‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV

In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.

October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV alpha client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.

Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?

The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.

“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”

With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months.

“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.

Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the halving event is set to take place, the network needs to start scaling now.

For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”

Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.

“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.

In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.

Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.

“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.

The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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James Clapper: Blockchain has great potential for ‘disaggregated’ transactions

CoinGeek’s Stephanie Tower spoke with Lt. Gen. (Ret) James Clapper on how governments can harness blockchain technology.

Lt. Gen. (Ret) James Clapper, former director of national intelligence for the U.S. government, participated in the recent Block Seoul conference in South Korea, which he found appealing for personal reasons as well. “Anytime I get an excuse to come back to Republic of Korea, I’ll jump at it, because I was stationed here in the military in the mid-80s for two years, and it was one of the best assignments I had in the Air Force, and my family had a wonderful time. And of course, like a lot of people, I’m concerned about cybersecurity and the potential for blockchain and related technologies to enhance cybersecurity,” he said.

Even with changing technologies, each person or group should approach the matter of security the same cautious way, according to Clapper. “[I]f you’re connected to the internet, no matter how, you’re vulnerable, and you may as well just accept that fact and do all the classical things that you can do, and even then assume you’re going to get attacked. And the big thing is how to respond to an attack, and the extent to which you are resilient, and this applies to a nation-state, an institution, a company, or an individual,” he said.

Clapper also finds blockchain technology interesting due to its applicability to a wide number of fields. “[Blockchain] has great potential for anything that involves transactions that are disaggregated, so medical, to financial, and [the] defense arena, it has great potential.”

He pointed out that so far, the government has not had much use of the technology for its operations. “We don’t use it very much,” Clapper said, explaining that “the government is always a little behind industry and technology. There are potentially great applications, not so much from an intelligence exploitation standpoint, as much as protecting information.”

Clapper warned that the U.S. government should be seriously exploring the use of blockchain. Implementation of blockchain-powered systems, he said, “better progress, because both the Chinese and the Russians are very aggressively pursuing blockchain applications.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the CoinGeek Week Conference happening in London on Nov. 28-30.

Tickets to the three-day conference are still available via Eventbrite.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Xona Partners’ Riad Hartani: First blockchain applications are in Africa

CoinGeek’s Becky Liggero speaks to Riad Hartani of Xona Partners, who looks at how blockchain technology will impact markets across the world.

Even at such an early point in the history of blockchain, its real-world applicability is already being put to test by companies big and small. Yet to Riad Hartani, co-founder of tech firm Xona Partners, the potential for the technology’s mass adoption is particularly strong in Africa.

One present problem he sees is fundraising for small and medium enterprises. According to Hartani, “The whole process of raising money is very cumbersome, and basically difficult to put into practice. So this is a typical example, and with blockchain, you come up with a solution that facilitates all of that… Even if it’s a North American-developed technology, any advanced technology, teams and so on, but the first applications are in Africa, which is interesting.”

Xona Partners, according to Hartani, does three things to push blockchain technology: “We see blockchain as what we call a ‘leapfrog’ technology that just comes into markets and [is] given the opportunity to disrupt, basically. Solve problems definitely, one. Number two, since it’s new, basically the whole world’s probably at the same levels. You can take it, build it, and then go global with it. And number three, it’s mostly open-source, so the knowledge is very much accessible if you have talent. You can have access to it without any restrictions. So these three things make it very valuable for Africa and building technology ecosystems in Africa, in our opinion.”

Hartani sees the Transform Africa summit as part of the necessary gatherings among people that will make the technology thrive. “I see overall the value is really building this connectivity between people and ideas, and this is ideal. Because what is technology these days? Basically being able to be close to those that understand it and have it, right? So building that connectivity model between people and ideas is really the goal, and I think this event has been doing a lot of that. And meeting people from any part of the world that have that knowledge and keys to be able to work with them. So fundamentally, I see it as a way to basically get us closer to that, you know, ‘world is flat’ thing. We all work with each other,” he said.

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week Conference happening in London on November 28-30. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. Tickets to the three-day conference are still available via Eventbrite.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Jimmy Nguyen tells BCH Boys: Scalability is the pillar of Bitcoin SV

The BCH Boys, Bitcoin BCH enthusiasts who are on a mission to introduce the cryptocurrency to the world, sat down with nChain’s Jimmy Nguyen for an interview on Wednesday. They talked about projects being worked on at nChain, as well as what is in store for the future. A significant amount of time was utilized to cover the upcoming network upgrade in November and the role Bitcoin SV plays in Bitcoin BCH’s future. The interview is available on YouTube and is an invaluable tool for understanding what’s really going on with the Bitcoin BCH blockchain.

