Bitcoin Cash Community Preps Hard Fork Slated for November 13

Bitcoin Cash Community Preps for a Hard Fork Slated for November 13

Over the past few weeks, the discussion regarding fixing the Difficulty Adjustment Algorithm for the Bitcoin Cash network has been a very hot topic. Now according to sources, the protocol’s developers are in the midst of planning a hard fork slated for November 13, 2017.

Also Read: Satoshi Nakamoto Should Be on Forbes’ Rich List

Several Proposals Developed, Coded, and Tested

Bitcoin Cash Community Preps for a Hard Fork Slated for November 13According to Juan Garavaglia of the organization Bitprim.org, bitcoin cash (BCC) developers are currently planning a “smooth hard fork” for November 13. News.Bitcoin.com spoke with Garavaglia briefly about the subject, and he says that developers Amaury Séchet, Tom Harding, and Neil Booth have submitted proposals. Further, Garavaglia is in the midst of testing a variety of “Difficulty Adjustment Algorithms” (DAA). At the moment the current DAA isn’t operating so well for the BCC network.          

“The Bitcoin Cash DAA has served its original purpose quite well, but now the side effects are hurting Bitcoin Cash,” explains Garavaglia.

Several proposals have been developed, coded, and tested. There has been a lot of discussion in developer groups. My team is now testing the best proposals, and there is consensus that the Bitcoin Cash network will receive an upgrade.

Bitcoin Cash Community Preps for a Hard Fork Slated for November 13
Bitprim.org’s Juan Garavaglia.

Bitcoin ABC’s Next Release

Garavaglia details that the fork discussion has been talked about for quite some time, and the timing doesn’t really have anything to do with the approaching Segwit2x fork. “It was always assumed things would be fixed around this time, but really one thing has little to do with the other,” says Garavaglia.     

“Solutions have already been coded and tested — It will be fixed in the next release of Bitcoin ABC, hopefully in the next several days,” Garavaglia adds. “This will allow businesses a few weeks time to upgrade their nodes — At the moment we’re running real nodes and real hashrate on a testnet, using Bitcoin ABC binaries with the modified DAA algo.”  

We are removing and adding extreme amounts of hashpower (such as 95%) and then we observe how the difficulty actually adjusts with the new code. In addition, the individual developers of the new algorithms have performed their own simulations and there are comparisons being run for different scenarios.

‘Everything Does Much Better Than the Current Bitcoin Cash DAA’

Forum discussions across the BCC community seem to favor the DAA upgrade announcement. Most BCC proponents were already onboard with fixing the protocol’s difficulty algorithm, as many individuals profusely expressed the DAA fix was a priority. In fact, Garavaglia says all of the current trial algorithms are better than the current version.     

“So far, everything does much better than the current DAA, and the “turbo blocks” problem is less severe and corrects faster than before — We’re looking forward to continuing our testing during the next several days which will enable Bitcoin ABC to publish their new software version with increased confidence,” Garavaglia concludes.

What do you think about the Bitcoin Cash network preparing to hard fork on November 13? Let us know your thoughts in the comments below.


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Algorithmic Trading Platform Quantconnect Extends Reach to Cryptocurrencies

Algorithmic Trading Platform Quantconnect Extends Reach to Cryptocurrencies

The GDAX exchange, owned and operated by the firm Coinbase has just announced integration with the popular algorithmic trading platform Quantconnect. Now cryptocurrency traders can utilize Quantconnect’s trading algorithm interface to execute a swathe of exchange strategies.

Also read: An Introduction to Bitcoin Trading and Technical Charts

Identify, Backtest and Research New Quants With GDAX and Quantconnect

Algorithmic Trading Platform Quantconnect Extends Reach to CryptocurrenciesAlgorithmic trading has been used within trading exchanges since the seventies by using computers to follow the flow of financial markets. The method allows the execution of orders that are automated, and pre-programmed to adjust with price variables, time, and trade volumes. Algorithmic trading is used by cryptocurrency traders already as there is a slew of companies that offer automated services and open source trading bots. The New York-based firm Quantconnect has been a well known algorithmic trading service since being found in 2011 by the entrepreneur Jared Broad.   

“Through an integration with GDAX, Quantconnect’s technology has been extended to include cryptocurrency assets,” explains the firm’s announcement.  

Adding cryptocurrencies to the platform allows users to identify, backtest and research new ideas, insights, and strategies, Additionally, users will have the opportunity to hedge preexisting positions by investing in cryptocurrency.

Designing and Instantly Deploying Cryptocurrency Strategies

This year Quantconnect has seen a lot of growth as traders are becoming more attracted to live algorithmic trading. The firm says both strategy building and backtesting activity is up over 300 percent and new live algorithms have increased by 30 percent.   

