Bitcoin Cash Flips Mining Profitability

Bitcoin Cash Flips Mining Profitability – Which May Entice More Miners

Bitcoin Cash (BCH) markets have been extremely bullish over the past two days after hovering in the $300 range for a solid week. Currently, one BCH is averaging $550 per token, and the market has pushed Ripple out of the way by taking the third highest market capitalization position.

Also read: Venezuelan Bitcoin Mining Continues Despite Government Crackdown

Other Miners Consider Mining Bitcoin Cash as the Network’s Mining Profitability Comes Close to Parity With BTC

Bitcoin Cash Flips Mining Profitability – Which May Entice More MinersThe Bitcoin Cash network is moving along more smoothly on its eighteenth day as miners have processed 1062 blocks since August 1. Over the course of that period, many larger blocks have been found above the 1MB block size parameter. Most of the bigger blocks have been in the 2MB-4MB range, but on August 16th the mining pool Bitclub mined an 8MB block which confirmed 37,000 BCH transactions. The BCH chain’s difficulty has also dropped, and at the same time, the price has risen greatly. These two factors have led to a close profitability parity between both networks earlier this morning. However, bitcoin cash mining (BCH) is now currently 21 percent more profitable to mine than bitcoin (BTC).

The BCH network still only has a few mining pools that have dedicated hashrate to processing the protocol’s blocks. The most prominent miners at the moment include Viabtc, Bitclub, and the ‘unknown mining pool.’ The mystery miner is still crunching away at a vast majority of blocks found on the network. The BCH chain is also 1480 blocks behind the BTC chain, and hashrate will have to pick up immensely to catch up. However, on August 17 the founder of Bitmain Technologies and the mining pool Antpool, Jihan Wu, said his pool might join BCH mining if others do so as well.

“Antpool will start to provide bitcoin cash mining option after at least one of Segwit supporter/fan pools start to mining bitcoin cash,” explains Jihan Wu on Twitter.

Bitcoin Cash Markets Spike Over 60%

For the past two days, BCH markets have been on fire, and the market is up over 60 percent at the time of writing. Currently, one bitcoin cash is $550, and the market is commanding a $9B market cap. Further, BCH markets have eclipsed ethereum trading volumes as the cryptocurrency has been trading $2B in volume over the past 48 hours. During the late hours of August 17, there was significant resistance in the $520 price territory, but BCH bulls surpassed these sell walls the next day. If a bearish trend picks up order books on Kraken, Bittrex and other BCH exchanges show a solid floor within the $450-470 range. Additionally, the trading platform Bittrex has announced it will process funds for customers after only six BCH confirmations as opposed to its former rule of ten confirmations.

Bitcoin Cash Markets Flip Mining Profitability Which May Entice More Miners
Bitcoin Cash (BCH) markets on August 18, 2017.

BCH supporters are pretty excited about the digital asset’s market movements and the changes in mining profitability. Some of these BCH proponents believe a great mining “flippening” will happen around block 479808. As BCH mining profitability becomes more appealing to miners the chance of other pools joining in is a greater possibility, especially if bitcoin cash markets continue to rise.    

BTC.com Provides a BCH Recovery Tool for a Variety of Wallets

In addition to the overall positive news, a splitting tool that can extract BCH from other wallets has been launched by BTC.com. “We are happy to announce that as of August 16, 2017, BTC.com offers a secure tool to extract bitcoin cash from other wallets,” explains the China-based startup.

“Recovering bitcoin cash from a bitcoin wallet in a do-it-yourself manner can be a risky process that requires serious expertise. That’s why we have developed this designated recovery tool, to make the process easy and seamless for everyone,” BTC.com adds.

What do you think about the current progress for the BCH chain and the recent market price spike? Let us know your opinions in the comments below.


Images via Shutterstock, Bitcoin Cash, and Crypto Compare. 


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Bitcoin Cash or Bcash: What’s in a Name?

Bitcoin Cash or BCash: What's in a Name?

As Bitcoin Cash, or Bcash, is slowly but surely turning into a functioning cryptocurrency, one topic remains contentious in particular: its name.