Nguyen leads in by providing some background behind why Bitcoin BCH was necessary. Many in the early cryptocurrency community recognized that Bitcoin Core (BTC) developers were not adhering to the digital currency guidelines that were presented by Satoshi Nakamoto, opting instead to develop their own crypto playground. These individuals pulled together to ensure that the true digital currency envisioned by Satoshi could live on and it does—only through Bitcoin BCH.

He points out that developers have a tendency to want to change things up every few months and are making network alterations that are neither requested by the community nor warranted. These developers are trying to take control of the blockchain when, in reality, the entire community rightfully needs to be in control—hence, a decentralized network. As Nguyen poignantly stated, “[The blockchain] is not a place for experimentation.”

Miners have the most at stake with a blockchain. They’re the one that drive the network’s success. Without miners, there is no blockchain. In order to ensure that mining will be able to continue as the network continues to become more popular and halves every few years—a process that is built into the system—it is important to offer them an incentive that allows for mining to remain economically viable.

This is where Bitcoin SV comes in. Bitcoin SV is a full node implementation of the Bitcoin BCH protocol and is being developed in order to give miners a choice. It will provide stability, scalability and security—key factors in a blockchain’s long-term success.

The other benefit to Bitcoin SV, and probably the more important benefit, is what it will mean to big business. Businesses won’t accept any platform— blockchain or otherwise—that is constantly being tweaked and manipulated based on the whimsical desires of developers. Business owners want to know that they can rely on the platform to carry them five or ten years into the future. This won’t be possible with the current makeup of any blockchain.

Says Nguyen, “Scalability is the pillar of Bitcoin SV.” He explains that nChain, along with industry experts, conducted numerous tests to determine what is necessary now in order to be prepared for the future. All of the models— pricing, transaction composition and different economic factors—show that the minimum block size needed in two years will be at least 200MB, if not more. In order to reach that level, scalability has to begin today.

In order to ensure that Bitcoin SV is viable as a secure and stable system—requirements for both miners and businesses—nChain has brought in teams of independent auditors to review and test the code, it is offering bug bounty programs and participating in a gigabit testnet. All of these activities will help ensure the strength and integrity of the Bitcoin BCH blockchain.

Wrapping up, Nguyen touched upon the upcoming CoinGeek Week Conference on Nov. 28-30. He mentioned that there would be some exciting announcements made during the event from nChain and other Bitcoin BCH companies that are sure to make enthusiasts happy. Tickets to the three-day conference are still available via Eventbrite.

Bitcoin BCH has the ability to change the world. There are many in the ecosystem that are working hard to bring about positive change, but it can only happen if everyone understands what cryptocurrency is to be used for—a decentralized, peer-to-peer digital currency.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Healid’s Bert Kastel seeks to fulfill blockchain’s promise—to advance humanity

CoinGeek’s Becky Liggero recently interviewed Healid founder Bert Kastel, who has helped spread the message of blockchain through organizing conferences such as the Transform Africa summit.

Bert Kastel has been a notable presence in the cryptocurrency community, working to exploit whatever beneficial uses the technology has. The company he founded, Healid, aims to maintain a large gene database powered on the blockchain, intended to best determine treatments for all manners of illness. The ambitious venture is just one of many that preoccupy Kastel. He also played a big part in organizing the blockchain conference in the Transform Africa Summit, held in Kigali, Rwanda.

Of the conference, he said, “It’s definitely a virtual enterprise, and of several organizations together. One is K Lab which is an incubator here in Kigali, and the other one, the Transform Africa team, which is organized by Smart Africa, and then our team that is also spread out in several continents, several individuals but we coordinated. We got the locals to develop most of the hands-on logistics and we put together the contents and got most of the speakers and all of this, and tried to pull it together so that there’s some energy injected into this conference by future technologies.”

Kastel describes Healid as ‘crypto-economic genomics.’ A mouthful even for a cutting-edge industry such as blockchain, but it is such high-mindedness that has guided him in looking at firms and organizations who could realize the potential blockchain has, in its various applications.

