Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders

Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders

Journalist Logan Kane of Seeking Alpha conducted a deep dive on the practices of popular stock and cryptocurrency trading smartphone application Robinhood. According to Mr. Kane, “it seems that today’s Robinhood takes from the millennial and gives to the high-frequency trader. Not only does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice.”

Also read: BTC Hashpower Doubles During Bear Market as Miners Sacrifice Profit for Position

Robinhood App Accused of Selling Out Younger Investors

Robinhood has taken both the legacy retail stock exchange market and the cryptocurrency exchange market by storm, offering commission-free trades. In just a short time, the startup has earned a multi-billion dollar valuation. These basic facts have brought the firm a lot of very positive media coverage, including, on balance, these pages. However, with success comes greater scrutiny, and especially when a so-called loss leader business model is paramount to its product adoption.

Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders
From Etrade disclosure: “They have client assets of $392.8 billion and make roughly $47 million per quarter selling order flow.”

“It appears from recent SEC filings that high-frequency trading firms are paying Robinhood over 10 times as much as they pay to other discount brokerages for the same volume,” claims financial journalist Logan Kane in a recent, long form post on Seeking Alpha.  

Mr. Kane is accusing Robinhood of being less than transparent. His curiosity was flamed while encountering the company’s marketing of commission-free trades. “After digging through their SEC filings, it seems that today’s Robinhood takes from the millennial and gives to the high-frequency trader,” he asserted. Furthermore, not only “does Robinhood accept payment for order flow, but on a back-of-the-envelope calculation, they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice. It’s a conflict of interest and is bad for you as a customer.”

After pointing out industry skepticism regarding high-frequency trading, whereby some companies allow customers to choose how orders are routed, he insists, “Robinhood not only engages in selling customer orders but seems to be making far more than their competitors from it. Among brokers that receive payment for order flow, it’s typically a small percentage of their revenue but a big chunk of change nonetheless. Robinhood appears to be operating differently,” he continued.

Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders
TD Ameritrade (AMTD) has client assets of roughly $1.2 trillion and made $119 million last quarter from order flow. TD Ameritrade and Etrade both report their payments for order flow as roughly a tenth of a penny per share.

Certainly Not Saints

Mr. Kane is uncomfortable with the firms Robinhood has chosen to sell order flow, especially Citadel. “The people Robinhood sells your orders to are certainly not saints,” he scorned. “Citadel was fined 22 million dollars by the SEC for violations of securities laws in 2017 […] It’s easy to miss, but there is a material difference in the disclosures between what Robinhood and other discount brokers are showing that suggests that something is going on behind the scenes that we don’t understand at Robinhood.”

Diving into Robinhood’s rule 206 disclosure with the US Securities and Exchange Commission (SEC), he compares the company with other, more established movers in the retail space, namely TD Ameritrade and Etrade, noting “both report their payments for order flow as roughly a tenth of a penny per share.” For Robinhood, they report it as “per dollar of executed trade value,” which Mr. Kane stresses means “the number you see in their filing looks smaller if you don’t have the filings from their competitors in front of you, but it’s actually much higher.”

Robinhood Accused of Taking from Younger Investors to Benefit Wall Street Traders

Openly wondering aloud why its figures are ten times that of other retail exchanges, he recalls how “before they founded Robinhood, the cofounders of Robinhood built software for hedge funds and high-frequency traders.” He finds it suspicious, to say the least, the company has chosen not to disclose how much they’re getting paid per share, and instead “report per dollar of trade value where the number can look smaller.”

He believes this “raises questions about the quality of execution that Robinhood provides if their true customers are” high-frequency trading firms. The no-commission model has a tendency to inflate trade volume, making the client, the investor, the product rather than the financial package or service. “The only reason high-frequency traders would pay Robinhood tens to hundreds of millions of dollars,” he explained, “is that they can exploit the retail customers for far more than they pay Robinhood. I also wonder if they are getting paid so much by [high-frequency trading] firms, they might be getting paid by similar firms in the crypto space. It isn’t clear whether regulators would require them to disclose payments for cryptocurrency order flow,” he noted.

As of this writing, the company has not released a response.

Do you have a problem with what Robinhood is reportedly doing? Let us know in the comments below. 


Images courtesy of Shutterstock.


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Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash

Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash

This week Bitcoin Cash (BCH) fans were pleased to hear another well-known merchant is now supporting BCH for payments. The South Korea-based food dispatch platform called Shuttle Delivery now accepts BCH for door-to-door meal deliveries throughout the Seoul region.

Also read: Gemini Dollar Code Review Reveals the Stablecoin’s Accounts Can Be Frozen

Food Service Shuttle Delivery in South Korea Now Accepts Bitcoin Cash

Seoul-Based Food Delivery Service Now Accepts Bitcoin CashPeople visiting and residents of the Seoul region in South Korea can now use bitcoin cash to pay for tasty cuisine delivered straight to their door. The firm, Shuttle Delivery, is a South Korean food delivery platform that people can use to order meals with their mobile devices. The application is available in Korean and English and for both Android mobile phones and iOS as well. Shuttle Delivery not only accepts traditional credit cards and Paypal but yesterday, on September 16, a website update revealed that it offers full bitcoin cash acceptance. The Shuttle Delivery application connects BCH users in South Korea to 200+ local restaurants.

“Shuttle Delivery provides delivery services from a variety of Seoul’s best restaurants,” explains the company’s website. “So you can enjoy the best food in the comfort of your home, office, or wherever you happen to be! We offer a fully bilingual service where customers can place orders in either English or Korean (한국어).”

Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash
On September 16, Shuttle Delivery in South Korea added Bitcoin Cash to their website.

‘Buying Food for the In-Laws Without Kissing Visa’s Ring’

The wide variety of restaurants available to order from using Shuttle Delivery includes local Korean, American Grill, Italian, Indian, Vegetarian, Turkish, and European food.

Seoul-Based Food Delivery Service Now Accepts Bitcoin Cash
Shuttle Delivery is a bilingual service in English and Korean (한국어) 

BCH fans on r/btc were elated to hear about Shuttle Delivery accepting bitcoin cash for door-to-door food delivery. One BCH supporter writes that they are pleased to not have to use a credit card to buy food for relatives.     

“This is nice,” says the BCH proponent u/ricardotown on Reddit.  

I can now internationally buy food for my in-laws without kissing Visa’s ring.

Shuttle Delivery in South Korea is not the only meal transport service that accepts bitcoin cash. The platform Takeaway.com also accepts BCH which and it connects over 30,000+ restaurants throughout Europe and Vietnam to bitcoin cash customers. This includes the well-known online German food marketplace Lieferando.de, a subsidiary of Takeaway.

