What to Expect From Bitcoin Cash (BCH) Hard Fork in November 2020?
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4 Monaten ago
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Two years after the infamous Bitcoin Cash hard fork of 2018, the news about the new one scheduled for November 15, 2020, is spreading, and this time, nobody seems happy about the new possible drama.
The Bitcoin Cash community is at the beginning of a new era – Bitcoin Cash hard fork may happen on November 15, 2020, splitting the network into two blockchains. The hard fork is a result of longstanding debates over development funding.
Three main implementations are working in BCH right now: Bitcoin ABC, BCHN, and Bitcoin Unlimited. There are several other ones. So far, the Bitcoin Cash network was running thanks to many developments made by the Bitcoin ABC team. Bitcoin ABC created the mining node that gathered a huge fanbase. It supports all the latest technology improvements for BCH, setting the way for Avalanche to come.
The reason why the community heats up is that the Bitcoin ABC development team is asking the miners to share 8% of the revenue with the coding team. According to the ABC announcement, 90% of the developer’s time goes to supporting BCH with the most secure code possible. Since the team cannot work for free forever, they have decided to change the core consensus rules.
Per the Infrastructure Funding Proposal (IFP), 8% of the miner’s block rewards will go towards the addresses of ABC developers. They are going to put the funds in place to keep making the BCH network a competing project. The funds will go to BCH community members, as well as to the team.
A number of notable BCH community members place votes against the ABC plan. They blame the development team for asking too much money. They mention “harmful attempt to split” the community, yet others praise the ABC team for incoming free money.
The Free Money Part
The beauty of the hard fork is that you get free coins. However, you must possess the parent cryptocurrency, in this case – Bitcoin Cash. When Bitcoin Cash has forked off Bitcoin, people were angry. However, the situation changed. Today, BCH has gathered a ton of subscribers, fans, miners, and appreciation. People in the BTC community received free coins in a new blockchain. They see that BCH works, is popular among traders, and it’s a legit coin.
Investment shark Tim Draper recently has bought some BCH. Unlike many, this longtime BTC supporter recognized BCH potential. Moreover, many of Bitcoin maximalists were praising Bitcoin Cash since 2019. They saw rapid evolution and growing community support around this coin. After Bitcoin SV, it will be the second BCH fork. Previously, Bitcoin SV was created via a similar fork in 2018. This time, the majority of BCH businesses and the community seem unhappy about the new drama.
Storing the Coins During Bitcoin Cash Hard Fork
Pay attention to a wallet where you store the coins. To receive free coins, your BCH must reside in a personal wallet. You can keep trading till November and withdraw from exchange two days before Bitcoin Cash hard fork begins. After the split, use the latest version of the ABC wallet to access your new coins. You can also return BCH to exchanges if you need it.
The simplest way to obtain new coins is to hold BCH at the moment of a hard fork.
However, if you’re an investor or a trader, you may need to watch the charts with extreme attention. During such forks, cryptocurrencies usually gain and lose in value, showing extreme volatility. Such chaos will likely occur with BCH too. Traders need to watch both coins and buy or sell carefully. The aim is to avoid losses after the BCH split, buying or selling both assets at the right time.
Where’s the Real BCH?
Looks like the exchanges will face a new type of challenge with this possible hard fork. Amori Seshe, the chief developer of Bitcoin ABC, states that ABC clients will support the BCH chain. This means the other chain will have to pick a name or argue over the old one with the ABC team.
Companies who won’t support the IFP say they are backing the real BCH by switching from ABC to BCHN node implementation. Since ABC clients will follow the new consensus rules, legacy block supporters could trigger a network split. This creates two blockchains, each calling itself BCH, as we see from the news. And the hash war threatens the stability of both coins.
What t do if supporters and haters of IFP gain equal hash power? Bitcoin Cash may be the first network in history where two different coins share the same philosophy, yet divide, or even disappear, over time.
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Jeff Fawkes is a seasoned investment professional and a crypto analyst. He has a dual degree in Business Administration and Creative Writing and is passionate when it comes to how technology impacts our society.
Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week
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42 Minuten ago
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Dezember 29, 2020
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Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.
Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.
Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.
Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.
While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700for the first time since May 2018.
Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)
Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.
Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.
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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.
XRP Crashes Below $0.25 as Coinbase Announces XRP Trading Suspension
Published
8 Stunden ago
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Dezember 29, 2020
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Some of the popular crypto exchanges have announced XRP trading suspension following the SEC lawsuit. This is seriously going to hurt XRP investors’ interest over a long period of time.
XRP investors have met with an unfortunate fate. It has been a rocky ride for XRP investors as the cryptocurrency has been heading south after the SEC lawsuit. From its monthly high of $0.66 on December 1st, XRP has reduced to only 1/3rd of the price. At press time, XRP is trading 20% trading at $0.22 with a market cap of $10.3 billion. The latest price crash comes amid crypto exchange Coinbase announcing its plan to suspend XRP trading starting January 19, 2020.