Many proponents of the coin, judging by popular sentiment on social media like Reddit and Twitter, prefer the initial name: Bitcoin Cash. But an increasing number of users, including many who are more skeptical of the new coin, consider this name too close to “Bitcoin” and therefore confusing. They instead refer to the new coin as “Bcash.”

“The ‘Bitcoin Cash’ project didn’t have time to prepare branding prior to splitting from Bitcoin, so the community provided a name and logo to help the project succeed on its own merits,” said “BashCo”, the pseudonymous moderator of the r/Bitcoin subreddit who labelled the new coin as “Bcash” in a much-read “sticky” on that subreddit.

Background

In its short history, what we now know as “Bitcoin Cash” and “Bcash” has already gone through several name changes.

The project was first publicly introduced on June 14. At that point it was referred to as Bitmain’s “contingency plan,” which the hardware manufacturer would launch in case the BIP 148 user-activated soft fork took off. An implementation of this plan was presented a little over two weeks later as “Bitcoin ABC” at the Future of Bitcoin conference in Arnhem, the Netherlands. But as it turned out, this was actually the name of the specific software implementation presented — not of a (future) currency.

This distinction became clear another two weeks later, as Chinese mining pool ViaBTC announced to realize the Bitcoin ABC plan to create a new coin, which it would call “Bitcoin Cash,” with the ticker BCC.

It didn’t take long for people to realize this was problematic. On the r/btc subreddit, user “paleh0rse” first suggested a name change, because “the full name ‘Bitcoin Cash’ is going to confuse the living shit out of newcomers, the general public, and media alike.” paleh0rse instead proposed the name “Bitcash”, but this suggestion didn’t gain much traction.

On top of that, the ticker BCC was already taken at several exchanges. In most cases, BCC is associated with BitConnect Coin, a top-20 cryptocurrency by market cap according to coinmarketcap.com. And major Bitcoin exchange Bitfinex uses the ticker BCC for BTC futures in case Bitcoin Unlimited creates a new currency (BTU). As a result, some exchanges list the new coin under an alternative ticker: BCH.

Bcash

It was one of these exchange, Bitfinex, that also announced a full name change for the cryptocurrency itself. As opposed to ViaBTC, Bitfinex decided it would use the name “Bcash” instead of “Bitcoin Cash” as the descriptive name: “to avoid confusion with Bitcoin.”

Bitfinex’s lead was followed by two of the three wallets that initially decided to integrate the new coin: hardware wallet Trezor and multicurrency wallet Jaxx. In a statement on Twitter, Jaxx COO Charlie Shrem explained that they, not unlike Bitfinex, made their choice in order to avoid user confusion.

“We have hundreds [of] thousands of users who have no clue what’s going on,” Shrem wrote. “Saying ‘bitcoin cash’ is confusing as hell to them. Unless you’re in user ops for a big company you probably have no idea how much people don’t understand technicals of bitcoin. 99.9999% #bitcoin users aren’t on Twitter or Reddit and don’t know anything technical about it.”

Similarly, when asked by Bitcoin Magazine, Trezor architect Marek “Slush” Palatinus explained:

“The reason we prefer to use ‘Bcash’ is to protect users from using the wrong wallet by accident. This would be a huge problem especially because Bcash has the same address format as Bitcoin, so we cannot protect users on the application level. We asked the Bcash team to change the address prefix before launch, which would solve it. But they refused.”

These concerns do appear to be backed by real-world data. A survey conducted by Pierre Rochard suggests that some 25 percent of regular people don’t know that “Bitcoin Cash” is distinct from “Bitcoin.” And so far there are, indeed, a number of reports on social media from users that accidentally sent BTC to a BCH wallet or vice versa.

Bitcoin Cash

Yet, Bitcoin Cash proponents remain unconvinced.

Many maintain that the name “Bitcoin Cash” simply is what the new coin is called, and claim that the name “Bcash” is mostly pushed by those who disapprove of the project. Some even go so far as to consider the rebranding insulting or even a “social attack” on the new cryptocurrency, solely intended to “degrade” it to an altcoin like any other.

