Tag: Bitcoin Cash

Vin Armani: Bitcoin is always supposed to be instant

CoinGeek’s Stephanie Tower spoke with CoinText CTO Vin Armani about the app’s ability to reach people who otherwise would have no use for blockchain technology, and how similar phenomena are becoming more common.

When one thinks of blockchain, the need for an internet connection is usually implied. However, CoinText makes it possible to transfer sums of Bitcoin Cash (BCH) with only the use of good old-fashioned SMS. The app, currently in public beta release, is already being used for hundreds of thousands of transactions.

“This is the type of thing what we wanted to do with this is we wanted to make a product that was so simple to use, that even somebody’s 70-year-old grandmother who has no experience could easily use it, there’s no signup required, ” Vin Armani, CoinText’s CTO, said.

Because of the use of phone numbers instead of their paired private keys, it is possible to use phones from a decade ago, prior to the popular adoption of the iPhone and Android devices. According to Armani, “This is one of the first times that we’ve been able to have mobile cryptocurrency transfer, and people can even use their old feature phones, you know, the old flip phones.”

Because no signup is needed, one can be brought into the world of Bitcoin “in literally 30 seconds,” he said, noting that, “For us, it’s an adoption engine, really.”

CoinText has been operating initially in English-speaking countries, such as the United States, Canada, UK, Australia and South Africa, among others. To entice customers, a small free amount of BCH is offered for one to start sending.

This shift, from the strictly blockchain world to outside of it, is going to continue, and Armani is confident enough to say, “I’d prefer to take crypto over fiat, over PayPal, over credit cards. I think more merchants will in the future.”

He said that just by virtue of accepting crypto payments, one has an advantage over other merchants. “You’re going to get a whole lot of customers that simply won’t patronize your competitors. So right now there’s a huge competitive advantage like, if we get outside of the technical, of the fees, get outside of all of that, right now is a prime opportunity for merchants to jump in and get all kinds of customers just on a marketing basis, simply by accepting Bitcoin Cash. We’re ready to spend it with them, so as soon as they adopt it, they’re just going to have a flood of the most awesome and loyal customers that they could possibly imagine.”

The future of Bitcoin, in particular, is bright, in terms of mainstream adoption. Armani said, “By far, this is the best chain. Zero-confirmation is probably the most important thing, and Bitcoin was always supposed to be instant,” 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 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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Crypto market daily report – September 3, 2018

The cryptocurrency markets continued their impressive recovery on Monday with most coins showing positive increases after a positive weekend following many months of bearish activity. BTC held above the $7200 level after having even superseded the $7300 mark in a flurry of activity with turnover also increasing considerably.

Bitcoin Cash was the star of the show over the past 48 hours, rising by no less than 20% on Sunday to reach the $650 level before dropping back slightly to the $630 level on Monday morning at press time. Ripple remained stuck between the $0.33 and $0.35 range, but analysts have predicted a considerable move upwards in the coming weeks as interest and positive news surrounding the cryptocurrency continued to increase.

Ethereum was the only outlier in this positive move upwards with a price range that continued to hover between the $280 and the $300 mark, although there was very little movement either way. EOS performed an impressive climb of over 20% over the past few days –in fact it is around 35% up on a weekly basis to settle at the $6.50 mark with a further push upwards not unexpected.

Other coins with smaller market caps also saw a good increase with Ethereum Classic charging ahead and bullying the $14 level on Monday at press time—a level not seen since July. Litecoin registered a good increase to the $66 level before falling back slightly to the $65 mark but appeared well supported at that level. NEO was also up by over 15% over the weekend and was trading at the $22 level at press time, whilst XLM appeared slightly static with a trade range between the $0.22 and $0.23 levels. Cardano was slightly disappointing as it retraced slightly to the $0.103 level after having touched the $0.105 mark on Saturday or an 8% increase.

IOTA retained the $0.70 mark on Monday after having retraced slightly over the weekend, whilst ICX and ONT saw 5% declines to the $0.90 and $2.40 levels respectively. DASH also performed positively and held above the $200 mark although it decreased slightly over the past 24 hours by around 2%.

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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Don’t miss the CoinGeek Week Conference in London this November

What started out to be just a one-day conference has received such a great amount of support that it had to be extended by two additional days. The CoinGeek Week Conference, which will be held at the The Mermaid at Puddle Dock in London in November, is simply one of the most important cryptocurrency conferences of the year and is a must-attend for anyone in the industry, from novices to expert developers. Anyone who understands the importance of Bitcoin BCH and the role in plays in revolutionizing digital currency will benefit from the three-day event.