“I believe that technology drives human advancement, and I want to just identify technologies, and facilitate them if they advance humanity. So no borders, not a specific country or specific continent, but wherever humans get empowered and can fulfill their dreams. And that is very close to the blockchain world, at least the premises and the promises of blockchain, so that’s why it came very natural to me,” Kastel said.

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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BTCC’s Bobby Lee: The essence of Bitcoin is that now information is money

In the seven and a half years that Bobby Lee, a co-founder of BTCC, has been studying blockchain and cryptocurrencies, he’s learned that what happens in the industry is something that “no one has control over.” This keeps him from making predictions on the upcoming Bitcoin Cash (BCH) upgrade.

Lee noted that before the hard fork that led to Bitcoin’s rebirth in BCH in August 2017, “I was begging people not to fork it at the time. But it still forked. So that actually proves the fact that Bitcoin is quite decentralized, that no one can force it: no governments, not even people, regular people or miners, or there’s no decentralization in it to force it one way or the other.”

A self-proclaimed “Bitcoin maximalist,” Lee nonetheless concedes that both BCH and BTC can co-exist. “The best analogy is, it’s like religion. If you look at the world’s religions, there’s many, many religions. I don’t claim to be an expert here, but I think several of them trace back to the same roots.” He considers Bitcoin BCH and BTC as “legitimate children of Bitcoin.”

The primary value of cryptocurrencies, as he sees it, is that money is no longer about specific pieces of paper or lines of credit issued through a governing body. “Very few people realize that the essence of Bitcoin is that now information is money. So it’s not about something physically you hold, it’s not about having ownership under my title, under my name, for example, real estate. Even the car I buy, for example, is owned under my name, and the government enforces it. There’s a matching of my name and the asset—the real estate or the car… With Bitcoin, the ownership is actually proven not through physical means and not through title registration, by identity. But that should only be because you have information, you have the knowledge of the private key. So people don’t get that, and that’s fine because not everyone’s a computer scientist, not everyone’s an economist. So I hope to spread that message, that that’s the essence of Bitcoin, because now people can own Bitcoin by having that information.”

Blockchain’s part in history, according to Lee, “goes back to the fundamental rights as a human being, goes back to the word ‘freedom.’”

“Essentially, we’re not slaves, we’re not enslaved in society. Now how does slavery and freedom matter to Bitcoin? Well, if you think about it, the governments have enacted so much control over the money, essentially, people who have now made money are enslaved to the governments, because the spending restrictions, who they can transfer it to, how much they can receive, and also the value of the money, is also completely and arbitrarily controlled by the central banks through inflation, and so on and so forth,” he said.  “Right now, we’re seeing that the value is highly volatile, so there’s a downside to it right now, because we’re in the early days. We’re barely in the tenth year of Bitcoin, but give it another 10 years, give it 50 years. I think it will be very important to the people of the world.”

It may be just the beginning, but we could already see a big change from just five years ago. Lee said, “I remember distinctly in 2011, even as recently as 2013, saying the word ‘Bitcoin’ into a crowd, no one would understand what you’re talking about. The idea of a ‘bit’ coin, a digital coin, that was just unheard of. So now, through years of pushing it in the media, finally the world knows about Bitcoin. They also know about the word ‘blockchain,’ they also know about the word ‘tokens,’ and so on.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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NextCash Bitcoin BCH wallet interview

There are an endless supply of cryptocurrency wallets available to consumers today. While the selection may seem confusing and overwhelming, each offers its unique characteristics that set it apart from the rest. Having such a vast number of options is a good thing – it means that developers are going to be more inclined to continue development to enhance their offerings in an effort to attract more customers. Ultimately, this will lead to a stable and powerful cryptocurrency market.

One of the newest cryptocurrency wallets being introduced specifically for Bitcoin BCH is the NextCash wallet. It is still in development, but its creator, Curtis Ellis, took a break from the rigors of coding to give us some details of his project.

Tell us a little about yourself
I have been writing software for 20 years, though I just became involved with [cryptocurrencies] last year. I have lived in Montana most of my life. I enjoy solving problems and building/updating complex systems. I have worked in the financial industry, and developed mobile apps. You can see basic information about me at curtis-ellis.com/.

Why did you choose Bitcoin BCH?
[It] is most aligned with the incentives to become a decentralized currency. I could write a lot about this topic, as it is not simple. Decentralized proof of work and user adoption are key to success. On-chain transactions must remain healthy for anything else to work.