What do you think about Shuttle Delivery in South Korea accepting bitcoin cash for payments? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, and Shuttle Delivery in South Korea.  


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North Queensland is Becoming a Hub of BCH Accepting Businesses

The northern part of the Australian state, Queensland, is bustling with cryptocurrency energ. The region is extremely passionate towards one specific decentralized peer-to-peer electronic currency — bitcoin cash (BCH). 

Also Read: Netherlands’ Largest Bank ING Group Fined $900M for Money Laundering

North Queensland Bitcoin Cash Merchant Adoption Expanded 52% Last Month

North Queensland is Becoming a Hub of BCH Accepting BusinessesOver the last few months, a few bitcoin cash proponents have been spreading a lot of BCH adoption in the North Queensland region in Australia. North Queensland is a very large area with its own distinctive regional character within the massive state of Queensland. Anyone who frequents the Reddit forum r/btc, have probably noticed many posts showing BCH adoption taking place in the region. 

North Queensland has its own Bitcoin Cash meetup, it’s home to the country’s first BCH-only automated teller machine, and right now the area has a lot of BCH accepting merchants. This week, using the mobile application Marco Coino, BCH fans have noticed that merchants in the state of Queensland now total 73 businesses with 33 merchants in the northern territory.

North Queensland is Becoming a Hub of BCH Accepting Businesses
Australian Laundries were added to the lineup of bitcoin cash accepting merchants this week.

Bitcoin Coffees, Tattoo Removal, Fitness facilities, Auto Repair, and More

North Queensland is Becoming a Hub of BCH Accepting Businesses
There’s a variety of coffee shops that accept BCH such as the Alt Brew, the Coffee Pedlar, and The Flying Turtle. 

Visitors and residents of the North Queensland region can choose from a wide variety of merchants that offer a large assortment of products and services. BCH supporters in North Queensland can use BCH to pay for art and clothing at Elements Studio, get a workout at Strand Crossfit & Fitness facilities, or maybe remove that unwanted tattoo at Eraza Laser Tattoo Removal.

Bitcoin cash supporters are big fans of being able to purchase coffee with BCH and there are plenty of places available to grab a specialty cup of java at cafes like Swagger and Jaxx Barber and Coffee, Alt Brew, and The Flying Turtle Coffee Shop. North Queenslanders can also pay for auto repair at RJ’s Mechanical, or choose from a variety of consultancy services as well. There are many more merchants in the region and if one was to venture beyond the northern region down below near Brisbane Airport there are 40 more BCH accepting merchants as well. 

North Queensland is Becoming a Hub of BCH Accepting Businesses
You can read about bitcoin cash in the local North Queensland paper.

Concentrating on Just Bitcoin Cash Allows Merchant Groups to Eliminate a Large Amount of Customer Confusion

Nearly every week there’s been a forum post with a picture of BCH merchants in the area submitted by one of the members of the North Queensland BCH crew and there’s a Twitter handle called Bitcoin Cash NQ as well. Furthermore, news.Bitcoin.com reported last week during our BCH roundup about the North Queensland ‘Country by day Rock by Night’ rock festival taking place this October. The event will feature Troy Cassar-Daley, and the McClymonts, and people who pay with BCH will get a discount.

The North Queensland Bitcoin Cash Mobile and the region’s BCH only automated teller machine (ATM).

Additionally, one of the BCH proponents from the area explains on Reddit why so many merchants are sticking with bitcoin cash only.  

“Many merchants in North Queensland are choosing to accept only bitcoin cash — North Queensland is also seeing the appearance of bitcoin cash only ATMs — As these merchants are well informed and well organized, why are they choosing to concentrate on bitcoin cash for their electronic commerce needs,” explains the post.  

Concentrating on just bitcoin cash allows the North Queensland merchant groups to eliminate a large amount of customer confusion and more easily provide technical support for their merchant members.

What do you think about all the BCH accepting merchants in North Queensland? Let us know your thoughts on the subject in the comment section below.


Images via North Queensland BCH community, and the r/btc forum.


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Op-ed: The Case for Adding CTOR to Bitcoin Cash in November

Op-ed: The Case for Adding CTOR to Bitcoin Cash in November

The following opinion piece on Canonical Transaction Ordering (CTOR) was written by Jonald Fyookball the lead developer of Electron Cash. 

Canonical Transaction Ordering (“CTOR”) is one of the planned changes for the November 2018 Bitcoin Cash protocol upgrade. There has been quite a bit of discussion in the Bitcoin Cash community about this change.

Also read: Philippines Okays PDAX Crypto Exchange

I had previously published an article explaining in simple terms what the change is.
Although that article satisfied some readers and convinced them that CTOR is not dangerous, others were still critical and wanted to know if the change is necessary.
The questions on many people’s minds are: “Why do we need CTOR? Why do we need it now? And are there other proposals that could accomplish the same thing?”

I attempt to answer those questions here.

CTOR is part of a comprehensive technical roadmap designed to help Bitcoin Cash become peer to peer electronic cash for the entire world. More specifically, there is a clear and major benefit in CTOR which is that of faster block propagation. There are also some additional minor benefits.

Unfortunately, much of the technical discussion about CTOR has been in the area of block validation rather than block propagation, which has brought considerable complexity and confusion to the overall debate.

Op-ed: The Case for Adding CTOR to Bitcoin Cash in November

Review of Four Different Transaction Ordering Schemes

Let’s begin our analysis by considering four different ways we could do transaction ordering in Bitcoin Cash.

1.TTOR – Topological Transaction Ordering Rule

This is the current consensus rule for Bitcoin Cash. Transactions have a partial ordering rule. They can be in any order but must enforce the topology which puts parent transactions before child transactions.

2. ATOR – Any Transaction Ordering Rule

This ordering would remove the current TTOR rule and allow any order of transactions. It’s an idea that has been discussed as both an alternative to CTOR and also a precursor.

3.GTOR – Gavin’s Transaction Ordering Rule

This was proposed by Gavin Andresen in 2014. It is essentially a canonical transaction ordering, but the ordering is not mandatory (non-consensus) and it also preserves the current TTOR rule.

4. CTOR – Canonical Transaction Ordering Rule

This is the current proposal. “Canonical” refers to the requirement that only ordering is permitted. The current proposal is also “lexical” or “lexicographic” meaning that all transactions in a block except the coinbase are sorted in dictionary order. This aspect is referred to elsewhere in discussions as “LTOR”.

For the sake of simplicity, the remainder of this document will typically use “CTOR” to refer to the current proposal (which also happens to be LTOR) even if a particular point applies more to the lexical property.  