“Adding cryptocurrency support to Quantconnect was the next logical step for our business,” explains the Quantconnect founder, Jared Broad. “As a powerful open-source initiative, we saw an opportunity to reach a larger set of quants and engineers that have been investing in digital currencies. Now, with a strategic integration with GDAX, the Quantconnect community can design and instantly deploy cryptocurrency strategies.”

Algorithmic Trading Platform Quantconnect Extends Reach to Cryptocurrencies
The Quantconnect algorithmic trading terminal. 

Traditional Financial Institutions Are Focusing On Cryptocurrencies

Algorithmic Trading Platform Quantconnect Extends Reach to CryptocurrenciesThe GDAX president, Adam White, says the latest integration with Quantconnect shows conventional financial institutions are continuing to evolve towards cryptocurrencies. “As the awareness of digital currency as an emerging asset class grows, Quantconnect has made it easier for institutions to conveniently backtest, research and live trade digital currencies,” details the Coinbase and GDAX senior executive.

As bitcoin and cryptocurrencies continue to grow popular the use of algorithmic trading has also increased within the emerging economy. Services like Haasbot, BTC Robot, and Cryptotrader also offer similar automated trading platforms and pre-programmed trading bots. Quantconnect also reveals the platform will soon be integrated with the San Francisco-based Kraken exchange as well.

What do you think about Quantconnect integrating with GDAX and Kraken? Do you use automated trading platforms or bots? Let us know in the comments below.


Images via Shutterstock, Quantconnect, and GDAX.


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Y’alls Platform Allows Article Monetization Using Lightning Network Micropayments

Y'alls Platform Allows Article Monetization Using Lightning Network Micropayments

Just recently news.Bitcoin.com reported on the launch of the Lightning Labs desktop application that aims to open the doors for the protocol’s future research and development. Now a new blogging and content creation platform called, “Y’alls,” has been launched that allows users to read and write articles by utilizing Lightning Network micropayments.

Also Read: A Look at Five Different Cryptocurrency Hardware Wallets and Prices

Read & Write Articles Using the Lightning Network

A new bitcoin-based micropayment blog platform has launched this week called, Yalls.org, a platform that connects content creation to the Lightning Network (LN). Y’alls doesn’t have many frills, and the UI is pretty bare-boned but seems a bit similar to the blogging site the Yours network too. The website welcomes users to Y’alls stating;    

Read and write articles, with Lightning Network micropayments — Start reading what people are writing or start writing what people want to read.

In order to use Y’alls, users need to install an LN wallet, and the website gives visitors three choices. The first option is the Lightning Labs desktop app which is derived from the Lightning Network Daemon (LND). The desktop version has full wallet features and Neutrino-SPV sync functionality. The second wallet recommended is a custodial web wallet that uses the Lightning Network called, “HTLC.” The Y’alls website emphasizes that HTLC’s centralization does not make it very secure, but says the wallet is simple to use. Lastly, the website suggests the LN wallet called “Zap,” a beta client created by the developer Jack Mallers.

Y'alls Platform Allows Article Monetization Using Lightning Network Micropayments

Using the Y’alls Interface

If an individual wants to write an article and then publish it, the user must pay 0.01 cent in bitcoin which gets processed using LN micropayments. After writing a complete draft, a user presses the “Publish Article” tab and the website issues an LN invoice so the payment can be completed. At the press time, there are roughly fourteen articles submitted to the Y’alls platform. So far submission topics vary with subjects like a curry tuna fish salad recipe, Satoshi Nakamoto’s white paper, a declaration of the independence for cyberspace, and more.

Y'alls Platform Allows Article Monetization Using Lightning Network Micropayments
After writing a post, push the “Publish Article” and a Lightning Network invoice is created.

More Lightning Projects Being Developed

Y’alls is just one of the applications being built using the LN protocol as there are a slew of others being constructed right now. Currently, there is a Slack Tipbot, a Macintosh GUI wallet, a pay-as-you-go electric vehicle energy app, and a full node monetization platform. Further, the LN developer Olaoluwa Osuntokun recently revealed another project he’s been working on called, “HTLC-DASH.” The decentralized adaptive streaming platform aims to tether video streaming with the LN protocol.

What do you think about the Y’alls application? Let us know what you think about this platform in the comments below.

Disclaimer: Bitcoin.com does not endorse nor support this product/service.
Readers should do their own due diligence before taking any actions related to the mentioned website or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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A Look at Five Different Cryptocurrency Hardware Wallets and Prices

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

As bitcoin and alternative digital currencies grow more valuable, the demand for  hardware wallets has grown significantly. Currently, there are a lot more options than when the first bitcoin hardware wallets came out and a lot more features. Here’s a look at some of the most popular cryptocurrency physical storage devices out on the market today.

