Forking Great, up to 50 Bitcoin Forks in 2018 80

For those not in the know blockchain forks are something of an enigma. Last year saw 19 Bitcoin forks but as many as 50 could occur this year. The most successful one at the moment is Bitcoin Cash which has caused a rift in the Bitcoin core community.

Forks happen when developers clone Bitcoin’s software and release it under a new name with a new coin and often new and improved functionality. In late 2017 in addition to Bitcoin Cash there was Bitcoin Gold, Bitcoin Diamond, Bitcoin God, Bitcoin Platinum, Bitcoin Dark and the list goes on. It is no wonder that confusion reigns with all of these different versions of the digital asset.

What the fork

According to India’s Economic Times there could be as many as 50 more Bitcoin forks this year. A site called Forkgen, which enables anyone with rudimentary programming skills to launch a clone, could see this estimation rise. The motives behind the forkers vary, some want to improve on Bitcoin’s slow and expensive transaction times. BCH is a good example of this as they increased the blocksize from BTC’s 1Mb to 8Mb enabling faster and cheaper transactions. Others just want to latch on to the Bitcoin name and make a fast buck.

CEO of forked coin wallet company Coinomi, George Kimionis, commented;

“Unfortunately, most fork-based projects we see today are more of a sheer money grab.Looking back a few years from now we might realize that they were just mutations fostered by investors blinded by numerical price increases – rather than honest attempts to contribute to the blockchain ecosystem.” 

He predicts that all of these forks could sideline the ICO industry which generally creates new tokens. Forks can also help funds in countries that have banned ICOs such as China. Another advantage of a fork is that Bitcoin holders usually get an equivalent quantity of the forked version. Though this largely depends on whether their exchange supports it, and many do not.

Meet the forkers

Tech savvy entrepreneurs launched forked versions of Bitcoin back in the day when crypto land was largely a digital desert. Coins such as Litecoin and Dogecoin were born but they are now dwarfed by the likes of Bitcoin Cash which has a market capacity three times both of them combined. Traders and investors have seen this momentum and want to get on their own forked train to rake in the big bucks.

Miners are also keen for new forks since Bitcoin is now prohibitively expensive to mine for individuals and smaller operations. UnitedBitcoin for example, which forked in December, can be mined using older hardware that can’t compete with state-of-the-art machines on the Bitcoin network

The likelihood of many more forks in 2018 is high, only time will tell which ones make it to the top.

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Crypto.com Adds Binance Coin to Crypto Earn 7313

Binance Chain

Crypto.com, the pioneering payments and cryptocurrency platform, announced today that it has completed the Binance Chain integration and is adding BNB to Crypto Earn. Deposit at least $100 USD of BNB into Crypto Earn for 3 months (paying 8% p.a. in BNB) and get $20 USD in CRO as a bonus at the end of term. Limited to 5000 new users. First come, first served! Promo applies to new Crypto.com accounts created on or after Aug 6, 2019.

Effective today: (Crypto.com App Version 3.30)

– BNB BEP2 Deposits: Users will now be able to deposit and withdraw BNB Mainnet Native Token (BEP2 format) on the Crypto.com App.

– BNB in Crypto Earn: BNB will also have additional utility as it is now supported by Crypto Earn, allowing eligible Crypto.com App users to enjoy up to 8% p.a. on their BNB deposits, paid in BNB.

– BNB ERC-20 Holdings: Starting from Aug 6, 3:00PM HKT, users holding BNB (ERC-20) tokens on Crypto.com will have them automatically converted BNB (BEP2). All BNB (ERC-20) tokens will be swapped to BNB (BEP2) tokens on a 1:1 ratio.

– BNB ERC-20 Deposits: Crypto.com will continue to enable BNB (ERC-20) deposits to support the swap until further notice. Users interested in making BNB (ERC-20) deposits to Crypto.com after Aug 6, 3:00 PM HKT can only do so to their Crypto.com ETH Wallet Address ONLY.* Users can check their ETH wallet address by going to Wallet -> Ethereum -> Deposit on their Crypto.com Wallet App.

Notes:

*BNB (ERC-20) deposits made to a non-ETH wallet address on Crypto.com may result in an irreversible loss of funds; Crypto.com is not liable for such losses.

Please make sure you specify the destination tag/memo specified within the MCO wallet app > BNB > Deposit page when making BNB (BEP2) deposits.

