Bitcoin Mempool Clogs up With Unconfirmed Transactions Again

Bitcoin network issues have been apparent for quite some time now. Especially when it comes to the mempool, things get out of hand quite regularly. It seems the backlog is filling up once again. With over 70,000 unconfirmed transactions hitting the network, things aren’t looking all that great. This is mainly due to the number of transactions per second, surpassing the 34 mark. Whether or not this is part of another spam attack, remains to be seen, though.

It is always interesting to see how things play out on the Bitcoin network in real-time. More specifically, there are mempool issues on more than one occasion. Right now, it seems the backlog is filling up pretty quickly once again. Over the past 24 hours, around 30,000 unconfirmed transactions have been added and the queue isn’t getting cleared whatsoever. In fact, it seems things are getting gradually worse right now, which is pretty troublesome.

More Mempool Concerns for Bitcoin

With so many new transactions hitting the network per second, things won’t improve soon. While it is good to see so many transactions, the network can’t handle them all right now. We also see over 1,000 BTC in fees in the mempool right now, which is quite a high number. There is no real shift in hashpower to speak of either. In most cases, such a mempool issue is caused by BCH getting more hashpower. So far, that is not the case, as the hashpower hasn’t changed much over the past few days.

There is one slightly worrisome development, though. On the three-hour chart, it shows a Bitcoin mining hashrate drop by as much as 25%. This has not translated into any major trends just yet, though. It may just be a blip on the radar, but it might indicate something is going on we don’t know about just yet. It is expected this mempool issue will sort itself out pretty soon, though. For now, there is no indication of a spam attack or any nefarious activity.

This is not the first nor the last time we will see Bitcoin network congestion. These problems have been apparent for quite some time now, and it seems this is not the last time either. Until Bitcoin can properly scale, problems like these will continue to arise on a regular basis. This is far from an ideal situation, but it is to be expected, after all. It will be interesting to see how things will unfold in this regard. It will certainly spark a lot of new debates in the coming days, that much is certain.

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Charlie Lee Will Look Into the Potential Tether Issues

The last thing anyone wants is to see Tether cause another Mt. Gox fiasco. Although there are legitimate concerns over this company, nothing has been proven yet. Litecoin’s Charlie Lee is concerned about this company as well. In fact, he has told the world he will “look into this matter” more closely. An interesting statement, although it remains to be seen whether or not anything is uncovered.

It is unclear what the deal is with Tether these days. Their rapid issuance of USDT is a big concern. If they have the assets in place to warrant this development, there is no reason to be concerned. Right now, no one can verify if that is the case, though. Assuming that is not the case, however, things may unravel very quickly. A new Mt. Gox scenario is not entirely unlikely in this regard. Someone needs to investigate this matter properly, in the hopes of finding out the truth.

Charlie Lee on Tether

Charlie Lee may be the savior we have all been waiting for, in this regard. More specifically, the Litecoin creator is actively looking into this matter. He isn’t interested in sharing FUD or unfounded comments with the public, though. He does agree Tether looks somewhat suspicious on the surface, but so are a lot of other projects. Digging through the “dirt” will take a lot of time and effort, to say the least. We can only hope he fails in uncovering anything at all, but the jury’s still out on that one.

It is good to see someone taking these concerns seriously, though. For the most part, the “industry leaders” in cryptocurrency have ignored these issues. While it is understandable no one wants to get involved, someone has to do the dirty work. Charlie Lee is the first one to actively do so in this regard. Whether or not anything will come of this, remains to be determined. Suspicious activity doesn’t necessarily warrant any illegal activity whatsoever.

How things will play out for Tether and Bitfinex, remains to be seen. The community has been waiting for a public audit of both companies. So far, no results have been published other than information by Tether itself. Whether or not massive fraud is taking place, remains to be determined. Things certainly don’t look great right now. At the same time, nothing in cryptocurrency is even remotely rational, which shouldn’t surprise anyone at this stage. Only time will tell what the deal is with these companies.