Also read: CEX.io and Unocoin Announce Fork Arrangements

Hardware Wallet Advantages

A cryptocurrency hardware wallet is a physical device that stores private keys in a protected area within the device. People appreciate hardware wallets because they act similarly to a paper wallet but are far more functional for spending and receiving purposes. To date, there really hasn’t been any major incidents of large-scale hardware wallet vulnerabilities or verifiable incidents of funds stolen by hackers. Hardware wallets are also resistant to viruses, and private keys cannot be removed from these devices in plaintext. Although no method is 100 percent secure, Bitcoiners believe there are many significant advantages of using a hardware wallet, and there’s a bunch of devices to choose from on the market.

Ledger Wallet

The well-known brand Ledger Wallet has one product currently available for customers; which is the Ledger Nano S. The firm is releasing a product called the Ledger Blue, but the device is only available for pre-order at the moment. The Nano S is a reputable hardware wallet with lots of good reviews on the web since it was created. The device holds crypto-assets like bitcoin, ripple, ethereum, bitcoin cash, and others. When using the Nano, a user tethers a wallet to a Chrome plugin, and the device connects with a standard micro-USB connection. The Nano embeds an OLED display for users on the device for PIN verification, seed restoration, sending confirmations, and more use the physical wallet’s buttons located on the side.

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

Ledger says shipping takes about two weeks, and most people would agree you should purchase the wallet from the company but the wallet is also sold by third-party retailers like Amazon. One of the biggest security risks for hardware wallets is a compromised shipping process, but people still order from third parties as prices can be cheaper. Purchasing the Nano S through ledger the price is $69 USD or 0.123 BTC at the time of writing.

Trezor Wallet

Trezor is also a popular hardware wallet brand created by the company Satoshi Labs. The wallet offers private key storage for bitcoin, altcoins, and ERC-20 tokens as well. The Trezor wallet also can perform 2FA functions, act as a password manager, and offers document signing and encryption with GPG. Trezor has been around for years, and the device also has a solid reputation in the review department.

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

The hardware wallet also uses its physical screen and two buttons for PIN verification, sending confirmations, and firmware updates. Trezor connects with a micro-USB connector and has a solid plastic case. Right now Trezor says a new device can be shipped in 1-2 business days with priority shipping. Without shipping fees, the device costs around $106 or the bitcoin price equivalent. Further, the company will be releasing the second version of its device called the Trezor 2, so some enthusiasts may want to wait for that release.

Keepkey

Keepkey is a hardware wallet manufacturer owned by the cryptocurrency startup Shapeshift. The Keepkey is bigger than the Ledger or Trezor and offers an anodized aluminum case. Like the others, it offers a micro-USB connection, and a 3.12″ OLED screen display for verification and confirmation procedures. One unique option Keepkey offers is its ability to connect with the Shapeshift exchange in a more secure fashion. Keepkey also stores private keys for multiple cryptocurrencies, and users can create custom firmware on the device as well.

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

Keepkey hasn’t been around as long as Trezor or Ledger but has maintained a solid reputation and the product has decent reviews. The device costs $129 using bitcoin, Paypal, or credit card and can be shipped out either standard mail (3-9 business days an extra $15) or priority shipping (Fedex 2 Day an additional $47.98).     

Digital Bitbox

The hardware wallet Digital Bitbox is a new product created by the Swiss-based company, Shift Devices AG. The Bitbox is smaller than all of the hardware wallets available on the market as it connects directly to a computer with a USB connection. Additionally, the device comes with a recovery micro SD card, and it can store keys for multiple digital assets as well. One interesting feature Bitbox has is the ability to process “out-of-the-box” multi-signature sending features. Bitbox, however, does not have a screen like the other devices and doesn’t have many physical interface procedures.

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

When we first reported on the Digital Bitbox, the shop was closed due to high demand, but currently, the Bitbox shop is now open. The Bitbox costs around $54 but requires an extra $30 for Fedex Priority Express unless you are a Swiss resident. As we mentioned the device is a fairly new hardware wallet on the market, and there are only a few reviews online.

Bitlox

Bitlox is another relatively new hardware wallet product manufactured by the Hong Kong-based company Bitlox Limited. Bitlox is bigger than most hardware wallets being roughly the same size as the Keepkey but offers three different types of wallets. Users can choose from the Advanced ($98), the Ultimate ($148), and the Extreme Privacy set ($198). Bitlox can be connected with a standard USB, and the wallet offers BIP32 and BIP39 seed phrases. The device also has a display screen and multiple buttons on the device’s face.