Coinbase Chief Legal Officer Paul Grewar writes that the latest suspension comes amid the SEC lawsuit against Ripple Labs. Also, in the official announcement, Grewar writes:
“We have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021, at 10 a.m. PST. The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Wallet”.
Coinbase joins Bitstamp as one of the top crypto exchanges to suspend XRP trading in recent times. There have been several other exchanges that have announced XRP trading suspension in recent times. Following the Coinbase announcement today, another major crypto exchange Crypto.com also announced its decision to delist the crypto asset.
$XRP will be delisted from the https://t.co/vCNztABJoG App in the U.S. effective Jan 19th, 2021 at 10am UTC.
The Road to XRP Recovery Isn’t an Easy One with Measures by Coinbase and Others
It looks like XRP’s road to recovery ain’t going to be an easy one! Over the last few years, the SEC has conducted a crackdown on several such crypto projects. Speaking to CoinTelegraph, Bybit CEO Ben Zhou said:
“SEC and Ripple will have their day in court with due process of law, so we shall not prejudge the case in the court of public opinion. It is of course likely that the case will take up much of Ripple’s attention and resources. […] We hope a clear precedent and framework emerge from these proceedings.”
Furthermore, the SEC has accused Ripple of selling unregistered XRP securities under Section 5 of the Securities Act of 1993. Also, the case will proceed further in the New York Federal Court. Todd Crosland, CEO of cryptocurrency exchange CoinZoom said that the lawsuit will have a long-lasting impact on XRP price.
XRP which has already been a laggard performer over the last two years will continue trading at lower levels even further. While institutional players have been betting big on crypto, they will refrain from having any exposure to XRP.
“Lack of institutional support will hurt liquidity. Institutions will not bet against the SEC, and will be unloading their positions and will avoid taking new positions in XRP until the lawsuit is resolved,” said Crosland.
The only hope for XRP currently is the appointment of new crypto-friendly SEC chairman Elad Roisman. Soon after filing the lawsuit complaint, previous SEC chairman Jay Clayton submitted his resignation. However, we don’t expect things to improve anytime soon.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Bullish and Bearish Bitcoin Price Predictions for 2021
Published
23 Stunden ago
on
Dezember 28, 2020
By
Despite bullish predictions for 2021, some experts believe that Bitcoin is not worth the hype and is poised to decline.
As the year runs out and Bitcoin records continuous new-highs, some crypto experts have revealed their 2021 price predictions on the top digital asset. With a market capitalization of over $501 billion, Bitcoin is currently down 2.64% after reaching its ATH and is trading at $2.877.
According to a finder.com survey concluded before BTC reached the $20,000 milestone, several crypto experts are confident that the king coin will continue to surge through mid-2021. Specifically, 58% of 47 experts said that the ongoing Bitcoin rally would continue till the first half of 2021.
2021 Bitcoin Price Predictions
In addition, the survey revealed that panelists are confident that the price of Bitcoin would have grown two times by the end of the coming year. However, 52% of the panelists believe that Bitcoin will record a shard loss after significant increases in 2021.
Per 2021 Bitcoin price predictions, the survey respondents said BTC would reach an average price of $51,951 per token. In November, Citibank analyst Tom Fitzpatrick noted that Bitcoin would hit $318,000.
Furthermore, Bloomberg analyst Mike McGlone predicted that Bitcoin would trade at $170,000 by 2022. In an interview with Bloomberg Television, he said:
“The key thing about Bitcoin this year is very simple- it just added a one to the front of the number. Remember, it was around $7,000 at the end of last year. What I’m worried about- if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.”
Earlier this year, Morgan Creek CEO Mark Yusko said that Bitcoin could trade at $100,000 in 2021 or 2022. In the interview, the CEO added that BTC could also climb $400 to $500k.
Despite several bullish predictions, detractors believe that Bitcoin is not worth the hype and is poised to decline.
On the 17th of December, Andrew Ross Sorkin said during his CNBC morning program that his price target for BTC is Zero. He added:
“Sometimes there’s something so absurd that you hardly know where to begin to make the argument.”
Bitcoin Records Continuous Highs
After Bitcoin reached a new all-time high on Christmas day, the top crypto asset has continued to pull in further gains. As of the 25th of December, Bitcoin had grown about five times since the year began and crossed $25,000. About 24 hours later, the price of Bitcoin jumped over $26,000.
On the 27th of December, Bitcoin became the first financial service to record over $500 billion in market valuation. BTC surged 10% on the day, climbing its most recent all-time high of $27,806 with 71% market dominance.
Crossing over $500 billion market capitalization, reports revealed that Bitcoin had surpassed several Wall Street financial firms. The financial giants include MasterCard Inc (NYSE: MA), JPMorgan Chase & Co (NYSE: JPM), Visa Inc (NYSE: V), PayPal Holdings Inc (NASDAQ: PYPL), and more.
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Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
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