How long has the wallet been in development?
I started developing the underlying node software from scratch in July 2017. When it was starting to function, I started developing the Android wallet on top of it in the beginning of 2018. So all together a little over a year. It is just me, and most of it is from scratch, so it has been a lot of work.

How many beta testers are currently involved?
There are very few beta testers so far. I have had a few friends running the alpha test for several months, and it looks like only a few people have joined the beta since it started [two days ago].

What are some of the biggest challenges you’ve discovered?
As far as development, my challenges are mostly lacking documentation of the protocol and lack of funds. I have been living on savings and retirement to allow me to focus on this. I can usually figure out the protocol, as I am good at systems analysis.

When do you anticipate going live?
Ideally, in a month or two, if I get some decent beta testers. I will be ready to push the app to production on Google Play and probably add it to some other stores, too.

What do you have in store for future enhancements to the wallet?
I have a lot of dreams. 🙂 I have thought of a public key sharing system in which you can share public keys with people who pay you regularly and they will be able to generate their own addresses to pay you with, and you will know the source of payments. Like the HandCash usernames, except with no centralized service required, just wallet support. There are also a lot of little features left to add, like importing and supporting keys of all different derivation paths, and updating the UX. I also plan to add some subscription based services like improved zero conf, BIP-0070 server access, and other merchant support.

Are you working on any other projects?
Right now, just related projects like the website nextcash.tech, which is pretty bare bones right now, and the full node implementation, which needs lots of tests and consensus rules verification.

Is there anything else you would like to share?
I hope to promote [Bitcoin BCH] usage and make it easier and safer for people to use it as a currency. It has the potential to be much better than any other existing currency.

Projects such as the one being developed by Ellis are why Bitcoin BCH is succeeding. More developers are recognizing the value of the cryptocurrency and its underlying blockchain and are becoming more involved in creating not only wallets, but also real-world products and solutions that can cover a myriad of issues. All of these endeavors will help to advance the network faster and lead to it global adoption more rapidly than the other cryptocurrencies.

This interview is part of an ongoing project to feature advances of the Bitcoin BCH community. If you have a project, or know of one, that should be highlighted, drop us a note.

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Jimmy Nguyen: There are too many tokens in the world

In this interview with CoinGeek’s Becky Liggero, nChain CEO Jimmy Nguyen shares his thoughts on how to spread the word about Bitcoin Cash (BCH) around the world.

nChain CEO Jimmy Nguyen sees much promise in how blockchain technology is going to change industries.

He said, “We think the power of the Bitcoin Cash blockchain is not just as a payment system, a currency that we can use to buy and send money, but to transform all kinds of technical functionality. And one of the great things it can do is transform trade, which will pave the way for smart contracts, all kinds of tokenization of any asset, financial instruments, rewards tokens, physical assets, and if you imagine a later world, if you could tokenize any asset, you will allow that to be traded for a different asset or variations of the same asset.”

Speaking from Kigali, Rwanda, Nguyen acknowledged the potential of blockchain in transforming the developing world. Tokenization of assets, he says, is “valuable for a lot of the world. I think that’s especially valuable for territories like Africa, because it breaks down borders and it allows them to sort of leapfrog into a new technology wave.”

There’s one thing though that bothers him. “There are—and I’m going to say this to the whole world—too many tokens in the world! I think there’s too many. We’re not opposed to people creating new tokens but we always say—and I get asked for nChain’s purposes to invest in a lot of ventures—I always look at them and say, ‘Is there a need for your token besides just being another way to pay for something, or just to raise money for your venture, to replace venture capital fundraising?’ I would like to see a world where tokens are done on the Bitcoin Cash chain, and if they’re done, that they have some utility function that can’t be done on the underlying Bitcoin Cash chain to begin with,” Nguyen said.

As head of a global leader in the research and development of blockchain, Nguyen seen some hurdles to application of the technology in the world. The first one he enumerated was the education of developers.

He said, “There’s too few qualified blockchain developers in the world. There’s a shortage. We’re trying to train more through programs such as what we’re doing with Stack Lab and CoinGeek in Iloilo, Philippines, training next-generation blockchain developers on Bitcoin Cash. So that takes partnerships with universities and training programs.

“Secondly, I think we need more partnerships with people, operators who want to run exchanges, especially in territories like Africa. There’s only three countries in Africa now where there are online exchanges for cryptocurrency. To make it more accessible to the world, the community needs to partner with more people who are willing to be operators of exchanges.”