A Look at Five Different Cryptocurrency Hardware Wallets and Prices

One unique offering from the Bitlox product is its Bluetooth functionality which can tie it to a mobile phone. Bitlox doesn’t have many reviews online detailing whether or not customers enjoy the product. Although there are a couple Youtube videos and written Bitlox reviews. Those who want to purchase the Bitlox must also use the International Courier Express option which is extra $26. Customers can buy the device with either bitcoin or Paypal and it can be shipped worldwide.    

Peace of Mind

Hardware wallets continue to grow in popularity as cryptocurrency adoption grows more fervent. These devices are considered a reliable investment because, in the long run, they can prevent theft from malicious actors online and peace of mind that your cryptocurrencies are safe. As the digital asset phenomenon continues, its likely more improvements will be made to these devices, and more manufacturers may come out of the woodwork.

What do you think about these hardware wallets? Do you own any of these brands? Let us know what you think and your experiences with these products in the comments below.

Disclaimer: Bitcoin.com does not endorse these products/services.
Readers should do their own due diligence before taking any actions related to the mentioned companies or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


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Bitcoin Cash Developers Propose New Address Format

Bitcoin Cash Developers Propose a New Address Format

This week the lead Bitcoin ABC developer, Amaury Séchet, proposed to add a Bech32 address format to the Bitcoin Cash (BCC) network. Currently, the BCC community has been discussing modifying the bitcoin cash address format, alongside preparing to fix the protocol’s Emergency Difficulty Adjustment (EDA).

Also read: Meet the New Bitcoin Cash P2P Exchange Localbitcoincash.org

The Bitcoin Cash Community and Developers Propose Changing the Protocol’s Address Format

Bitcoin Cash Developers Propose a New Address FormatOn October 14, Amaury Séchet proposed to implement a new address format to the bitcoin cash network. The subject of changing the BCC address format has been debated for a few months now, but even more so after Bitpay released a new address format for the company’s BCC integration in its Copay wallet. The discussion initially started on the Bitcoin ABC Github repository back in July. A few weeks ago Bitpay stated it had created “new conventions to ensure users don’t accidentally send BTC to a BCC wallet or vice versa.” However, Bitpay’s new address format wasn’t received well by the BCC community and developers.

Electron Cash Wallet Developer Weighs In

Bitcoin Cash Developers Propose a New Address FormatFor instance, the Electron Cash wallet developer, Jonald Fyookball, detailed on the Yours network, that “Bitpay’s new bitcoin cash address format breaks wallet compatibility and requires community discussion.” Fyookball explains he’s a “fan of Bitpay,” but he believes releasing a new format without community discussion creates issues. The “main problem” Fyookball details, is that unless every single BCC user within the entire community upgrades to this new software there will be address “incompatibility between the new (Bitpay format) and the existing format for addresses.”   

“Newer wallets theoretically should still be able to support sending to old addresses unless those wallets intentionally stop supporting legacy addresses,” Fyookball explains. “But actually, it appears that Bitpay has done just that on their own platform.”

This may be a matter of design choice if the idea is to prevent a user from sending to a BTC address — Yet, since many users still use old addresses, it breaks backwards compatibility.

Amaury Séchet Favors the Bech 32 Address Format

Bitcoin Cash Developers Propose a New Address FormatThe community believes it is essential for bitcoin cash addresses to be distinguished from bitcoin addresses, but think Bitpay’s method may not be the best answer. Bitcoin ABC’s Amaury Séchet explains on the team’s developer mailing list that maybe BCC programmers “have been moving too slowly and that is why Bitpay has gone ahead.” But Séchet also says he thinks they should have discussed the move as address upgrades can be “disruptive.” Séchet also revealed at the time he is in favor of Bech 32 address styles, a proposal first introduced by bitcoin developer Pieter Wuille.         

“At this point, I am in favor of the Bech 32 style addresses as they have a number of advantages — The most notable one, is that the format can be extended to support new features in the future,” Séchet’s developer mailing list post details. “The current address format or the variation proposed by Bitpay doesn’t, which means we’ll likely have to change it again in the future.”

As a result, I think we should adopt an extensible address format rather than doing a quick fix that makes us feel better now but fails to anticipate needs down the road — We are in this for the long run.

Lots of Bitcoin Cash Proposals and Ideas Being Tossed Around

The Github proposal pushed forward by Séchet seems to be favored by other developers who assist with the BCC protocol. One reviewer writes, “very elegant proposal, I like it,” and the pull request was also sent to the Bitpay/Copay code repository. The developer who recommends the address format changes to Bitpay asks, “Would you remove your new address format starting with C and add the Bech32 format (described here: Bitcoin-UAHF/spec#21) if some wallets start using it? It is more useful.”  

Bitcoin Cash development and infrastructure seems to be moving along with the recent EDA proposals and the latest address format idea. Further, the community has been greeted by another plan to create color coins on the BCC network. Bitcoin Unlimited developer, Andrew Stone recently proposed bitcoin cash scripting applications on October 16, in order to issue representative tokens on the network. 