Block Propagation

Let’s start at the beginning. In 2014, Gavin proposed a new approach to block propagation and one ingredient of his idea was the canonical ordering for transactions in a block. The “secret sauce” of his proposal was the use of Invertible Bloom Lookup Tables (IBLTs) to communicate the differences in the set of transactions in a node’s mempool with that of a peer.

This line of thinking formed the roots of the now famous Graphene protocol.

Gavin’s original ordering proposal is not currently part of any BCH implementation proposal but it is important historically to show the roots of the idea. The most obvious application for CTOR today is that it helps Graphene work better.

A more intuitive explanation of why a unique ordering helps propagation is that you can save bandwidth if you only have to transmit data for missing transactions without communicating anything about the order of the transactions in a block. Thus, a canonical ordering can help other block propagation schemes such as Xthin; its benefits are not just limited to Graphene.

In a published critique, a developer had implied CTOR isn’t beneficial for block propagation because a miner can choose to re-order his own transactions under the current rules. However, no explanation is given how that would improve efficiency, except to provide a link to a forum post which states “… The rest of the transactions are completely free to be reordered. For instance by sorting them by txid…”

In other words, avoid canonical ordering so miners can be free to choose… a canonical ordering?

If the point is freedom of choice, we will address that consideration later.

It is also noteworthy that the author of the critique (Awemany) shifted his opinions on CTOR subsequent to his publication and after the Bangkok miner meeting… and he emphasizes that none of the proposed changes are worth splitting the coin over.

Block Validation

A benefit of the CTOR proposal is to simplify parallel processing for block validation. This is a result of removing the topological ordering requirement. However, parallelization is not a unique benefit; you can still parallelize the process even under the existing topological ordering scheme.

The entire debate over block validation is a bit of (an unintentional) red herring since block propagation is a much bigger bottleneck than block validation.

Still, it may be helpful to readers to review the history of the main arguments on this specific topic. The original debate went something like this:

CTOR critics noted that (at least in a naive implementation) nodes can verify transactions more quickly under TTOR since the dependencies for each transaction will have already been processed. CTOR supporters pointed out that the topological restriction is an additional burden that needs to be verified. (In other words you cannot simply divide up the transactions in a block into parallel partitions and be done.)   

Jonathan Toomim then published an algorithm showing how parallel validation can be accomplished using the current topological ordering by processing outputs first, then inputs (e.g. “OTI”).

The OTI method can be applied to both TTOR and CTOR. In the case of TTOR, a map of positions for each transaction needs to be generated in the first loop, and the second loop ensures that each transaction only spends coins that are older than itself. The requisite multiple loops here render the TTOR advantage in the naive implementation a moot point.  

To summarize, both TTOR and CTOR can be parallelized. Initial tests produced roughly equal performance. But to reiterate, this is a tangential issue because CTOR clearly helps block propagation which is a more important bottleneck.

Other Benefits of CTOR

There are some other benefits to CTOR. UTXO handling may be improved because sequential inserts can make the use of tree structures for the UTXO cache more efficient as well as expanding the possibilities for UTXO commitments.

SPV/Light wallets may also enjoy a minor benefit of transaction exclusion proofs. CTOR can also allow routing to shards to coincide with merkle construction and validation.

But the biggest secondary benefit seems to be a simplification of the code. Allowing any transaction order makes the code more complicated as any order must be supported. By contrast, assuming the lexicographic ordering allows blocks to be constructed the same way each time and makes testing easier.

TTOR vs ATOR vs CTOR

Some of the arguments surrounding the validation issue are not specific to CTOR; they are more of a TTOR vs ATOR issue. In other words, should we keep this topological ordering requirement or get rid of it?

Some experts have pointed out that fundamentally, the ordering of transactions holds no inherent value. I interpret this to mean that while it’s true that topological order handles dependencies, there is a cost to creating that order initially. Most developers do not oppose removing TTOR. This even applies to the lead developers from Nchain.

Furthermore, once the topological requirement is discarded, it is a relatively small change to adopt a canonical ordering. This is one of the principles behind the CTOR proposal. In the ABC implementation, adding CTOR on top of ATOR is 20 lines of code.

The “Central Planning” Objection

One objection to CTOR (that does not seem valid) is the idea that miners should be free to come up with their own order — that they should be allowed to “compete” for the best ways to structure blocks and that forcing an order on them is tantamount to “central planning”.

I am a staunch supporter of the free market in all its forms. However, this idea that miners should compete on transaction ordering doesn’t make any more sense than competing on transaction formats, or ECDSA curve parameters, or any number of protocol details.

There are certain parts of the protocol that are simply infrastructure “plumbing”. It may even be counterproductive to the system as an inefficient ordering scheme must be supported by all nodes.

The “Optimize First” Objection

Certain developers (Tom Zander in particular) have expressed a desire to continue efforts to optimize the code using the current topological ordering. They do not want to upgrade or modify the transaction ordering because they believe we should explore and exhaust the possibilities of the existing scheme.  

Protocol development should not be stalled for the sole reason of a developer wishing to continue exploring on a certain trajectory.

Although optimizing within the current protocol limits is a possible approach, it is not necessarily the best approach. At the end of the day, we must choose a distinct path even if that means discarding other paths.

More importantly, this approach prioritizes optimizations over choosing correct data structures, which runs counter to best practices in computer programming.

Development Roadmap

Bitcoin ABC has published a technical roadmap that details how we can improve the protocol and meet our goals of better scaling, usability, and extensibility for Bitcoin Cash. It is the best example of a comprehensive and practical plan for our future.

CTOR is one small but important building block in this roadmap.

Although the Bitcoin Cash community is much larger than Bitcoin ABC, it should be noted that the ABC roadmap is compatible with the other roadmap statements published from various groups following a multi-group meetup in London in November 2017. In fact, the exact same canonical ordering proposal appeared on Nchain’s roadmap in December, 2017.20  

A Holistic Approach May Be Best

CTOR should be evaluated not as an independent protocol change, but as an integral part of the well planned technical approach that Bitcoin ABC is spearheading.

There is more than one way to scale the Bitcoin Cash protocol, but it makes more sense to take a “holistic”, logical approach rather than one based on isolated changes and “hacky” fixes.  

For example, we could use GTOR to get some of the benefits of the canonical ordering, but it would require a topological sort during graphene block reconstruction, and would be more complicated.

It would also be possible to implement the OTI algorithm to handle parallel validation with the current topological ordering, but why take a piecemeal approach when CTOR also allows this, provides tangible benefits, and simplifies the code?    

Is CTOR a Safe and Proven Protocol Change?

Op-ed: The Case for Adding CTOR to Bitcoin Cash in NovemberAs explained in the “ELI5 article”, a different transaction order is fundamentally NOT a radical change.