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Coinbase Looks to Hire Five More Engineers to Work on any Digital Currency Protocol

Coinbase is one of those cryptocurrency companies looking to expand its presence. There have been rumors regarding the possible addition of other cryptocurrencies. So far, no one knows which currencies those will be exactly or when this will happen. It does appear the company is looking to hire a handful of additional engineers. These staffers could work on any digital currency protocol they would like. An interesting turn of events, to say the least.

It is good to see Coinbase acknowledge they need to support additional currencies. Right now, their list is still pretty short. Given the strong demand for exposure to other altcoins, something will need to change sooner or later. Integrating altcoin support will not be easy whatsoever. In fact, the company will need to introduce some big changes to make this happen. Hiring additional engineers would certainly help move things along in this regard.

Coinbase is Serious About Altcoin Support

According to Brian Armstrong, the company would like to have five additional engineer son board. These staffers can work unsupervised and focus on whichever digital currency protocol they like. This opens the door for altcoin integration on the platform. Whether or not anyone will decide to explore this venture, remains to be seen, though. A lot of altcoin developers would like to see their coin on this exchange. However, they need to pass the engineering interview first and foremost. That may be a bit of a challenge for a lot of people.

All of this shows the company is pretty serious about altcoin support. It would be good to see some of the respected currencies added to their platform. However, one could argue the company’s engineers should focus on this integration themselves. Then again, this new opportunity shouldn’t be ignored whatsoever. Any developer or engineer passionate about altcoins can make a meaningful impact. Whether or not anyone will respond to this “challenge” remains to be determined, though. Right now, that seems somewhat unlikely.

There is a growing demand for more fiat currency gateways associated with prominent altcoins. Right now, some currencies genuinely struggle in this regard. This even includes currencies in the top 10 by market cap. Something will need to change sooner or later to improve upon this situation. Without additional engineers, Coinbase won’t be of much help, that much is evident.

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One Bitcoin is Worth Over 1 Million Japanese Yen

A lot of people are keeping a close eye on the Bitcoin price right now. For most users, surpassing the $10,000 mark is a major event. However, Bitoni has already surpassed the 1 million price in a different currency. Not the Argentine Peso or any other weak currency, mind you. Instead, one Bitcoin is worth over 1 million Japanese Yen. An interesting feat, given Japan’s position in the world of cryptocurrency today.

Most users tend to forget Bitcoin is quite big in Japan. Both in terms of exchanges and retailer adoption, Japan is setting the pace for the rest of the world. We can only hope to see other countries and continents follow their lead by example. It is evident this Asian country plays a big role in the future of Bitcoin and other cryptocurrencies. This also makes the 1 million yen per BTC milestone all the more important right now.

One Million yen per BTC

Granted, the Korean exchanges are the ones that really matter in terms of trading volume. bitFlyer is the only Japanese exchanges contributing a decent amount of BTC volume these days. However, people are willing to spend 1 million yen per BTC. That is quite a steep amount, even though the Yen is not the strongest currency in the world by any means. In fact, it represents less than 1% of a US Dollar in terms of value. It is only a matter of time until we see the BTC price surpass $10,000, though.

It is important to monitor such major price milestones around the world, Not everyone relies on the US Dollar, even though Americans often think otherwise. In Europe, we are still waiting for Bitcoin to surpass 8,000 Euro. This is a stark contrast to the $9.000 price we see across all exchanges. There are a lot of major milestones waiting to be hit in the coming weeks, assuming the current trend keeps up. One million yen is quite a lot of money for the average Japanese citizen to spend on Bitcoin, to say the least.

All things considered, things are looking pretty good for Bitcoin. Maintaining price over 10 million Won will be the next major goal for the world’s leading cryptocurrency. After that, it is up to the US Dollar and Euro to surpass the five-digit levels. Last but not least, there is also the Pound Sterling which still needs to surpass the 7,500 mark. A lot of interesting things will happen in the coming weeks and months, that much is rather evident.