What do you think about the proposal to change the bitcoin cash address format? Which development proposal do you think should be a priority right now for the BCH chain? Let us know what you think in the comments below.


Images via Shutterstock, Bitcoincash.org, Electron Cash, and Bitcoin.com.


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Markets Update: Bitcoin’s Pre-Fork Price Rollercoaster Begins

Bitcoin markets tumbled during the early hours of October 18 dropping roughly 6-7 percent to a low of $5,101 per token. Bullish optimism seemed to be stepping off to the sideline today as the decentralized currency struggled to capture the $5,640 zone again.

Also read: Preparing for the Bitcoin Hard Forks: A Step-by-Step Walkthrough

Bitcoin Markets See Some Short-Term Sell-Off

Bitcoin markets had a bit of sell-off today, as the currency has dropped from yesterday’s high of $5,640 to a low of $5,101 per BTC. At press time the value has rebounded as the price per bitcoin is hovering slightly above the $5,600 range, with around $2.3B in 24-hour global trade volume. At the moment, buyers seem to be waiting for better positions as the sell-off might not last, and the uptrend may pick up again in the short term. Surpassing the $6K range is still the ‘talk of the town’ among traders, and even though two forks are approaching, these traders are still optimistic. Today, bitcoin markets might stick around its current territory and consolidate between the $5,580-$5,650 zone; unless further support breaks down when Japanese markets open.   

Markets Update: Bitcoin's Pre-Fork Price Rollercoaster Begins
Japan still captures the lion’s share of bitcoin trade volume.

Japan is still dominating the world’s trade volume at 57 percent with the U.S. trailing slightly behind. South Korean bitcoin markets are still red hot as this region is currently capturing the third highest BTC trade volume. This week’s top five exchanges by volume are Bitfinex, Bithumb, Bitflyer, Hitbtc, and Bitstamp. The top five exchanges command over $652M worth of bitcoin trade volumes, or 121908 BTC swapped over the past 24-hours. The price has broken key levels of support below the $5,150 range earlier today, but we are looking to see if it drops below the $5,100 zone which could lead a more substantial sell-off.   

Technical Indicators

Technical indicators show the 100 Simple Moving Average (SMA) has crossed paths with the 200 SMA and is sinking below the longer term trendline. This means the path to the upside might take longer to achieve and further dips could be in the cards. Both the Stochastic and Relative Strength Index (RSI) are also heading south as the oscillators show overbought conditions and likely a touch more correction. Fibonacci retracement levels indicate this particular dip could follow to price ranges between $5,450-5,600. As we stated in our last markets update, we are watching to see if the Displaced Moving Average (DMA) support breaks $5,100. If this happens, markets could break support below the sub-$5K zone following the typical 30 percent pullback pattern that takes place every few weeks.

At press time the price per bitcoin is hovering above the $5,630 range. After a swift rebound, the short-term 100 SMA is still below the long-term 200 SMA.

The Top Five Digital Asset Market Overview

In general cryptocurrency markets, the top five digital assets are also seeing price dips today between 5-12 percent. Ethereum (ETH) markets had dropped 8 percent in value today after a quick pump before its 5th fork. The price per ETH is now $315, while the third highest market ripple (XRP) is down 11 percent at $0.21 per XRP. Bitcoin cash (BCC) markets had seen a significant uptrend in value yesterday on October 17, reaching close to $400 per BCC. The price per BCC at the time of writing is $345 after markets dipped 11 percent. Lastly, litecoin (LTC) is still holding the fifth highest market cap at $60 per LTC but has seen prices slashed by 9 percent this morning. The entire cryptocurrency market capitalization of all the digital assets combined is still a whopping $169B.

The Verdict

Markets Update: Bitcoin's Pre-Fork Price Rollercoaster BeginsBitcoin markets are commanding an $87B market cap, and BTC dominance compared to other digital asset shares is 54 percent right now. Again traders still seem confident that bitcoin markets could reach new highs before the upcoming forks. Many individuals believe money from alternative digital currencies will be sold for bitcoin to get in on the possible split(s). However, this means cheaper altcoins may get some buyers as some of these tokens haven’t seen lows like this in months. The trade-offs between altcoins and bitcoin before the fork may be a zero-sum game. Probably the most prominent thing people in crypto-land are thinking about right now is their upcoming plans for the possibility of a chain split. At this vantage point from now until the fork(s), prices could easily vary between $4800-$6K+ with extreme price swings going both ways. 