The historic conference will be held from November 28-30. The leading blockchain and cryptocurrency developers will be on hand to share their experience and expertise, while discussing the advantages of digital currency in a retail environment. Not only is cryptocurrency an additional form of payment, it’s also a way for merchants to increase their revenue.

While attendance on all three days will provide the most benefits, it’s possible to attend a single-day conference based on what area of crypto best suits you. The first day is designed to focus on application development, giving attendees an in-depth understanding of the latest in blockchain technology. There will be a networking event held in the afternoon to allow attendees an opportunity to create new alliances and expand their businesses.

Day 2 is aptly entitled “Application Merchants Day.” The conferences will target how to gain an edge on the competition and how easy it is to integrate Bitcoin BCH to grow your business. The afternoon networking event, as on Day 1, will prove to be extremely beneficial to those wishing to expand their enterprises.

The future of crypto and blockchain technology will be the highlight of Day 3. Learn from the experts, who will talk about what lies ahead for the currency evolution and how it will impact the global financial landscape.

For those who attend all three days, an after-party will be hosted by Calvin Ayre, founder of CoinGeek and Bitcoin BCH pioneer. You’ve never partied until you’ve partied with CoinGeek.

Tickets are available now and space is limited. You can purchase a single-day or a multi-day ticket for a discount, and all tickets can be purchased with Bitcoin BCH. Members of bComm automatically qualify for a discount. Take advantage of this unique opportunity to get ahead and help your business thrive.

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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Bitcoin BCH stress test a huge success, over 10MB blocks mined

September 1 marked the day a massive stress test was done on the Bitcoin BCH network, and the results are in. Over 2.1 million transactions were registered on the network with a significant number of 10MB blocks—and some up to 21MB—being mined, with most of the 10MB blocks being mined by CoinGeek, the worlds first enterprise-level Bitcoin mining operation. The stress test was administered to verify the strength of the network prior to the upcoming hard fork scheduled for this November, and will more than likely turn into a regular annual event.

The number of transactions seen on the Bitcoin BCH network equates to 63% of all cryptocurrency transactions registered last September 1. It overwhelmed that of the second-most seen currency in the period, Ethereum, and was over 20 times that of BTC. According to Coin Dance, the number of microtransactions on the BCH network spiked to 14,300 per block. The average number for BTC is around 1,000 to 1,500.

As an added benefit, there was no increase in transaction fees. In fact, according to BitInfoCharts, the transaction fees actually dropped. They dipped from the normal average of $0.022 to $0.0017.

Jameson Lopp, software engineer and founder of bitcoinsig.com, was somewhat impressed by the results. He tweeted that the test had “succeeded in breaking various transaction and mempool visualizers.” In a separate tweet he posted more of the technical details of the stress test, pointing to some limitations. He said, “BCH Stress test recap: * Bottlenecks caused services such as the transaction generators to slow & error out, preventing mempool from exceeding 22 MB. * Largest block: 21.35 MB * Avg block size was ~3.6 MB: 11% of max capacity * 16% of Bitcoin ABC nodes dropped off the network.”

Not only did Bitcoin ABC have trouble keeping up, so did ViaBTC. This isn’t too much of a surprise, as Dr. Craig Wright had already predicted that the mining operation would not be able to function properly in a large-scale scenario and said that it couldn’t handle blocks larger than 8MB. As the information seen on blockchair.com confirms, ViaBTC didn’t mine any blocks above 7.999MB. For miners, it’s high time to upgrade to suppliers offering software that can scale as Bitcoin clearly scales already if you are working with the correct suppliers.

The stress test has also been successful for Bitcoin BCH’s price. It rose from $521 a week ago to hit $648 on September 1. As of this writing, it sits at $634.61, an increase of 2.78% over the past 24 hours.

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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Rick Falkvinge on why Bitcoin BCH is true driver of digital currency

As part of his “We Are All Satoshi” series, Bitcoin BCH pioneer and supporter Rick Falkvinge has published his latest video. Falkvinge raises several good points about the motivation behind different cryptocurrencies and how these motivations impact the direction the currency takes. It all comes down to one fundamental question: Why are we here?

In perusing the various cryptocurrency forums, patterns of discussion begin to emerge. On the one hand, the BTC community has a propensity to discuss price, almost to the point of being obsessed with how the value changes from one minute to the next or how to make the biggest return on a BTC investment. On the other hand, the topics of concern in the Bitcoin BCH forums are more focused on the community and developing the cryptocurrency ecosystem.