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Coffeecoin Pre-ICO Investors get the Short Straw for Some Reason

Everyone will agree there are too many initial coin offerings right now. Every project and their dog want to raise money for something. A lot of these efforts will be cash grabs first and foremost, with no minimum viable product to show for. Coffeecoin may be classified as one of the worst ICOs in history. More specifically, they either messed up badly or decided to punish pre-ICO investors.

It is always interesting to see how ICOs treat their investors. Nine in ten projects have nothing but a whitepaper to show for it. Anyone in the world can put together such a document these days. In fact, people offer to do so on sites like Fiverr. A piece of paper means absolutely nothing when raising millions. Without a minimum viable product, no ICO should be trusted. The Coffeecoin team illustrates this point rather perfectly.

Coffeecoin ICO Numbers Don’t add up

Although they haven’t scammed anyone, the business practice is controversial. In most initial coin offerings, pre-ICO investors get a bonus. They buy tokens at cheaper prices which should improve their return on investment. This particular coin offering is very different in this regard. The pre-ICO investors in Coffeecoin paid 10 times as much as regular ICO investors. Not the right approach by any means, but it’s not entirely unexpected either.

More specifically, the pre-ICO priced 1 COF at 0.025 waves. A more than fair price, as it puts every token at the price of $0.13. However, those who invest during the ICO only pay $0.013 per COF. A weird difference, especially when considering pre-ICO investors should have received the better price. It shows the Coffeecoin team either messed up their calculations or is punishing early investors. Rest assured people will not be happy with this turn of events whatsoever. Nor should they, but it is the risk of investing in initial coin offerings.

It will be interesting to see how this plays out for Coffeecoin moving forward. It is certainly true the Waves price has increased a bit lately. However, it seems these plans were made well in advance. It is not the first ICO to screw over investors, nor will it be the last one either. This unregulated market remains a major problem for investors, that much is evident. All of this creates an uneasy situation and a very dangerous precedent as well.

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Confido may Refund ICO Investors After all, According to Dubious law Firm Letter

Things are still unfolding as far as the Confido ICo is concerned. It is evident the developers raised money for a project they never intended to finish. However, it seems investors may still get their money back. A new letter has surfaced which may be either legitimate or completely fake. In the letter, there is a claim of how the ICO funds are frozen in a trust fund until further notice.

It is difficult to say whether or not this letter is genuine. It bears all of the marks of an official law firm. Then again, we have seen scams fake such paperwork in the past. It wouldn’t be beyond the Confido team to pull people’s leg in this regard. Moreover, the letter itself seems somewhat professional, but it still raises a lot of questions. Assuming this letter is fake, the team is getting themselves into a whole new sort of trouble. Impersonating a law firm is absolutely not done.

The Confido Plot Thickens

Then again, it does appear the Confido ICO investors will get refunded. This letter claims there is a concern over the “rumors” regarding this project. Moreover, they claim the project is not feasible within the scope of the results of the ICO. A strange way of putting things, as it confirms this project should have never been created in the first place. Anyone doing a bit of research saw that coming when the project was first announced.

It also appears the team has received some death threats. That is not entirely surprising, as people are quite displeased with this scam. For all intents and purposes, that is the only way to describe this ICO until investors are refunded. The team also took down the website and all social media accounts. More evidence of pulling an exit scam more than anything else. It also makes this letter seem even more dubious.

How things will unfold for Confido, remains to be seen. While this may have been an overly ambitious team, a lot of money is still missing right now. It is unclear how and when the money will be refunded in the coming weeks and months. The updates will be posted on the website, which was taken offline a few days ago. A very strange way of resolving this matter, to say the very least. Investing ICOs remains a big risk, that much is certain.

