do If You Belong to an Unregulated Exchange

Prudence suggests at least three steps.

  • Do not trade in or for fiat. Cryptocurrency is a gray area but fiat is clearly covered by anti-money laundering laws
  • Keep coins on an exchange only for as long as trading takes
  • Use a VPN, preferably not Tor

Innocence is not a defense. Most of BTC-e’s clients are clearly innocent, yet the indictment’s wording reflects the authorities’ view that all users are criminals. With a licensed exchange, law enforcement may need to link specific accounts to criminal activity. With an unlicensed one, they are under no such constraint and the incentives point to grabbing funds and making headlines.

Of course, Americans may not need to worry. More and more exchanges and services are going to decline American clients and this time enforce the ban.

What do you think about the U.S. seizing BTC-e? Let us know your thoughts in the comments below. 


Images via Shutterstock, BTC-e, and the Associated Press.


Play with confidence! We guarantee that every Video Poker game you play at Bitcoin Games is completely fair. You will be dealt a completely random deck of cards every game, and we can provably demonstrate that we have in no way manipulated the game. 

The post BTC-e Closure: Clients Are Mt. Goxed by the U.S. – A New Front in Crypto Wars appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/btc-e-closure-clients-are-mt-goxed-by-the-u-s-a-new-front-in-crypto-wars/feed/ 36 https://news.bitcoin.com/fork-watch-first-bitcoin-cash-block-mined-clears-over-6k-transactions/ https://news.bitcoin.com/fork-watch-first-bitcoin-cash-block-mined-clears-over-6k-transactions/#comments Tue, 01 Aug 2017 20:17:37 +0000

Fork Watch: First Bitcoin Cash Block Mined Included Over 6K Transactions


As Bitcoin.com reported earlier today, Bitcoin Cash miners initiated the beginning of the fork on August 1 at 12:37 p.m. UTC at block height 478558. Now, six hours later Viabtc mined the first Bitcoin Cash block (nr 478559) at 6:14 pm GMT. This was followed by the second block (nr 478560) that was also mined […]

The post Fork Watch: First Bitcoin Cash Block Mined Included Over 6K Transactions appeared first on Bitcoin News.

]]>

As Bitcoin.com reported earlier today, Bitcoin Cash miners initiated the beginning of the fork on August 1 at 12:37 p.m. UTC at block height 478558. Now, six hours later Viabtc mined the first Bitcoin Cash block (nr 478559) at 6:14 pm GMT. This was followed by the second block (nr 478560) that was also mined by the mining pool Viabtc.

Also read: Fork Watch: BCH — The Ghost in the Exchange — Mostly

Bitcoin Cash is Born

The Bitcoin Cash blockchain has successfully split away from the legacy chain as of block 478559. The block was mined by the China-based mining pool Viabtc at 2:14 pm EDT (6:14 GMT) and the pool also found the next block 478560 shortly after. The first Bitcoin Cash block was 1915175 Bytes or 1.9 MB in size, holding 6,985 transactions. This is much larger than BTC’s 1MB limit and approx. 3,000 transaction throughput. The mining pool Viabtc also wrote in the block’s Coinbase data “Welcome to the world.” The organization also showed excitement via Twitter stating;  

Welcome to the world, Shuya Yang! And Bitcoin cash!

Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions
Block #478559 the first official Bitcoin Cash block mined on August 1, 2017, at 2:14 pm EDT.

Bitcoin Cash Network Sees a Hashrate Increase, but a Swift Drop in Price

Bitcoin Cash prices have dropped significantly since this morning’s high of $400 to a low of $220 at the time of writing. The price of BTC seems unfazed by the first blocks found and is still hovering around the $2740 range. Throughout forums and social media, everyone is talking about the fork. Of course, big blockers are celebrating the split while small blockers are waiting to see something bad happen.

Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions

At the moment the Bitcoin Cash hashrate is growing slowly and is currently operating at 247 PH/s or 3.9% of the BTC network hashrate. So far, at press time, five blocks total have been mined on the Bitcoin Cash network. Bitcoin.com will be sure to follow the split events closely so our readers can be informed every step of the way.

What do you think about Bitcoin Cash officially splitting off from the legacy chain? Let us know in the comments below.


Images via Pixabay, Blockchair, and Twitter.


Bitcoin.com’s store features a wide range of interesting Bitcoin-related products. Looking for a hardware wallet? We got ‘em. Want a good-looking t-shirt? It’s there. Want to gift a nice Bitcoin coffee mug? Go shopping.

The post Fork Watch: First Bitcoin Cash Block Mined Included Over 6K Transactions appeared first on Bitcoin News.

]]>
https://news.bitcoin.com/fork-watch-first-bitcoin-cash-block-mined-clears-over-6k-transactions/feed/ 20