While it may appear, then, that the Bitcoin BCH community is apathetic toward the price of the currency. It would almost seem as though the topic of price is being suppressed. However, as Falkvinge points out, this isn’t the case. Instead, there is a “collective disinterest.” The difference is that Bitcoin BCH proponents are more concerned with ensuring the development and survivability of cryptocurrency than they are with lining their own pockets.

In the early days of cryptocurrency, it seemed that supporters were breaking off into one of two camps—activists or entrepreneurs. Activists can live off of what’s available, while entrepreneurs want to make money. An entrepreneur who only wants to make money will only turn out to be an “acceptable entrepreneur.” Great entrepreneurs excel because they want to make a difference in the world. These types of entrepreneurs have a great deal in common with the activists.

Falkvinge’s rightfully points out that the number one “guiding star”—or prime directive, as he calls it—for cryptocurrency, in keeping with the original design created by Satoshi Nakamoto, is to employ the “create liberty through profit” motive. In other words, liberty comes first, profit is secondary. This is the complete opposite of the way the BTC community, which is singularly focused on making money, thinks. To them, it’s a status symbol, not a digital currency. This isn’t how you change the world.

This is why BCH community doesn’t care about getting rich. It is concerned about making things better. Falkvinge acknowledges what virtually all cryptocurrency enthusiasts think—that if it makes money in the process, it will be great. However, this is not, nor should it be, the primary goal of cryptocurrency.

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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CoinEx produces a confusing and misleading statement about supposed Bitcoin Cash fork

Yesterday morning, CoinEx, a company whose CEO, Haipo Yang of ViaBTC, supports Bitmain on the ABC stance, issued the following statement concerning the Bitcoin Cash hard fork in November:

The statement has caused confusion among investors, who were otherwise led to believe by Bitcoin SV supporting teams that the competing client would not produce a split.

nChain and CoinGeek, two of the biggest mining backers of the Bitcoin SV client, categorically deny any willingness or attempt to create an alternate fork chain, and will instead be competing over Bitcoin BCH directly, by the very definition of ‘Nakamoto consensus’. That is, the consensus mechanism inherently built into Bitcoin, as referenced in the founding whitepaper.

CoinGeek has noted a number of factually incorrect statements and issues the following responses:

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols.”

This point is blatantly false. CoinGeek would like to request from CoinEx, a definition of ‘Bitcoin Cash protocols’. By implying that Bitcoin SV introduces an altered set of protocols, then by definition, so does ABC with their November hard-fork. Any upgrade would be effectively doing this.

Interestingly, ABC lead dev also made a remark in similar vain, stating the following:

We are therefore led to believe the only possible explanation to this statement is that CoinEx believes that ABC holds literal ownership of the Bitcoin Cash (BCH) brand.

This is not too dissimilar to a time in 2015, when Bitcoin XT, a competing client to the ‘BitcoinCore’ client was incorrectly labelled an alt-coin. Despite being an optional fork of the client with slightly different network protocols, Bitcoin XT was misleadingly branded an alt-coin on all BitcoinCore backed websites and forums. We fear the implication here is similar.

The next point on CoinEx’s statement follows on:

“BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset – Bitcoin-SV (Token: BSV)”

If Nakamoto consensus rules that Bitcoin SV is the dominant client, then there is no “incompatibility”. In fact in such a scenario, the only incompatibility will come from non Bitcoin SV compliant nodes in that case, which would mean ABC in this case.

Fundamentally it is premature to specify which client is “incompatible” and which client will be majority or minority. Nakamoto consensus determines this, not exchanges. Bitcoin is not democratic. The vote isn’t 1 vote per person, but 1 vote per CPU (hash).

In response to the statement, CEO of nChain Group, Jimmy Nguyen makes the key point that “Bitcoin SV is not intending nor trying to fork off from Bitcoin Cash, and Bitcoin SV is not intending to create a new coin or token. Instead, as stated in its announcement, Bitcoin SV is a professionally-driven implementation of the Bitcoin full node software for use on BCH, and is intended to provide a clear BCH implementation choice for miners who support Bitcoin’s original vision. Bitcoin SV intends to compete for miners’ votes (under Nakamoto consensus) to be the winning BCH chain”.

It is worth also noting, that recently, yet another team announced a new BCH implementation, like Bitcoin SV, it intends to fulfill the original Satoshi vision. This is called “Protocol Client” and its github repository can be found here:

CoinEx has made no mention of “Protocol Client” however, despite this being another client with different rules.

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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