Bitcoin ABC lead developer Amaury “Deadal Nix” Sechét and one of the initiators of the project told Bitcoin Magazine that he does not like the “Bcash” rebrand version either. Ironically, where “Bitcoin Cash” critics don’t like the name because it confuses users with Bitcoin, Sechét thinks that using a new name for Bitcoin Cash is confusing.

“Pushing for a second name is an attempt at confusing users. The people who do this don’t have the best interest of users in mind,” he said. “If everyone would switch to ‘Bcash’ I would also switch. But it looks like that name comes from a very loud minority. And I think ‘Bitcoin Cash’ is better anyways: Bitcoin forked in two branches. These two branches are now two flavors of Bitcoin.”

So far, most services that integrated the new coin into their service in one way or another, including Bittrex, Changelly and BTC.com, have also chosen to use the name “Bitcoin Cash.”

The same is true for instant cryptocurrency exchange ShapeShift.

When asked by Bitcoin Magazine, Emily, the official spokesperson for ShapeShift, explained:

“We decided to call it Bitcoin Cash because that is what the developers of the project call it. We aren’t taking any political sides on this matter and are just treating it as we do any other asset that is in high demand by our users.”

Resolution

There is no clear resolution for this “conflict.”

While someone, somewhere may have a trademark on the name “Bitcoin,” this trademark has so far never been enforced. And with no government, company or any single entity in charge of the cryptocurrency, anybody can ultimately call the new coin whatever they like.

Furthermore, since even Bitcoin users that are critical of the new project received a share of BCH, it’s no stretch to assume that the majority of BCH holders are fine with “Bcash” or even prefer it.

“Bcash is our coin too,” BashCo pointed out. “The backlash against ‘Bcash’ is unfortunate considering that many of us who realize that ‘Bcash’ is superior branding are holding exactly as many Bcash tokens as we hold in Bitcoin tokens. We want to help Bcash develop into a strong brand that will compliment Bitcoin without confusing users.”

But of course, the most ardent supporters of the new project disagree that “Bcash” is any better. They generally prefer to keep the word “Bitcoin” in the name because, from their point of view, the coin is a continuation of the Bitcoin project they got involved in.

“I’d say the name, ‘Bitcoin Cash’ conveys what the project intends to do, while also differentiating from Bitcoin, as Bitcoin decided to go in another direction than peer-to-peer cash,”  Séchet said. “People who see anything else in there, like an attempt at confusing users, are projecting.”

And while Séchet did acknowledge the problems presented by the similar names, he prefers to solve these problems through other means.

“I agree it’s a problem if users accidentally send BTC to Bitcoin Cash addresses, or the other way round,” he said. “For this very reason, changing the address format is in the plans. But note that even when a coin is sent to a wrong address, that coin is not lost forever. As long as you hold the private keys you can retrieve the funds.”

Bitcoin Magazine has decided to use “BCH” for the same reason some exchanges did: “BCC” is taken. Moving forward, we’ll refer to the new coin as “Bitcoin Cash” as well as “Bcash” for short, not unlike “Segregated Witness” and “SegWit.”

Disclaimer: The author of this article received BCH and has not sold all of it yet.

 

The post Bitcoin Cash or Bcash: What’s in a Name? appeared first on Bitcoin Magazine.

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Hard Forking For Dummies: 2 Simple Rules to Access Your Bitcoin Cash

Hard Fork

There are two cardinal rules bitcoin holders should follow to prepare for the bitcoin hard fork. These rules will help users protect their bitcoin and gain access to bitcoin cash after the fork resolves.

Also read: Fork Watch: Korean Bitcoin Exchanges Divided on ‘Bitcoin Cash’

Bitcoin.com has had a lot of people inquire about how to protect their bitcoin and gain access to bitcoin cash with the popular wallets Breadwallet and Blockchain.info specifically, which will be addressed at the end of this article.

Forking For Dummies: 2 Simple Rules to Access Your Bitcoin Cash

The hard fork is happening Monday. Bitcoin cash is being created by the fork. It is a new and different token (coin) than “bitcoin legacy” (the current Bitcoin network).

Do not panic, though. Your coins will not just evaporate into thin air. You will have options on how to handle the consequences of the fork no matter what happens. Here are the two cardinal rules.