Nguyen noted, “Finally, we need to partner with legacy businesses. The power of blockchain technology is that it creates ways to better solve problems that exist in our world today, eliminating intermediaries, make things more efficient, and the best way for blockchain ventures to do that is to actually partner with big legacy businesses, because you could help solve their problems. So that’s why we’re looking for partnerships like that.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Ricardo Sancho: At the end of the day, crypto price is not the most important factor

CoinGeek’s Becky Liggero spoke to Cryptartica’s Ricardo Sancho on growing the Bitcoin Cash (BCH) economy through real markets.

As exciting as it is to watch cryptocurrency prices go up, the value of the digital currency, according to Ricardo Sancho, is its usability in transactions.

“I think that one of the most important things is to get both users and merchants onboard, and I think that at the end of the day, the price is not the most important factor. I think it’s actually getting those merchants who have options for the users to spend and having the users actually wanting to spend that money,” Sancho said. “Making the money move around is what actually creates an economy, and that’s what will actually get Bitcoin Cash off the ground and into a real cryptocurrency that can be used by everybody in the world.  I think, by far, the most important metric is to measure merchant adoption and user adoption.”

Cryptartica, the company Sancho helped found, is intended to give BCH users opportunities to spend what they have. “At Cryptartica, we believe that becoming your own merchant is a very important thing. The economy is just getting started, so there’s a lot of places for users to create new businesses. A lot of these businesses already exist in the, let’s call it fiat world, but we need to move over to Bitcoin Cash, and big corporations are actually slower to adopt newer technologies, so the users have an opportunity here to basically take a pie of that market while the Bitcoin Cash economy is growing,” he said.

With the way Cryptartica is set up, one need not invest a lot of capital prior to earning. “One of the things that we’ve done at Cryptartica is actually to create a design marketplace, and that will allow any user to easily, in five minutes, start selling their designs on merchandise and earn Bitcoin Cash. That will allow these users to basically lower the barrier of entry for them and allow them to earn Bitcoin Cash without actually having to invest money upfront,” he said.

Sancho believes in the importance of meetups for getting the word out about BCH, a responsibility he takes seriously. According to the Cryptartica founder, “We started meetups around January, that was our first meetup. And that was a very successful meetup, a lot of people showing interest in wanting to learn about Bitcoin Cash, and we think that is very important. What the BCF, the Bitcoin Cash Fund, has been doing is very important to fostering meetups around the world and basically put Bitcoin Cash out there. People tend to forget that one of the most important things is to actually educate people. They will not learn and they will not find out about Bitcoin Cash or any other cryptocurrency unless we put in that effort. It has to be us enthusiasts, as the first Bitcoin Cash users, to actually do that work, go out there and educate people, let them find out by themselves how great this technology can be.”

If you’re interested in helping the growth of merchant adoption of Bitcoin BCH, join the bComm Association, an industry group that intends to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November. Members of bComm Association can avail CoinGeek Week tickets at discounted prices. To purchase tickets or learn more about CoinGeek Week Conference, visit the official website here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Newly-launched Voltaire.cash crypto exchange is built for Bitcoin BCH

There is a new cryptocurrency exchange that launched this week, and it’s one that promises a new era for Bitcoin Cash (BCH) markets.

Voltaire.cash is using Bitcoin BCH as the base currency for all trading pairs. Currently, the Shoreditch, London-based crypto exchange is offering BCH against BTC trading, with plans to add ETH and other assets like Dogecoin in the near future. The exchange promises “no trading fees, forever” to the first 100 traders. For those who didn’t make the cut, Voltaire.cash is also offering zero trading fees for eight weeks following the launch.

“When we do start taking fees on transactions, that’s going to be in the region of 0.15%, which is a lot lower than most exchanges,” Voltaire.cash founder Semyon Germanovich told CoinGeek.

Voltaire.cash certainly isn’t the first exchange to use Bitcoin BCH as the base pair for crypto trading—several trading platforms like Coinex and Panda Exchange also offer Bitcoin BCH trading markets. Where Voltaire.cash stands out, however, is with its unique selling point. Three of them, in fact.

The crypto exchange is the brainchild of 20-year-old Germanovich. In an interview with CoinGeek, he explained that what makes Voltaire.cash different from other platforms is kind of split into three unique selling points. And the first is that they are a consumer facing brand.