Although more testing and benchmarking would be nice, it is necessary to have the correct data structures in place before further development can commence. It is unrealistic for some groups to work for months building on protocol changes that are not guaranteed to exist later.

There is a risk/reward tradeoff for most protocol changes. I have seen a misguided comment that changes should be proved for 3-5 years on testnet before deploying. But attempting to mitigate risk with hyperextended caution beyond the point of reasonableness is not necessarily prudent.

We are in a race against payment solution competitors, both traditional and other cryptocurrencies, as well as in a race with ourselves to grow the transaction volume ahead of the block reward halvings. Some thoughtful calculated risks are required, and there is also risk in stagnating.

CTOR has been on the roadmap for nearly a year and has been discussed at large for multiple years.

As a challenger to the incumbent systems, we must be an order of magnitude better. And we must establish the technical base for scalability sooner rather than later so that businesses and applications have the confidence to choose Bitcoin Cash as a platform.

On a final note, solid evidence that Graphene will benefit greatly from CTOR can be found from data collected during the BCH stress test.

Conclusion

There has been considerable debate, discussion, and confusion over the CTOR proposal. After review, it seems that CTOR is a sensible change with clear benefits and no significant drawbacks. It is part of a well-planned roadmap for scaling Bitcoin Cash. Miners, developers, users, and businesses should support its inclusion in the November 2018 protocol upgrade.

What do you think about Canonical Transaction Ordering (CTOR)? Let us know in the comment section below.


Images via Shutterstock, and Bitcoin Cash 


OP-ed disclaimer: This is an Op-ed article. The opinions expressed in this article are the author’s own. Bitcoin.com does not endorse nor support views, opinions or conclusions drawn in this post. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.

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Markets Update: Short Term Recovery – Is a Bullish Reversal in Sight?

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?

Cryptocurrency prices are back on the mend after a great majority of digital assets plunged last week losing 10-20 percent or more in value. Since then, the digital currency economy has regained some strength bouncing back from a low of US$186 billion to $205 billion on Saturday, September 15.

Also read: Test Driving the Money Button — Simple Enough for a 9-Year Old

Crypto-Markets See Some Gains After Some Slashed Prices Last Week — But Is It Enough for a Recovery Rally?

Last week, as BTC/USD and ETH/USD short positions (bets against the cryptocurrency’s price) stacked up reaching all-time highs, many traders were unsure of the outcome. Then, throughout much of the week, a good portion of digital assets except bitcoin core (BTC) lost significant value, bringing BTC market dominance close to 60 percent. However, 48 hours later cryptocurrencies like ethereum (ETH) rebounded in value and spiked 20 percent, bitcoin cash jumped over 15 percent and BTC prices saw a minimal 5 percent lift. This has led to BTC’s market dominance among 1900+ coins down to 55 percent. All of the consecutive rises in value pushed the entire crypto-economy up over $19 billion leading to today’s overall $205 billion dollar market valuation. The top ten cryptocurrencies are seeing gains between 1-9 percent with ETH and LTC leading the pack today. 

Markets Update: Short Term Recovery - Is a Bullish Reversal in Sight?
Top ten crypto-market caps on Saturday, September 15, 2018.

There’s a bit more optimism this week as there’s been plenty of positive news within the cryptocurrency ecosystem. Overstock.com revealed recently that customers will soon be able to purchase digital assets through its portfolio company Bitsy. Abra added native bitcoin cash (BCH) support this week to their multi-currency wallet. Meanwhile, Bitgo has received regulatory approval to begin offering custodial services for institutional digital currency investors.

Bitcoin Cash (BCH) Market Action

Bitcoin cash (BCH) this Saturday is trading for an average spot price of around $458 per BCH. The decentralized cryptocurrency has an overall market capitalization of around $7.9 billion and 24-hour trade volume is $280 million. According to Satoshi Pulse statistics, the top five exchanges swapping the most BCH this weekend include Lbank, Coinex, Okex, Huobi-pro, and Hitbtc. The top currency pairs traded for bitcoin cash this weekend include USDT (46.5%), BTC (32.7%), ETH (10.1%), USD (5.6%), and QC (2.2%). Bitcoin cash markets hold the sixth highest trade volumes today below litecoin (LTC) and just above dash (DASH) volumes.

BCH/USD Technical Indicators

Looking at the 4-hour and daily charts for BCH/USD on Bitfinex shows BCH dropped about 22 percent since the first week of September. But over the last 48 hours BCH bulls have managed to recover over 15 percent of those losses. On the 4-hour chart, the two Simple Moving Averages (SMA) have recently cross paths with the 200SMA above the 100SMA trendline. This indicates the path towards the least resistance is still the downside. However, the daily Relative Strength Index (RSI) is meandering around 37.4 indicating bears are likely growing exhausted trying to hammer these markets. BCH bulls need to close out today and tomorrow’s trading sessions with some higher highs in order for them to reverse the current trends. Looking at order books shows there are large buy walls between the current vantage point and $550. On the back side, if bearish sentiment regains strength, then there are solid foundations from here until $388.

Bitcoin Core (BTC) Market Action

Bitcoin core (BTC) is trading for $6,555 per coin today and the entire market valuation is around $113 billion. Similarly to BCH trade volume, BTC’s global trade volume is much lower than usual this weekend at $3.52 billion swapped over the last 24 hours. The top trading platforms today exchanging the most BTC include Bitflyer, Binance, Bitmart, Coinex, and Idax. BTC’s volume by currency shows tether (USDT) holds 58 percent of today’s market trades. This is followed by USD (20%), JPY (10.2%), KRW (3.4%), EUR (2.7%), and BCH (2%).

BTC/USD Technical Indicators

The BTC/USD daily and 4-hour charts on Coinbase Pro and Bitstamp indicate bears are showing signs of tiring out. BTC/USD charts are similar to BCH/USD with some slight differences this weekend. For instance, the 100SMA is above the 200SMA trendline showing the path towards the least resistance may be towards the upside. However, the two SMAs look as though they may cross hairs in the short term indicating a different outlook. The daily RSI (47.6) shows the bulls and bears are parting ways and a trend reversal could be in the cards. Order books show there’s some heavy resistance from here until $6,900 and another pitstop around $7,100-7,200 range. Looking behind us we can see some foundational support between now until the $5,900-5,700 and bears will be stopped there for what looks like a while.

The Verdict: Cryptocurrency Markets Need to Close the Weekend With Some Daily Highs

Positivity in the news is a bit better but in order to see a significant bullish trend reversal crypto-markets need users, traders, and demand from emerging markets. As mentioned above, crypto-bulls need to tread past some higher highs and close out the day’s trading sessions on a good note. But as we’ve seen in the past there’s been plenty of bull traps this year, making traders leery of betting on a trend reversal. The next few days will determine if digital asset markets can recover or drop below the bottoms they’ve held for the past nine months.