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Bitcoin Cash Price Moves Up as Mining Profitability Favors BCH Again

Bitcoin Cash remains a very interesting creature in the world of cryptocurrency. Although the opinions on this altcoin remain divided, no one can argue the value is surging. More specifically, the price per BCH has surpassed $1,500 again overnight. It also appears the mining profitability is slightly in favor of BCH as of right now. An interesting future lies ahead for this particular currency, that much is evident.

In a way, it was a matter of time until Bitcoin Cash saw another ‘pump”. It is hard to classify price momentum like this as it often comes out of the blue. Now that the hard fork has been dialed in properly, things are slowly returning to normal for BCH. That means we may see the price move toward $2,000 before the year is over. It will all depend on how much people are willing to pay for this currency.

More Positive Momentum for Bitcoin Cash

So far, we have seen a 32% increase in price over the past 24 hours. This seems to coincide with Bitcoin Cash becoming more profitable to mine. Although the difference is minuscule between both chains, BCH is the best option at the time of writing. Whether or not enough people care about this 0.2% difference, is doubtful, though. Speaking of the mining situation, an interesting situation is developing. An “unknown” entity is mining nearly half of the network blocks all of a sudden.

Since these blocks do not belong to an official pool, it is interesting to keep an eye on. When the network first launched, we had unknown miners generate 75% of all blocks for a few days. This doesn’t appear to be a repeat process, though. In fact, we see there are several entities labeled as Unknown. All of them use a different coin base text when they find a block. That in itself is pretty interesting, albeit also a bit worrisome. At the same time, it shows greater interest in Bitcoin Cash as a whole.

This upcoming weekend will be rather interesting for all cryptocurrencies. With virtually all top currencies in the green, fireworks are to be expected. Who will come out on top, remains the big question. Right now, the momentum favors BCH, but that can always change at any given moment. Monero has been going strong all week as well, as has Dash. Litecoin might surprise everyone, though, as very few people actively talk about it these days. There is no such thing as a boring day in cryptocurrency.

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Bitcoin Cash Ecosystem Thrives Thanks to Major Support From Exchanges

Even though the opinions on Bitcoin Cash are divided, the cryptocurrency is maturing pretty quickly. Some people often claim liquidity is the most important aspect of a cryptocurrency. Whether or not that is true, remains to be seen. One thing that is certain is how BCH is listed on a lot of exchanges right now. Things have evolved pretty well for a currency not too many people gave a fighting chance in the early days.

Looking at the list of exchanges supporting Bitcoin Cash, there are some big names. Bittrex, Kraken, OKex, Bithumb, Korbit, and Binance are just some of the examples. This list has grown steadily over the past few months. Moreover, it is expected this list will keep on growing for some time to come. Demand for BCH is reaching new heights every other week right now. Filling this demand will not be easy without sufficient liquidity.

Things are Looking Good for Bitcoin Cash

With Changelly and ShapeShfit on board as well, obtaining BCH is pretty easy. There is also a LocalBitcoinCash platform, which works similar to LocalBitcoins. The ecosystem is firing on all cylinders right now, that much is rather evident. How all of this will evolve in the next few months, remains to be seen. The momentum is in favor of this altcoin right now.

One thing still lacking somewhat is cryptocurrency debit card support. Although not a pure way to spend BCH, it would make Bitcoin Cash more usable. Bitcoin users have benefited from such debit cards for several years. There are rumors a few companies are looking into adding BCH support as we speak. So far, it seems rather quiet on this front, but things are always changing behind the scenes.

In the end, exchange support is one thing. Getting merchants on board is something else. Although a few companies accept BCH payments, there is no “game changer” in this regard yet. If BitPay were to get on board, things could get very interesting. There are a few alternative solutions available, such as Rocktr, although it is rather expensive. It is an interesting altcoin to keep an eye on for many different reasons. Things may turn out very different from what most people would expect.