The Crypto.com App may cease supporting BNB ERC20 tokens in the future with advance notice to you. Any BNB ERC20 deposits made after we cease supporting BNB ERC20 may result in an irreversible loss of funds.

BTC, BCH, XMR, XTZ and LINK 7136

LINK

XTZ/USD

Tezos (XTZ) is the best performer of the past seven days with a massive jump of over 40%. It shot up after Coinbase announced that it will onboard the cryptocurrency on its professional trading platform, Coinbase Pro. The four-stage process will start with inbound XTZ transfers on August 5. Huobi Wallet tweeted that it will be a Tezos baker and support XTZ in the near future. Blockchain development company Truffle announced that it will add support for the Tezos blockchain protocol in its developer suit. These favorable fundamental news helped the digital currency rake up strong gains. However, can this continue or will the rally peter out after the news-based rally? Let’s analyze the charts.

XTZ/USD

The XTZ/USD pair has formed a cup and handle reversal pattern, which will complete on a breakout and close (UTC time frame) above $1.85. Following the breakout, the target objective is $3.37 and above it $4.20. The moving averages have completed a bullish crossover and the RSI has jumped into positive territory, which suggests that bulls are back in the game.

However, the failure of bulls to close the week near the highest point shows profit booking at higher levels. If the price fails to break out of $1.85, the reversal pattern will not come into play and a few weeks of consolidation between $0.83 and $1.85 are possible.

Traders can buy on a close (UTC time frame) above $1.85 and keep a stop loss of $0.82. Until then, it is better to remain on the sidelines.

LINK/USD

Unlike other major cryptocurrencies, Chainlink (LINK) has been volatile and has been finding a place either among the top losers or the top gainers for the past few weeks. This week, it has again found a place as a top gainer. Oracle announced a partnership with Chainlink, which is a big boost for the project. In other news, Callisto Network announced integration of Chainlink Oracles and Zilliqa tied up with Chainlink to power its smart contracts. While the fundamental news flow has been positive, let’s see what the chart projects.

LINK/USD

The LINK/USD pair has found support at the 61.8% Fibonacci retracement levels of $2.0175 for three successive weeks. This makes it an important level to watch on the downside.

On the upside, bulls might face resistance at $2.8498, above which, the pair is likely to pick up momentum and rally towards the lifetime high. Therefore, traders can wait for the price to scale and close (UTC time frame) above $2.8498 before attempting long positions.

If bulls fail to propel the price above $2.8498, the pair might remain range-bound for a few weeks. Our bullish view will be negated if bears sink and sustain the digital currency below $2.0175.

BTC/USD

Bitcoin (BTC) has gained in double digits in the past seven days. The past week saw a flare-up of trade war between China and the U.S. and a rate cut by the U.S. Federal Reserve. Peter Tchir, former Executive Director at Deutsche Bank, said that Bitcoin acts as a lead indicator to hidden geopolitical tensions.

Fundstrat Global Advisors co-founder Tom Lee and a report by research firm Delphi Digital said that dovish policies of central banks will be bullish for the leading cryptocurrency. On the news that central banks have been buying a record quantity of gold, Anthony Pompliano said that central banks will start hedging their assets with Bitcoin if they “find out about the non-correlated, asymmetric upside profile of Bitcoin.”

Can Bitcoin extend its rally in the next few weeks? Let’s find out.

BTC/USD

In strong uptrends, the pullbacks are usually arrested at the 38.2% Fibonacci retracement level of the entire rally. The BTC/USD pair found support between the 38.2% and 50% retracement levels, which is a positive sign. Both moving averages are sloping up and the RSI is in positive territory. This suggests that bulls are firmly in command.

The up-move might face some resistance at the downtrend line, above which, the pair can retest the recent highs of $13,973.50. This level might see some profit-booking, but once crossed, we expect buyers to pile in and push the price toward $17,208.84.

Our bullish view will be invalidated if the price turns down from the downtrend line and plummets below $9,080. That will indicate selling at higher levels and might catch the bulls off guard.

BCH/USD

Bitcoin Cash (BCH) celebrated its second birthday on Aug. 1 and ended up as the fourth-best performer of the week. Can the rally continue?

BCH/USD

The BCH/USD pair is rising inside an ascending channel. It remains in an uptrend as long as it stays inside the channel. The bulls will now try to push the price towards the resistance line of the channel. A breakout of the channel will result in a sharp upward move. The traders can initiate positions as suggested in our earlier analysis.