Where do you see the price of BTC, BCH, and other coins headed from here? Let us know in the comment section below.

Disclaimer: 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.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


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Test Driving the Money Button — Simple Enough for a 9-Year Old

Test Driving the Money Button — Simple Enough for a 9-Year Old

On September 13 the Money Button launched, allowing people the ability to integrate a Bitcoin Cash-powered payment button into any website or application. This week we tested the Money Button’s user interface with a website to see how easy it is to add a digital currency payment button.     

Also read: Ledger Nano S Review: Can This $65 Device Top Trezor?

Taking the Money Button for a Test Spin

Last week news.Bitcoin.com showed a preview of the Money Button after the application’s creator, Ryan X Charles, published a video on the subject. Since then on September 13, the first version of the platform has launched and we decided to give the application a test spin to see how it worked. Furthermore, my 9-year old son Joshua, who is very familiar with bitcoin and who has reviewed platforms and devices with me before, helped me with the review. We’ve reviewed the Ledger Nano S together and we also used to upload his artwork to the website Blockpress. Joshua is currently in the process of creating his own website on Wix using the site’s web builder and we decided to test the Money Button on his build.

Test Driving the Money Button — Simple Enough for a 9-Year Old
A Money Button can be created without registering.

The first thing we did was register with Money Button to set up a wallet. You don’t have to register to set up a button, as you can add a third party BCH wallet or add the user number of another Money Button wallet. After registering, the platform creates a seed and asks you if you want to back up the mnemonic. Users can also skip the back up right away (not recommended) and write down the mnemonic at a later date. After that you can load a wallet with funds and you can use this money to tip other websites on the web that have a Money Button deployed. But we decided to create a Money Button to see how simple it was for Joshua to add it to his website, which is unpublished at the moment, but we used the button in the preview.

Test Driving the Money Button — Simple Enough for a 9-Year Old
Joshua customizes his Money Button called ‘Joshua’s Tip Jar’ before adding it to his website build.

So Joshua went to the ‘create your own Money Button for free’ page on the website. From there you can customize the payment button with a variety of options such as making a tip button or a paywall button. We decide to make a ‘tip’ button and tether it to the Money Button wallet we just created.

Test Driving the Money Button — Simple Enough for a 9-Year Old
The Money Button configuration page.

Users can then choose the Money Button’s label which allows for 20 characters inside the button describing the amount you can tip, a label or a customized label and amount. For our button, we named it ‘Joshua’s Tip Jar’ and created a tip button for $10 USD worth of BCH that will be sent to our Money Button wallet. Users can set the button to any amount of money and in a wide variety of digital and fiat currencies. You can also choose to tether the button to another wallet address.

Test Driving the Money Button — Simple Enough for a 9-Year Old
Joshua simply added the code to the HTML i-frame editor on his website builder. Of course, people who are fluent with HTML code can add it directly to their website’s back end.

After selecting everything you want, to the right, you can see a preview of the button and even slide it to test out how it works on the Money Button website. Under that preview, there is some code that can be added to any website, and the firm says a WordPress plugin is on the way. Joshua went to his Wix web builder and easily pasted the code into the i-frame box and then positioned the button where he wanted it placed. After that, Joshua previewed his website (what it would look like if it was live on the web) to see how his Money Button looked and worked. We were both pleased to see the ‘Joshua’s Tip Jar’ button and it operated just like it did on the platform when we created the code.

Test Driving the Money Button — Simple Enough for a 9-Year Old
Joshua is pleased with the finished product and placement looking at the website in the preview.

Overall the experience was pretty straightforward and for people who know the basics of using a bitcoin cash wallet will grasp the Money Button application with ease. Joshua liked the idea that people could tip him when he added his artwork to his website in the future. And we both thought the button could offer a lot of incentive for content creators on the web if the application catches on and gains popularity going forward.

What do you think about the Money Button platform? Let us know what you think about this subject in the comment section below.


Images via Shutterstock, Money Button, and Jamie Redman. 


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The post Test Driving the Money Button — Simple Enough for a 9-Year Old appeared first on Bitcoin News.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy

Bitcoin Cash Can Scale Exponentially and Support the Global Economy

For well over a year now the Bitcoin Cash (BCH) protocol has shown quite a bit of capability as far as on-chain scaling is concerned. The creator of Bitcoin knew that the technology had to expand in scale quite vastly in order to accept the magnitude of global commerce and businesses on the blockchain. In the early days, Satoshi told people that the technology would follow alongside Moore’s Law with high-performance computing, and the past year has shown the BCH chain can scale to fulfill the needs of the global economy.

Also read: Sales Tax and Bitcoin in the United States Can Be Confusing

Even Before Satoshi Nakamoto Launched the Bitcoin Network, the Creator Knew Blockchain Technology Could Scale

Bitcoin Cash Can Scale Exponentially and Support the Global EconomyFor a while now there’s been a lot of confusion and purposeful manipulation spread by people who have said that Satoshi Nakamoto’s creation cannot scale. Since August 1, 2017, the Bitcoin Cash chain has consistently performed despite all the naysayers. In fact, like the rise in merchant adoption, the Bitcoin Cash protocol itself has recorded many scaling milestones this year. The size of the blockchain and block propagation speed has always been some of the excuses people like to use when they object to on-chain scaling. However, on November 2, 2008, Satoshi wrote about the growth of the chain and believed the technology would not only rely heavily on the Simplified Payment Verification model, but also follow right alongside Moore’s Law.

“Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day,” Nakamoto emphasized.   

That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.

Take Notice: Society Now Has 7nm Semiconductors, New Phones That Can Process 5 Trillion Operations a Second, and 14TB Storage Drives for Only a Few Hundred Dollars

Gordon Moore the founder of Intel had a very good observation back in 1975 that has been fairly accurate when it comes to society’s technological advancements. Gordon’s original prediction started in 1965 when he said the number of transistors added to an integrated circuit would double every twelve months. But in 1975 he changed his forecast to the component cost of a semiconductor doubling every two years. Moore’s Law has been very accurate and many businesses and individuals base the speed and growth of computational scaling using his observation. Moreover, Moore’s law shows a fairly accurate assessment of not only how our technology is blooming but also how the BCH protocol itself can expand global scaling and maintain protocol affordability.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy

However, blockchain storage has been used a primary excuse to stall scaling in the past even though semiconductor technology is improving vastly, central processing units and ram continues to grow more affordable, and storage space has been following the same path. One could even attribute the mining of cryptocurrencies towards the improvement of semiconductors. Moore’s law is still alive and well and it may be a hair behind the observation’s timeline of increased performance every two years, but it is still growing at an exponential rate.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
Apple’s new A12 7nm chip can process 5 trillion operations per second proving our computer devices continue to be faster with each new development. 