Bear Scenario: Sellers have control at the moment as buyers have definitely stepped away from overbought conditions. There are strong floors between the $4,800-5,100 zone for the short term, as buyers are waiting in this area in great number. If the bearish sentiment continues prices below $5K could very well be in the playbooks, which would likely lead to some panic selling for a short period. If DMA support breaks $4800, the averages of around $4,400-4,600 could very well happen too.

Bull Scenario: As stated above bitcoin markets have followed a consistent cycle of 30 percent corrections followed by an upside trend pushing its value to new all-time-highs (ATH). This bearish period right now may not lead to a substantial correction, but it could be the start. When the bottom is found, it’s likely bulls will take the lead again and prices could reach $5,800-5,900 soon. Further, there are expectations from some traders who envision the price wave spiking to $6K or $6,500 during the pre-fork(s) period. Bulls have a lot of work to do to obtain these levels again, and for now, it’s going to take a bit longer.

Where do you see the price of bitcoin heading from here? Let us know in the comments below.

Disclaimer: Bitcoin price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


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The Digital Asset Exchange Huobi Pro Provides Users With Fork Plans

The Digital Asset Exchange Huobi Pro Provides Users With Fork Plans

Huobi the cryptocurrency exchange based in China announced its Segwit2x contingency plans for the firm’s trading platform Huobi Pro. The exchange details that it plans to support all the tokens that derive from the planned Segwit2x hard fork.

Also read: JP Morgan Boss Can’t Stop Talking About Bitcoin — Calls Investors “Stupid”

Huobi Pro Will Support All Coins Deriving from the Segwit2x Hard Fork

The Digital Asset Exchange Huobi Pro Provides Users With Fork PlansOn October 17 the trading platform Huobi Pro revealed its decision-making process concerning the upcoming fork scheduled for mid-November. The company says it remains dedicated to providing first-class digital asset trading services, and dealing with forks is no different.

“Huobi Pro does not have the right to pick and choose any coins deriving from bitcoin Segwit2x hark fork on behalf of our users,” explains the trading platform.

Therefore, Huobi Pro will support all coins deriving from bitcoin Segwit2x hard fork and our users have the options to choose which coins to trade.       

Segwit2x Futures, and the Platform’s Deposit and Withdrawal Suspensions

However, Huobi does have plans for how it will handle the fork before, during and after the proposed consensus change. The exchange is offering futures as Huobi Pro plans to list BT1/BTC and BT2/BTC trading pairs at 12:00 PM, (GMT+8) on October 19. With the hard fork taking place in mid-November at block height 494784, Huobi details it will be suspending deposits and withdrawals for a period of up to three days. The exchange says this is to ensure risks such as replay attacks and network instability do not effect its user base.    

“Huobi Pro will enable BT1 and BT2 deposit and withdrawal services soon after the hard fork,” explains the exchange.

The Digital Asset Exchange Huobi Pro Provides Users With Fork Plans
Huobi Pro will introduce Segwit2x futures on October 19. At block height 494784, Huobi also details it will be suspending deposits and withdrawals for a period of up to three days.

Renaming the Split Tokens Will Take Place After the Fork

Further, if the hard fork is successful Huobi plans to rename the new chain split coin and reward customers with that token at a ratio of 1:1. The platform will then resume trading pairs against BTC, and the chain split token will also be paired with BTC. If the fork fails, Huobi will cease actively trading BT1 and BT2 futures tokens.   

“If your bitcoins are stored on trading platforms that do not support the Segwit2x chain split coins, or you are using wallet without anti-replay attack function, we strongly suggest you deposit bitcoins to Huobi Pro and we will handle all resulting technical issues related to the bitcoin Segwit2x hard fork and reward you with the corresponding digital asset,” Houbi Pro tells its customers.

The company also emphasizes that digital assets are risky and come with price volatility. Split tokens being new are subject to extreme price swings and could become worthless, Huobi states. “Before investing, please have a full understanding of all the risks of investing in digital assets and be prudent of your own investment decisions,” the digital asset exchange notes.

What do you think about Huobi Pro’s Segwit2x plan for this November? Let us know what you think in the comments below.


Images via Shutterstock, and Huobi Pro. 


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SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork

SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork

This week the popular bitcoin wallet app for iOS and Android, Bread, announced its contingency plans towards the Segwit2x fork scheduled for this November. Bread says the Segwit2x fork is more complicated due to the lack of built-in replay protection, but its number one priority is keeping customers funds safe and giving users a choice.

Also read: Putin Tells Central Bank Not to Create Unnecessary Barriers to Cryptocurrencies

SPV Wallets Follow the Most PoW By Default, But Bread Users Have a Choice

BreadSPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork is a well-known bitcoin wallet that has a solid reputation for security and safety as a non-custodial Simplified Payment Verification (SPV) client. The startup details in its announcement that many people have been asking the team about the upcoming fork. The wallet provider says one of the apps “greatest strengths” is the ability to connect to the Bitcoin blockchain. However, as an SPV wallet, the Bread client follows the chain with the most proof of work by default.