Rule 1: Protect Your Private Keys

The most important thing to remember: do not keep your coins on a custodial wallet. This will ensure you will have access to your bitcoin after the fork. Make sure you store your coins in a wallet where you KEEP THE PRIVATE KEYS.

Keys are not the same thing as “password”. You can use a password to login to a service (like an online wallet). “Keys” refer to the actual code used to control your funds (your coins) on the Bitcoin blockchain. As long as you have the key, you can always use that key (in almost any Bitcoin-compatible wallet) to access your funds.

To keep your private key private all you need to do is to use a wallet where you create a seed code or generate a password that protects your private keys. Many wallet applications provide information on whether they are custodial or not.

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

As a rule of thumb, any trading platform, exchange, or web wallet generally manages user’s keys themselves. They do not give you access to the keys, so in reality they control all the coins on their site — much like a bank would control your assets if they are kept inside.

For clarification, a word code or seed code basically acts a replacement for your private keys. In the event that you lose your private keys, the seed code is used to regenerate that key and gain access to your coins.

When the fork occurs, possessing the private keys means you will be able to access also bitcoin cash. The amount you can control will be the equivalent amount of bitcoin you had the keys to at the time of the fork. If you do not have your keys, however, the custodian or web wallet controller will make that decision for you (whether to credit you with the new bitcoin cash coins or not).

Waiting Period: Obtaining Bitcoin Cash After the Fork

Furthermore, after the fork completes, each wallet provider may provide (or have already provided) information on how to manage bitcoin cash. Usually, this will just involve each service/app creating a tool or application that allows you to access your newly minted bitcoin cash. The user can simply wait until the service in question provides that tool. Read the news blog of the company behind the wallet you are using to check their latest statements. If there is no statement on Bitcoin Cash and they don’t reply to questions on the matter, it might be advisable to move coins to a wallet that explicitly supports bitcoin cash.

If the company does not, it is still possible to extract your private keys (in most cases, not all) and use them to claim bitcoin cash in another wallet, although this process requires some technical knowledge of command line or code. It may be best for most users just to keep their keys in wallets that have already announced support for bitcoin cash. Coinbase.com, for instance, currently does not support bitcoin cash.

Another option, although a bit riskier, is to place your coins at an exchange that’ll support bitcoin cash (they’ll credit your account with the same amount of bitcoin cash). Here is a list.

Rule 2: Do not Transfer Bitcoin During or Immediately Following the Fork

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

The second rule: Users should not to do any bitcoin transactions — send or receive coins — during or directly following the fork. All users should wait until two or three days after the fork before sending funds (maybe longer depending on network stability). This is important because the network may be unstable and vulnerable to attacks during this period. However, any vulnerabilities cannot be easily exploited if users are not sending funds around.

If you follow the two rules cited above, you should be well protected both during and after the fork, as well as be able to access bitcoin cash. Stay tuned to Bitcoin.com for more information regarding the fork as the situation develops.

Obtaining Bitcoin Cash on Breadwallet and Blockchain.info

Breadwallet

Some users are confused about how they will obtain bitcoin cash on Breadwallet. This should be a simple process. After the fork, Breadwallet will develop a new wallet application specifically for bitcoin cash. A user will then just use their seed code from their original wallet with the new one to gain access to their bitcoin cash.

It is still unclear how long it will take Breadwallet to develop the application. However, after the dust settles, users should still be able to send and receive their “legacy” bitcoin. Their bitcoin cash amount — at the time of the fork — should remain safe until Breadwallet’s application goes live.

Bitcoin.com spoke with Aaron Lasher, the CMO of Breadwallet. He clarified:

Subsequent to a persistent fork, bitcoin experts and coders can access their private keys using the BIP39 protocol and their 12-word recovery phrase. Retail customers will need to wait a little longer for us to release a separate version of the app that segregates the coins in a user friendly manner.

Blockchain.info

In the case of Blockchain.info, users must first make certain they generate their private keys on the security settings page (a 12-word seed phrase). This will guarantee the user retains access to their funds after the fork. Blockchain.info has not provided details on how they plan on supporting bitcoin cash. Founder, Peter Smith, tweeted users can choose their fork at Blockchain, but did not provide more details.