We can see this proof with 10nm and 7nm chips that are making their way into our computational lives. 45 years ago Intel’s first microprocessor could only process 90,000 operations per second, but now the latest A12 Bionic 7nm chip for the new iPhones can process 5 trillion operations per second. Small mobile devices we keep in our pockets show how fast technology is growing while laptops, and other types of computers are no different. This means there is absolutely no reason to slow down scaling efforts, because of Moore’s Law and its theoretical limitations. That’s like saying we should toss in the towel in because future quantum computers could ‘maybe’ crack Bitcoin’s elliptic curve cryptography.          

The Need for a Higher Level of Bandwidth for Network Communication Has Driven Widespread Low Latency Fiber Optics Growth Worldwide

Another fallacy individuals like to use is block propagation delay or latency issues. This is the amount of time it takes for computer networks like the Bitcoin protocol to propagate blocks. However, latency is a really easy fix for any computer network by making adjustments to both the software and hardware specifications. The argument may apply to non-mining nodes using 56K modems, but with concepts like Fiber optical cables latency is really a non-issue.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
Low latency solutions and Fiber optical cable growth increase every year.

Miners the ones who truly depend on speed, and propagation time will scale linearly with the world’s fastest connections. Further ideas like bloom filters and Graphene are just a few examples of how scaling past latency can be dealt with easily going forward.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
Graphene is just one example of how block propagation bloat can be solved and there are many other ideas.

The BCH Unspent Output Set Size is More Efficient Than BTC’s Set Size Today and Can be Improved Easily

To add to this excuse, another horrible reason people fight against on-chain scaling is because of so-called ‘uncontrollable’ UTXO set size growth. Individuals think the data from the unspent output (UTXOs) from bitcoin transactions could cause the UTXO set size to grow exponentially too large. However, BCH proponents are not worried about UTXO bloat as the UTXO set could easily be sharded, and right now the Bitcoin Cash protocol is consolidating unspent outputs in a more efficient fashion than the BTC network. This can be seen by quickly observing the UTXO set for BTC in comparison to the BCH set. Fortunately for BCH developers, there are more efficient methods of UTXO selection and there are plenty of concepts to test and determine which process works best.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
UTXO sets for BTC & BCH.

The Bitcoin Cash Chain Is Proving on-Chain Scaling Can Work While Other Blockchains Depend Heavily on the Concept of a New Network That Could Be Riddled With Security Vulnerabilities and Centralization

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
Terabytes of storage is becoming more affordable every day.

All of the theoretical limitations of blockchain scaling can be solved, and some of us know — Things do not get solved by doing nothing. Both Moore’s Law and Nielsen’s Law of internet bandwidth are still growing and there’s no need to think it’s going to stop any time soon. Low-latency fiber-optical cables and other ideas are improving global bandwidth speeds drastically. Semiconductors are faster than ever before and terabytes of hard drive space are super affordable compared to ten years ago. The Bitcoin Cash chain has also proven that hard forks are safe and the block size can be increased easily. The community can now see in real-time and on mainnet when miners process big blocks what needs to be done to fix mempool bottleneck and other software issues.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
Nielsen’s Law is also growing and people have more bandwidth worldwide each and every year.

With the data provided by Moore’s observation, Nielsen’s Law, new improvements in network latency, our perspective of current software and hardware limits, and the recent large blocks mined, shows the Bitcoin Cash community that the protocol can scale easily. We know Satoshi Nakamoto’s technology works, and it’s not very intelligent nor conservative to push people towards a second layer that’s not even close to being as secure as the original proof-of-work model.

Bitcoin Cash Can Scale Exponentially and Support the Global Economy
The Bitcoin Cash chain can handle a lot of use and continues to prove Satoshi’s Bitcoin can scale.

For close to a decade now we know that Nakamoto consensus is very secure. Bitcoin Cash proponents plan to keep the security layer pure and scale the protocol so it can sustain the global economy. Processing 2.2M transactions in one day at a rate of 26 transactions per second within multiple large blocks (23MB block) mined shows true performance. While at the same time the network has managed to keep BCH network’s transaction fees around $0.001 per transaction. The past 13 months of Bitcoin Cash upgrades and stress tests are merely the baby steps towards massive on-chain scaling.

What do you think about the Bitcoin Cash network’s ability to scale on-chain? Let us know what you think about this project in the comment section below.

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of Bitcoin.com. The web portal and firm Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the Op-ed article. Readers should do their own due diligence before taking any actions related to the content. 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 information in this Op-ed article.


Images via Shutterstock, Statoshi.info, Pixabay, Wiki Commons, and Apple’s latest keynote. 


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

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Abra App Launches Support for Bitcoin Cash Deposits and Withdrawals

Abra App Launches Support for Bitcoin Cash Deposits and Withdrawals

Users of the cryptocurrency exchange and wallet app Abra can now make deposits and withdrawals to their accounts with bitcoin cash (BCH). Bill Barhydt, the founder and CEO of the company, also published a video chat with Bitcoin.com CEO Roger Ver about bitcoin cash.

Also Read: The Daily: Shapeshift Shuts Down Prism, Jamie Dimon Wants to Be President

Abra Adds Bitcoin Cash (BCH) Support

Abra App Launches Support for Bitcoin Cash Deposits and WithdrawalsAbra, a cryptocurrency wallet app and exchange, has announced on Wednesday native support for bitcoin cash (BCH), including deposits and withdrawals. This means that in addition to funding the wallet with BTC, LTC, bank transfers, wire transfers, or credit and debit cards, users can now also fund Abra from any bitcoin cash wallet anywhere in the world.

The company explained in its announcement to any users that might not be familiar with BCH that: “Bigger block proponents, including the creators of bitcoin cash, argue that the increased blocksize is important to keep the Bitcoin code aligned with the original vision laid out in the Bitcoin Whitepaper written by Bitcoin’s founder, Satoshi Nakamoto. Put simply, bitcoin cash was created to act like a better version of peer-to-peer digital cash because, at the time of the hard fork, processing transactions on the Bitcoin blockchain had become slow and expensive.”

Non-Custodial Wallet

Abra App Launches Support for Bitcoin Cash Deposits and WithdrawalsAbra is an all-in-one global app offering a crypto exchange and digital wallet in one place – designed for making cryptocurrency investing simple. It enables users to buy, store, invest and hold 28 cryptocurrencies and 50 fiat currencies on a single app, and manage all crypto investments in one screen. The wallet is defined as non-custodial, meaning that cryptocurrencies and the wallet’s private key are held directly by the user. The Abra model is said to be 100% peer-to-peer, with no middleman ever holding, managing or touching the funds at any point in any transaction.