“We’ve seen a lot of cryptocurrency exchanges throughout the world [that were] not very consumer friendly, so they don’t represent the innovation of cryptocurrency,” Germanovich said. “initially they don’t look attractive for the user. One of the golden rules of building a product is that it’s got to be aesthetically pleasing.”

Voltaire.cash is also a platform with Bitcoin BCH users are its core focus. When asked why he chose Bitcoin Cash, Germanovich—who had been involved in Bitcoin since 2013—recalled how he saw Bitcoin changed not just from a technical perspective, but also in terms of the community not to mention the rising fees per BTC transactions. When Bitcoin Cash came in August 2017, essentially reverting Bitcoin to its original form that follows the Satoshi Nakamoto white paper, Germanovich said he was convinced that it is “the closest thing to the vision of peer-to-peer electronic cash, which is what we came in for.”

“We are convinced by this practicality to make a transaction… It can be a small transaction, but it’s peer to peer, and there’s no intermediary,” he explained. “The reason we built an exchange is because most people who trade Bitcoin Cash get it through the U.S. dollar, then to BTC and finally to Bitcoin Cash. What if there is a provider, a direct on-ramp almost so someone can trade Euros or GBP and get into bitcoin cash liquidity?”

The third aspect is location. With Voltaire.cash based in London, it gives the company the prime position “to get banks and fiat on-ramp” with cryptocurrency.

“We’re trying to connect the UK banking system with Bitcoin Cash,” Germanovich said. “There aren’t very many exchanges that offer Euro, pound trading that are based in the UK. The financial regulator here, the government have been quite hard on Bitcoin. [But] we think that is going to change, [and] when it does, we want to be the first in the position to get banks and fiat on-ramp.”

Why ‘Voltaire’?

The idea to build a crypto exchange that follows the vision of Bitcoin BCH came to Germanovich in September 2017. It started with a name—Bitshark.

“First, we’re actually called Bitshark, and that’s obviously not such a strong brand as Voltaire. Voltaire was anti-state, he was a bit libertarian, and he’s a great philosopher,” Germanovich said. “Voltaire is a powerful name and it speaks to our user, it’s kind of aligned with the vision of cryptocurrency.”

The biggest challenge for the team, however, was not naming the company. It’s the engineering side of things.

“When building an ecosystem where there isn’t much open source software available, it’s quite tough because not many people have done what we’ve done before—generally be an exchange community. The cryptocurrency community doesn’t really release a lot of open source software and you can’t make a whole Bitcoin library yourself, but again you can’t use someone else’s code because you don’t know if there can be any problems with that, so it’s been about finding the right software, open source software to use professionally because it’s moving large sums of money,” Germanovich noted.

Voltaire.cash is born a year later, and it comes equipped with high-speed, low-latency trading engine that can match up to 10,000 orders per second, able to support advanced order types with stability under large book volumes. In a statement, Voltaire.cash said the platform completed three months of unit and end-to-end testing, noting that “stress testing and benchmarking the trading engine has consistently yielded average trade match times of single milliseconds.”

Core focus

Voltaire.cash is a crypto exchange—for now. But at its core, Germanovich said they will be a community company, one that will strive to finally see daily peer-to-peer transactions via Bitcoin BCH. One of the things that the Voltaire.cash team has done is commit a percentage of its profits towards community development, in hopes of providing an incubator for developers with exciting ideas.

“One of the thing we do as a Voltaire.cash philanthropy is we give away 20% of our exchange revenue to the Bitcoin Cash community. So I think it’s attractive for our clients to know they’re trading and we’re not just a money printing machine, we’re actually trying to do something positive,” according to Germanovich.

Eventually, the platform will grow to become a community hub for Bitcoin BCH users, where they can buy and sell cryptocurrency and also have “meaningful discussions” without fear of manipulation or paid propaganda. Germanovich is also setting his sights on building a crypto point-of-sale solution “that will allow the merchant to exist in GBP if they didn’t want to exit in cryptocurrency.”

“Use cases like that and products like that will really drive adoption for Bitcoin Cash,” Germanovich said.

For now, however, the focus remains with the just-launched crypto exchange and how Voltaire.cash can give people tangible alternatives to financial institutions. After all, Germanovich said decentralization, financial freedom and privacy are in Voltaire.cash DNA.

Sign up for Voltaire.cash here.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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