Blockchain.info could still opt not to develop a tool or application to give users access to their bitcoin cash funds. If this occurred, users would have to extract the private keys to later gain access to their coins via another wallet that supports bitcoin cash. Currently, it would be recommended that users keep their bitcoin with wallet providers that have detailed how they are going to provide access to bitcoin cash. This will make obtaining it easier after the fork resolves, without having extra technical/coding skills.

How to Protect Your Bitcoin During the Hard Fork and Access Bitcoin Cash

Not Keeping Bitcoin Cash

All users must also bear in mind they are not in any way obligated to access or try to keep any bitcoin cash. If you just want to access your bitcoin, all that is recommended to do is wait for the fork to finish and the dust to settle. When the fork resolves, you should be able to continue using or saving your bitcoin like nothing happened.

If you have any further questions about this process, please post them below! We will do our best to answer questions and help users secure their bitcoin and bitcoin cash. 


Images courtesy of Shutterstock


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How Japanese Exchanges Prepare to Deal With Forked `Bitcoin Cash´

Japanese Exchanges Prepare to Deal With Forked Bitcoin Cash

The Japan Cryptocurrency Business Association has issued an announcement regarding Bitcoin Cash (BCC), which it expects to result from a planned hard fork on August 1. Some of its 13 bitcoin exchange members have already issued preliminary notices detailing how they will deal with the upcoming cryptocurrency.

Also read: Viabtc Launching Bitcoin Cash Token and Mining Pool for Bitcoin ABC

JCBA’s Plans for Bitcoin Cash

The Japan Cryptocurrency Business Association (JCBA) released its plan on Friday regarding how it will deal with the planned hard fork on August 1. The association currently has 13 members that are bitcoin exchanges. All of them have already agreed to suspend bitcoin deposits and withdrawals on that date. The JCBA wrote:

With this hard fork, it is planned that existing blockchains will continue to handle bitcoins, while newly formed blockchains will handle a new virtual currency scheduled to be named ‘Bitcoin Cash’ (BCC).

Japanese Exchanges Prepare to Deal with Bitcoin CashA bitcoin exchange member of the association, Bit Trade, described that “The BCC hard fork is scheduled for August 1 (Tue) 21: 20 (JST).”

The JCBA explained that, with the newly formed blockchain, an equal amount of Bitcoin Cash to each customer’s existing bitcoin holdings will be generated. The association added that each bitcoin exchange in the group will decide for themselves how to deal with Bitcoin Cash belonging to their customers.

Some exchanges will not be trading BCC and customers of those exchanges will have to transfer them to another exchange that does, the association advised, adding that (loosely translated):

It may be difficult to receive and pay using Bitcoin Cash in derivative transactions…In this case, we may liquidate it by sending and receiving money for the equivalent amount. For specific handling information, please confirm with the exchange member that deals with you.

Exchanges’ Preliminary Notices on Bitcoin Cash

Some bitcoin exchange members of the association have independently made their own announcements concerning how they plan to deal with Bitcoin Cash. However, so far, little information has been offered by each exchange.

Japanese Exchanges Prepare to Deal with Bitcoin CashBitpoint wrote that they intend to “deal with the newly generated Bitcoin Cash including trading transactions.”

Bit Trade has stated its policies in more detail. “When the Bitcoin Cash fork splits bitcoin into two coins, we will give the full number of coins same as BTC held by customer at the time of suspension, after August 2.” After that date, customers can withdraw money as well as trade the BCC/JPY or BCC/BTC trading pairs on the exchange.

Coincheck wrote only that “we will consider how we cope with Bitcoin Cash hard fork after confirming the situation in detail.”

GMO-Z Coin similarly announced, “regarding the handling policy for ‘Bitcoin Cash’, we will inform you on our site and via email by August 1.”

Tokyo Bitcoin Exchange wrote that “as for the plan to handle Bitcoin Cash transactions, we will not decide at the present time.” However, the exchange will aid individual customers with the withdrawals of the new coins.

What do you think will happen on August 1? Let us know in the comments section below.


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