The company was founded in 2014 by Bill Barhydt, a veteran in the cryptocurrency space and an early Netscape employee. Investors include American Express Ventures, First Round Capital, Foxconn Technology Group, Arbor Ventures, Lerer Hippeau, RRE Ventures, Silver8 Capital and others. Last week Abra announced support for SEPA bank account holders – increasing the number of countries serviced by the company by 35.

Did you already use BCH for deposits or withdrawals with the Abra app? Share your experience in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Markets Update: Ethereum Leads Strong Altcoin Rally

Markets Update: Ethereum Leads Strong Altcoin Rally

Since yesterday’s update, the cryptocurrency markets have produced a strong bounce over the last 24 hours. Of the top ten cryptocurrencies by market cap, Ethereum, and Monero were the day’s top gainers – both of which have posted gains of over 15% in the last 24 hours.

Also Read: Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses 

BTC Tests $6,500

In the last 24 hours, BTC has gained by roughly 3% – with current prices testing resistance at the $6,500 USD area as of this writing.

Markets Update: Ethereum Leads Strong Altcoin Rally
BTC/USD – Bitfinex – 4hr

Looking at the daily chart, the stochastic RSI appears poised to break above the 20 threshold – signaling that more bullish action may ensue should BTC be able to produce and hold a strong break above the $6,500 area.

Markets Update: Ethereum Leads Strong Altcoin Rally

Bitcoin Cash Gains 7% in 24 Hours

BCH produced gains of approximately 7% in the last 24 hours, bouncing off a new low for 2018 of $410 yesterday to now be trading for roughly $455.

Markets Update: Ethereum Leads Strong Altcoin Rally

The bullish move for BCH coincided with a roughly 5% gain over BTC – with BCH currently trading for around 0.07 BTC after bouncing off 0.066 BTC yesterday.

Markets Update: Ethereum Leads Strong Altcoin Rally

Ethereum Shorts and Longs Continue to Test Record Highs

Of the top ten cryptocurrencies by market capitalization, Ethereum has produced the strongest gains during the last 24 hours of price action. As of this writing, ETH is trading for $205 – up more than 18% from yesterday’s lows of roughly $170.

Markets Update: Ethereum Leads Strong Altcoin Rally

The number of open ETH/USD short positions is currently testing the all-time high area of 240,000 for the second time since the record was established just three days ago.

Markets Update: Ethereum Leads Strong Altcoin Rally

The number of ETH/USD longs appears to be retracing to test the area of September 5th’s prior all-time high of roughly 330,000, after yesterday establishing a new record of approximately 360,000.

Markets Update: Ethereum Leads Strong Altcoin Rally

ETH has gained roughly 15% over BTC in the last day, bouncing from 0.027 BTC to test resistance at 0.032 BTC.

Markets Update: Ethereum Leads Strong Altcoin Rally

For two consecutive days, ETH/USD has posted a larger trade volume than BTC/USD to comprise the most traded pairing on Bitfinex.

Monero Gains by 17.4% in 24 Hours

XMR was the second strongest performing of the top ten cryptocurrencies by market cap today – gaining approximately 17% over yesterday’s low of $96. XMR is trading for $114 as of this writing.

Markets Update: Ethereum Leads Strong Altcoin Rally

When measuring against BTC, XMR has rallied roughly 12.5% from yesterday’s low of 0.0155 BTC, with XMR trading for 0.0175 BTC as of this writing.

Markets Update: Ethereum Leads Strong Altcoin Rally

Do you think the cryptocurrency markets will continue to produce bullish momentum in coming days? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview, Bitcoinwisdom


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The post Markets Update: Ethereum Leads Strong Altcoin Rally appeared first on Bitcoin News.

Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses

Markets Update: ETH Hits 14-Month Low Amid Heavy Altcoin Losses

Many altcoins have posted significant losses in recent days, with ETH currently testing price levels not seen in over 12 months after losing 40% in roughly one week. The declining value of altcoins has also driven BTC to continue to establish new highs for market dominance during 2018.

Also Read: Chinese Report Finds 9 in 10 Altcoins to Have Stolen 80% of Their Code

BTC Gains Dominance

The heavy losses sustained by many leading altcoin markets have led BTC to continue to further its market dominance over other cryptocurrencies. As of this writing, BTC has a market dominance of 57.6% and is trading for roughly $6,300 USD.

Despite stable price action over recent days, BTC has shed approximately 16% in the last 8 days. BTC currently has a market capitalization of nearly $109 billion.

The number of BTC short positions is testing the all-time high level of roughly 38,000 for the second time in roughly one month.

BCH Hits New Low for 2018

Bitcoin Cash has experienced a bearish week or so of price action, losing approximately 30% in the last 8 days when measuring against the dollar. With prices currently hovering at the $420 area, BCH has established a new low for 2018 and is currently testing price areas not witnessed since late October 2017.

When measuring against BTC, BCH is trading for approximately, 0.067 BTC – a key support area dating back to the market’s inception a year ago.

 

BCH is currently the 4th ranked cryptocurrency market by capitalization with roughly $7.35 billion.

ETH Breaks Below $200

In the last 8 days, ETH has lost roughly 41% when measuring against the dollar. The drop plunged the price of ETH down to the $170 area – prices not seen since mid-July 2017.

Ethereum’s market dominance has dropped below 10% for the first time since December 8th, 2017, and March 2017 before then – with ETH currently comprising 9.6% of the total cryptocurrency market cap, according to Coinmarketcap.

When measuring against BTC, ETH is testing the support area of approximately 0.0275 BTC for the first time since December 2017.

Both ETH/USD Shorts and Longs Test All-Time Highs

As of this writing, the number of both ETH/USD shorts and longs are testing record highs on Bitfinex – with longs breaking into new all-time highs above the 350,000 area as of this writing, and shorts testing the 240,000 area for the second time in just a few days.

ETH/USD Longs – Bitfinex – 1D
ETH/USD Shorts – Bitfinex – 1D

ETH is the second largest cryptocurrency market with a capitalization of $17.76 billion.

Other Leading Altcoins Post Significant Losses

XRP dropped by 21% in 8 days to retest support at its 2018 low of approximately $0.26. XRP is the third-ranked market by capitalization with $10.43 billion.

XRP/BTC – Bitfinex – 1D

EOS is trading for approximately $4.85 after losing 25% in 8 days. EOS has now tested the roughly $5 area for several consecutive weeks. EOS is the fifth largest cryptocurrency by market cap with nearly $4.4 billion.