“As an SPV wallet, Bread performs a high-speed but simple verification to determine which chain has the most cumulative proof of work,” explains the Bread team. “However, it does not check or enforce rules regarding block size, which means SPV wallets (as designed today) will follow whichever chain has the majority of hashing power, regardless of the details that separate the two chains that will soon exist.”      

Not Our Job to Tell Users What to Think

This basically means that Bread users who don’t tether their wallets to a node of their choosing, by default they will follow the chain with the most cumulative proof of work. However, with Bread’s platform users can utilize the app’s node tethering function, which enables users to toggle between a node of their choosing.

“Even with these issues at hand, Bread is still a great place to keep your coins during a fork,” Bread details. “We side with our users — And even though many of our users strongly disagree with one another about the merits of Chain A or Chain B, it is not our job to tell any of them what to think.”  

Bread is comprised of a group of individuals, any of whom will gladly give you their personal opinion on the matter, but as a company, we have to stay true to our two promises: Keep customer funds safe, and give customers a choice.

SPV Wallet Bread Lets Users Decide During the Segwit2x Hard Fork
Bread’s users can tether to the node of their choice by using the apps node tethering feature.

No Matter What Side Individuals Were On They Wanted Access to Both Chains

What the company learned this past August, during the Bitcoin Cash (BCH) fork was customers wanted their funds no matter which side they were on. Bread thinks it is the company’s duty to provide technical support for users who want access to both chains, and Segwit2x is no different.

During the next few weeks up until the pending fork, Bread says they will continuously communicate with their customers. There will be more Segwit2x announcements down the line the startup explains, and official news can also be found on Twitter as well.

“The context surrounding the 2x fork is quickly evolving and everyday individuals and companies make new announcements and endorsements — It is conceivable that the fork will fail to materialize, but as it stands today, we anticipate the split is highly likely to occur,” Bread’s announcement concludes.

What do you think about Bread’s statements about the upcoming fork? Do you think giving users a choice is a good idea? Let us know what you think in the comments below.


Images via Shutterstock, Pixabay, and Bread. 


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JP Morgan Boss Can’t Stop Talking About Bitcoin — Calls Investors “Stupid”

JP Morgan Boss Can't Stop Talking About Bitcoin Calls Investors "Stupid"

The Wall Street tycoon and JP Morgan CEO Jamie Dimon is once again talking about bitcoin investors in a derogatory fashion. On October 12, Dimon told CNBC that he was done talking about bitcoin and that it was basically irrelevant to him. However, Dimon won’t shut up about bitcoin as the bank executive called bitcoin investors “stupid” and someday they will “pay the price.”

Also read: Bitcoin Proponents Respond to JP Morgan Executive’s Statements

Dimon Says He Won’t Talk About Bitcoin But Then Gives a Speech About the Currency and It’s Investors

JP Morgan Boss Can't Stop Talking About Bitcoin Calls Investors "Stupid"
“The other thing I’ve always said about bitcoin, governments. This is not a technological statement — Governments are going to crush it one day,” explains Dimon this Friday.

Recently, Jamie Dimon called bitcoin a “fraud” and bitcoin markets saw a correction the following day stemming from Chinese exchange closures. Interestingly enough, JP Morgan Securities Ltd., bought up a bunch of bitcoin-based exchange-traded notes during the dip. The Wall Street mogul was even called out for market manipulation, and a report was filed with the Swedish financial authorities. The London-based algorithmic liquidity provider Blockswater explained Dimon had broken the financial bylaws within the European Union’s Market Abuse Regulation (MAR) articles.   

Then this Thursday Dimon was recorded by the news outlet CNBC saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Then Marianne Lake JP Morgan’s CFO said, “we are open-minded for digital currencies that are properly controlled and regulated.” However, according to CNBC after these statements the very next day at the Institute of International Finance conference, Dimon had some choice words for bitcoin investors.

“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon explained to attendees of the event.

Dimon Could Care Less About Bitcoin Markets

Dimon’s opinions also follow bitcoin’s spectacular climb to the $5,840 territory on October 12. The decentralized currency has been on a record climb all year outpacing a majority of stocks, state-issued currencies, and commodities. Despite the price spike, Dimon is not in the least bit interested in bitcoin’s market value.     

“The only value of bitcoin is what the other guy’ll pay for it,” Dimon explains. “Honestly I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”

I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that — Who cares about bitcoin? The world economy is so big.

‘JP Morgan Moves More Money Than Bitcoin’

The executive went on to say that people are quite good at manipulating the press and pumping bitcoin. Dimon says “every day, you have CNBC, nonstop bitcoin” coverage and explains bitcoin markets are peanuts in his eyes.