Contrary to our assumption, if the pair turns down and plummets below the channel, it can plummet to $227.70 and below it to $166.25. Both moving averages have flattened out and the RSI is close to the midpoint, which points to a probable consolidation for a few weeks.

XMR/USD

Monero (XMR) rounded up the list with gains of just over 8%. Can the cryptocurrency extend its gains in the coming weeks? Let’s have a look at its chart.

XMR/USD

The bears broke below the support at $81.4151 in the past week, but could not capitalize on the breakdown. The XMR/USD pair has quickly bounced back above the level, which shows demand at lower levels. Both moving averages have flattened out and the RSI is just above 50, which points to a range-bound action for a few weeks.

If the price breaks out of $90.4999, it can rally to $107 and above it to $120. The traders can buy if the price closes (UTC time frame) above $90.4999 for a day and keep a stop loss of $71. The stops can be raised to breakeven as the pair reaches $107.

Contrary to our expectation, if the cryptocurrency reverses direction and plunges below $71, it will be a negative sign. Such a move can drag it lower to $60.

Market data is provided by the HitBTC exchange.

Hong Kong-based Cathay Pacific Pioneers ULD Blockchain Technology 7538

Cathay Pacific

Hong Kong-based Cathay Pacific is the first airline to introduce blockchain technology to manage its ULDs in real time via a mobile app and will ultimately eliminate paper receipts, following a successful trial last year.

The first stage of the project began in July. It will initially focus on ULD transactions in Hong Kong and selected locations in the US before being rolled out across the entire Cathay Pacific network.

The carrier describes its blockchain-enabled system as a “single source of truth” that provides standard data and greater visibility for all concerned parties. Once all ULDs have the necessary sensors installed, it can become a total paperless solution.

Cathay Pacific e-cargo and digital enablement manager Calvin Hui, who initiated the project, said: “Using blockchain to establish a trustworthy ULD database across the network will not only assist with ULD management, but also improve the service quality and experience for our customers.

“The most obvious benefit we expect to see is having sufficient ULD stocks for our customers during peak cargo periods, because we will know where exactly to find our ULDs.”Cathay Pacific

Banning cryptocurrencies in India not the solution: Nasscom 7015

India

Banning cryptocurrencies in India is not the solution as this would inhibit new applications and solutions from being deployed and would discourage tech startups, the IT industry’s apex body Nasscom said on Tuesday.

An inter-ministerial committee headed by Economic Affairs Secretary Subhash Chandra Garg last week submitted the report and the draft bill on banning of cryptocurrencies and regulating official currency in the country.

“Nasscom believes that the recent proposal of the inter-ministerial committee of the government to ban all cryptocurrencies barring those that are backed by the government, is not the most constructive measure.

Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens,” it said in a statement.

A ban would handicap India from participating in new use cases that cryptocurrencies and tokens offer.

The panel in its draft report had said that for private cryptocurrencies, given the risks associated with them and volatility in their prices, “the group has recommended banning them and imposing fines and penalties for carrying on of any activity connected with them in India”.

According to Nasscom, cryptocurrency-based businesses can be tested in the regulatory sandboxes being launched by the financial sector regulators across the country.

“We should work towards creating a regulatory framework that will constantly monitor and prevent illegal activities. Regulating would allow the law enforcement agencies to be better equipped to understand these new technologies, enable them to gather intelligence on criminal developments and take enforcement actions,” said the IT industry’s apex body.

US Capital Global Securities Announces Addition of Blockchain Technology Venture Capital Fund to Its Portfolio 6626

US Capital Global Securities, an affiliate of US Capital Global, is offering to accredited investors a $10 million equity investment in CityBlock Capital’s first tokenized venture fund, NYCQ Fund LP (the “Fund”), as the Fund’s exclusive placement agent. US Capital Global Securities recently added the Fund to its own expanding portfolio. The Fund has holdings in leading names in the FinTech and blockchain infrastructure arena, including Coinbase, Bakkt, Nomics, and Tagomi:*

Headquartered in San Francisco, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin, Ethereum, and Litecoin. Coinbase’s global revenue last year totaled approximately $520 million, according to Reuters.