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BitPay CEO Claims Current Average Bitcoin Fee Makes 57.26% Wallet Balances Unspendable

Everyone knows the Bitcoin transaction fees always spark new debates. In most cases, those discussions are not going all that well. Tony Gallippi, the CEO of BitPay, isn’t a big fan of this situation either. Instead, he points out how over half of the current Bitcoin wallet is unable to spend their balance. This is mainly due to the balances being lower than the actual transaction fees. There is some backlash over this statement, as cheap transactions work just fine.

Conflicting opinions on Bitcoin fees are nothing new under the sun these days. We see debates like these pop up virtually every week. Surprisingly, BitPay CEO Tony Gallippi isn’t doing much to alleviate the concerns. While his complaint on Twitter is about fees, his company is partially responsible for the high fees as well. In his opinion, the average transaction cost is now 100,000 Satoshis. That is not entirely true, even though it may be the average charged by BitPay.

BitPay CEO Complains About Fees

It is certainly possible to have low-fee transfers confirmed as well. Any decent service that allows users to set their own costs gets transactions confirmed pretty quickly. The services which did integrate SegWit seem to have very few issues when it comes to these fees. BitPay hasn’t done so just yet at this point in time. Considering it is the largest Bitcoin payment processor, one would expect bigger and better things. So far, nothing has changed in this regard.

Gallippi further confirms over half of the existing Bitcoin wallets can’t spend the balance. More specifically, 57.26% of all addresses have less than 100,000 Satoshi in their balance. That is a surprisingly low amount of money, even though its value has gone up steadily. With the current network fee of 30 Satoshi per byte, these addresses can spend money just fine, though. The average fee is often calculated based on recent blocks. There will always be people who overpay for their transactions. Again, this is mainly driven by companies refusing to integrate SegWit in a timely manner.

At the same time, some people point out it is a good way to store value. If funds are unspendable , it can’t be used to influence the Bitcoin price. It is not a comparison most people would like to see, mind you. This situation isn’t sustainable in the long run and something needs to change sooner rather than later. How this change will be enforced, remains to be determined. Transaction fees are kept artificially high by various entities as well. An interesting situation, although one that will only cause more trouble unless properly resolved.

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Argentina’s Largest Trading Platform Plans to offer Bitcoin Futures

Futures trading has become incredibly popular in the Bitcoin world. Speculators still get exposed to price volatility without buying Bitcoin itself. So far, the number of platforms trading said Bitcoin futures is still relatively small. Argentina will get its own platform to focus on cryptocurrencies moving forward. Mercado de Termino de Rosario sees a lot of merit in BTC trading and speculation right now.

It is remarkable to see how Bitcoin has evolved in Argentina. It is another one of those South American countries struggling financially. Inflation and a decreasing Peso value require some creative solutions. Consumers and entrepreneurs are looking for new ways to make money. It is the perfect place for a Bitcoin boom, although nothing spectacular has happened yet. Mercado de Termino de Rosario aims to change all of that in the very near future.

Bitcoin Futures are Coming to Argentina

More specifically, Argentina’s largest futures operator will introduce cryptocurrency futures contracts. This decision comes at a time during which the Bitcoin price has set several new all-time highs in quick succession. Moreover, major altcoins are starting to recover, which can create a lot of interesting trading opportunities. Most investors don’t want to buy Bitcoin or other currencies directly, though. A futures market is the best solution in this regard.

For the time being, this new feature is still in development. A basic framework has been created for custodial services and using Bitcoin as collateral. An official launch of this new market should occur before the end of this year. At the time of writing, no exact date has been communicated by ROFEX. The company is pretty excited about this development, mainly because their customers requested this new trading option. It doesn’t appear as if any other cryptocurrency besides Bitcoin will be supported at launch.

In the end, these futures will expose more people to Bitcoin and the BTC price. This will also lead to even more speculation. Whether or not that is a good thing, remains to be seen. It is evident there is a lot of positive momentum in the Bitcoin community right now. At the same time, the upcoming SegWit2x fork may still disrupt a few things. More and more companies are focusing on Bitcoin futures as we speak. Slowly but surely, cryptocurrency is gaining mainstream traction.

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