JP Morgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.

Even though Dimon said he wouldn’t talk about bitcoin anymore, he had an awful lot to say about the currency, while at the same time promoting a “blockchain technology,” either backed by a commodity or with government approval.

“When I made that ‘stupid statement’ calling bitcoin a fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins.’… My formerly smart daughter,” Dimon concludes.

What do you think about Dimon’s opinions about bitcoin? Let us know in the comments below.


Images via Business Insider, and Crain’s New York Business.


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Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues

Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues

Bitcoin’s price is on a tear in 2017, and it’s hard not to notice the decentralized currency’s spectacular run this year. As the value climbed to new heights this October, surpassing $5800 per BTC across global exchanges, many well-known investors have stated this month that they believe bitcoin’s future will be very bright from here on out.

Also read: Judge’s Decision to Delay Bitlicense Hearing Considered a ‘Positive Step’

Despite the Words of Jamie Dimon, Big Name Investors Believe Bitcoin Has a Bright Future

Big name investors and billionaires are talking about bitcoin a lot these days. However, the JP Morgan CEO, Jamie Dimon, has decided to stop talking about bitcoin, for now saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Even though Dimon is supposedly done talking about bitcoin, many well-known billionaires and financial executives have great things to say about the currency’s future.

Michael Novogratz: ‘Bitcoin Could Capture $10K in 6-10 Months’

Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues
Former fund manager for the firm, Fortress, Michael Novogratz.

This week the former fund manager for the firm, Fortress, Michael Novogratz, told CNBC that he thinks bitcoin can capture a value of $10,000 per BTC within six to ten months. Novogratz is excited about cryptocurrencies and explains the tech space is thrilling right now. The former Fortress executive does believe the currency is in a bubble right now but illustrates the demand for a decentralized financial system exists.

“I never thought I’d come out of retirement, but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we’re gonna to raise a fund,” explains Novogratz.

Hopefully take advantage of what I see as a revolution, actually — A decentralized revolution.   

Jeffrey Epstein: ‘If We Found a Secret Cache of Gold, the Value of Gold Would Decrease Instantly — Bitcoin Doesn’t Have This Problem’

Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues
Jeffrey Epstein the Bear Stearns limited partner.

Another well-known investor who weighed in on his opinion of bitcoin this week was, Jeffrey Epstein the Bear Stearns limited partner. Just recently Epstein discussed bitcoin extensively with columnist Dylan Love from the news outlet, The Next Web, at his Upper East Side Manhattan apartment. Epstein believes “counterfeiting is the big problem” with the money system we use today, and bitcoin offers a solution.     

“Bitcoins each have a unique identifier, and any coins numbered outside a certain range of are fake — the whole system is mathematically controlled, so it can just as easily be mathematically verified,” explains Epstein. Additionally, the billionaire believes bitcoin does work as a good store of value.  

“When we talk about gold as a store of value, that just means a lot of people agree to pay the same price for one ounce of gold. In 2017, enough people agree on the value of bitcoin that it can serve the same purpose.

There will only ever be 21 million bitcoins, but this limit comes from computer code, not by how many bitcoins are left to remove from the earth. If we learn tomorrow that half of Montana contained a secret cache of gold, the value of gold would decrease instantly. Bitcoin doesn’t have this problem.

Tom Lee: [Bitcoin] Has A Lot of Characteristics That Are Very Similar to Gold

Big Name Investors Voicing Bitcoin Optimism Are Louder Than Negative Colleagues
Fundstrat co-founder Tom Lee.

Many other investment luminaries are jumping on the bitcoin bandwagon as well. For instance, Fundstrat co-founder Tom Lee thinks bitcoin will be the best performing asset class this year. Lee expects more and more institutional investor demand will continue to flock towards bitcoin’s “digital gold” attributes.

“I think bitcoin is an under-owned asset with potential for huge institutional sponsorship coming,” explains Fundstrat’s co-founder Tom Lee on CNBC’s “Fast Money” broadcast.

It has a lot of characteristics that are very similar to gold that I think will make it ultimately attractive as an alternate currency — It’s a good store of value.

A lot of mainstream investors are hearing these popular investment types and billionaire financiers talking about bitcoin. It’s likely that retail investors are also jumping in on the bitcoin bandwagon, due to these opinions from Wall Street executives and hedge fund managers. There are still a few big name investors like Jamie Dimon who say negative things about the cryptocurrency, but these days those opinions are being drowned out by the loud roar of investors who are taking bitcoin seriously.

What do you think about these mainstream investment types and billionaire financiers talking about bitcoin in a positive light? Let us know what you think in the comments below.


Images via Shutterstock, Pixabay, and Fundstrat. 


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