Bakkt is a digital asset and currency exchange launched by the Intercontinental Exchange (NYSE: ICE). The company is expected to begin testing its two Bitcoin futures contracts on its platform on July 22 this year. Backed by a diverse array of big names, including Starbucks Corporation (SBUX) and Microsoft Inc. (MSFT), Bakkt aims to be a game changer in the cryptocurrency investment industry.

Nomics is a cryptoasset data company that delivers professional-grade market data APIs to institutional crypto investors and exchanges. It offers products and services that allow funds, fintech apps, and exchanges to access clean, normalized and gapless primary source trade and order book data. The firm also provides white-label market data APIs to exchanges.

Tagomi is an electronic brokerage offering prime services for investors of Bitcoin, Ethereum, and other digital assets. Tagomi provides a single touch point for digital asset trading at institutional operational standards, treasury management, transparency, custody solutions, and other services. Tagomi aims to make it easy to navigate the extremely fragmented global digital asset landscape.

“Combining low minimum investment amounts and early liquidity opportunities, the Fund gives accredited investors access to blockchain infrastructure investments normally available to institutional investors,” said Charles Towle, CEO at US Capital Global Securities. “Our firm is keen to back forward-thinking strategies at the frontline of the digital market era. The opportunity to participate in this $10 million equity investment in the Fund is still open to eligible investors.”

CoinBene Launches the First Card That Integrates 100% Cryptocurrencies 6497

CoinBene

John Watson, 23, left home to work and asked for a Didi. Before entering the office, he stopped at a bakery and bought a loaf of bread and juice, using his card. In the middle of the day, he ordered a snack from Uber Eats as he had a discount coupon. His co-worker, Bob, charged him with money he owed, which John did at the same time, using the app. At the end of the day, Gabriel realized that he did not have the physical money to buy the subway ticket and had to cash in before going home. It seems like an ordinary day, and it really is. The difference is that John did all this using cryptocurrency.

In September, CoinBene — in partnership with Mastercard, launches its own card, which will use full cryptocurrency. You may use the card for any activity in your routine, such as a digital account. Cash withdrawals, cashback, payment of bills, direct money sending and even integration with WeChat are some of the features.

Benefits of a digital account — and even more

The card will have an app, where the person may pay their monthly bills, track their balance, get cashback in the agreed establishments and much more.
Deposits can be made directly from your CoinBene account, by bank transfer or even a ticket. There will be two types of cards, Gold, and Platinum, aimed at different audiences. The launch of the card will honor the 70th anniversary of the founding of the People’s Republic of China.

Friendly withdrawal

Besides the traditional ATMs, the CoinBene Card customer will manage to withdrawal money in any establishment that has the label “Friendly Withdraw”, estimated to be more than 15,000 places in Brazil. Just take your digital account app into the store, enter the amount you want to withdraw, read a barcode and you’re done! The checkout counter will make available the amount chosen.

Peer to peer transfer

CoinBene Card costumers will be allowed to transfer money among themselves instantly and without any fees, using a simple QR Code.

Cashback

There are more than 15,000 stores and restaurants with the cashback benefit. When you use your CoinBene Card at a merchant’s convenience store using the CoinBene Card, you get exclusive discounts, which are credited back in cash directly into the card. This credit — which varies from 1% to 10% of cashback — can be used anywhere in the world for other expenses or withdrawn from the ATMs of the banks that are affiliated. Simple like that!

WeChat

WeChat is an application with almost 1 billion users. With it, you can solve almost every problem of daily life in a few clicks, especially in China, where the application has more features. It is possible to order food, consult a doctor, book travel packages, flirt, buy all kinds of products, call a taxi, see friends’ posts, check fan pages and still pay from the coffee to the new car. All of this is done with WeChatPay. The digital payments in China today move around 4 trillion dollars a year. The CoinBene Card will be integrated with the application.

Mastercard

The CoinBene Card is operated by Mastercard, which allows the customer to participate in the Mastercard scoring program. Earn 1 point each time you use your card, regardless of the value of your purchase. From 5 points, you can buy a product and take another to share with someone special. Buy one, take another. There are several partners, from restaurants to travel packages.

Paying bills, shopping on the internet and even making withdrawals in reais has become easier for the user of crypto-coins. Brazil is the fifth country with the largest number of people who have some crypto actives — 8.1% of Brazilians between 16 and 64 years old. Now they will have more functionality for their cryptos. For example, use them in your routine life.