EOS/USD – Bitfinex – 1D

Stellar has posted the most modest losses among leading altcoins for the last 8 days – falling by roughly 16%. Stellar is the sixth largest crypto market with a capitalization of $3.65 billion.

STR/USD – Bitfinex – 1D

LTC set a new low for 2018 today, breaking below $50 for the first time in nearly 12 months. As of this writing, LTC is trading at $49 after shedding roughly 28% of its value in 8 days. LTC has the seventh largest cryptocurrency market cap with $2.87 billion.

LTC/USD – Bitfinex – 1D

ADA is the ninth largest cryptocurrency with a market cap of $1.65 billion. ADA posted the most violent losses of the leading altcoin markets this week, losing roughly 60% in 8 days. ADA is currently trading at a record price low of $0.064 USD.

ADA/USD – Bitfinex – 1D

XMR has fallen by 29% in the last 8 days and is currently testing support at the $100 area. XMR is the tenth largest cryptocurrency market with a capitalization of $1.62 billion.

XMR/USD – Bitfinex – 1D

Do you think we will continue to see bearish market action across the cryptocurrency markets in the short-term? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Tradingview


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With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

In Namibia, the African wild dog population has been decimated to near extinction. But one wildlife lover is trying to stop all that. And bitcoin cash (BCH) is her gateway.

Also read: Kucoin Expands Into Australia After $3m Bitcoin Australia Deal

Leroux Gets First BCH Transfer In Namibian Wild

Nadja Leroux, a Namibian wildlife conservationist looking out for the African wild dog, received her first bitcoin cash donation of Rand 145 (about US$10) while deep in the wild, protecting the animal she loves most.

With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

A week ago, the conservationist set up a bitcoin cash fund, with a target of more than R24,800 (US$1,600) to acquire the technology she needs for the work. By September 9, Leroux had raised the equivalent of R504 ($33) worth of bitcoin cash (BCH).

The Namibian believes BCH represents speed and convenience for Africans seeking to do business. “Why BCH?” Leroux asks herself in a post on Twitter designed to make the world understand her objectives. “It’s a family,” she replies. “It’s public. It’s 24 hours a day. It’s the new generation!”

With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

One of the items Leroux intends to buy from proceeds of her fund raiser is an iPad. She says the device allows for “immediate data entry and analysis” and that it is “secure, mobile.It is so important I have the right technology to continue my work in the field.” Leroux, who has so far this year spent 121 days in the field “camping trying to find the African wild dog”, explains on her Twitter handle, Track the Facts, Communities and Conservation. She describes her work station as “in the middle of nowhere, but right where the action is.”

Endangered Species

The African wild dog population is running critical. The dog is often killed by farmers for killing livestock. Now, it has gone extinct in 23 countries. In the Otjozondjupa region of Namibia, the dogs co-exist with pastoral communities, setting them up for a livestock-centered human-wildlife conflict. As community development manager of the Cheetah Conservation Fund, Leroux engages farmers in monitoring patterns of predation and using natural means such as livestock guard dogs so farmers do not resort to killing the wild dogs to protect domestic animals.

With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog

“Why the African wild dog? It’s the most endangered large carnivore in Southern Africa,” she says.

Cryptocurrency Ban, Pioneering Venture

Namibia officially banned the use of cryptocurrencies for commercial purposes in 2017. The Bank of Namibia did not specify penalties for violating the prohibition, but warned that “a local shop is not allowed to price or accept virtual currencies in exchange for goods and services.”

It said only the Namibian dollar and the South Africa Rand remained legal tender in the country, but remained open to possibilities offered by the blockchain technology. Even though crypto related activities remain very limited in Namibia, the Bank’s main concern was centered around exchange control violations and issues around the creation of money, which it said was its sole mandate.

Leroux was excited about sharing her story, but wasn’t quite sure how regulators in Namibia would react to her plan. At the time of going to press, she had not responded to our requests for comment. (We will update this post once we receive Leroux’s reply).

She still has a long way to go to achieve her goal. About $1,580 or R24,300 remains outstanding. But Leroux’s use of BCH is a case of cryptocurrency facilitating community-oriented pioneering ventures in Africa.

Could bitcoin cash help transform micro-economies in Africa? Let us know what you think in the comments section below


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post With Bitcoin Cash, A Namibian Conservationist Hopes To Save Endangered African Wild Dog appeared first on Bitcoin News.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

The past seven days has been another interesting week for Bitcoin Cash (BCH) proponents. After wrapping up a successful Stress Test Day with a record 2.2 million transactions confirmed in 24-hours there’s been a lot more happening within the BCH ecosystem.

Also read: Bitcoin Cash Hard Fork Debate Reconvenes After the Stress Test

Bitcoin Cash (BCH) Market Action

The Bitcoin Cash (BCH) community recently celebrated the successful Stress Test Day on September 1 and continued flooding the network with transactions until September 6. As far as BCH trading markets are concerned the spot price of bitcoin cash has been pretty low as the cryptocurrency is now trading at $437 per coin. At the time of publication, the bitcoin cash market capitalization is $7.6 billion and commands $345 million in 24-hour trade volume. Data stemming from the price and market statistics website Satoshi Pulse details that the top exchange today swapping the most BCH is the trading platform Lbank. This is followed by cryptocurrency exchanges Coinex, Huobi, Okex, and Hitbtc. As far as money flow traded against BCH the top pairs today include tether (USDT 46%), BTC (29.3%), ETH (12.7%), USD (7%), QC (1.9%), and KRW (0.88%).

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

Online Pharmaceutical Service Accepts Bitcoin Cash 

Besides the dreary crypto-markets, there’s been lots of good news taking place within the BCH ecosystem. One specific merchant adoption announcement bitcoin cashers enjoyed was from the online pharmacy service from Canada called Script.care. The pharmaceutical vendor has announced the company now accept bitcoin cash for payments. Script.care says the company is pleased to accept BCH to fulfill prescription orders and their pricing is significantly lower than average prices for in the USA. Unfortunately being an online pharmaceutical vendor the company cannot deal directly with Canadian citizens. “We can import and export medications but not sell them to Canadians directly,” explains a Script.care representative.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs
Canadian company Script.care accepts bitcoin cash (BCH) for payments.

Bitcoin Cash Powered App Matter.cash Adds Arbitrarily Long Comment Abilities

Back in June news.Bitcoin.com reported on the long form blogging application Matter.cash and this week the platform has added some new features. The application is a platform that allows people to publish long-form posts using the Bitcoin Cash chain’s op-return feature. The Matter.cash creators explain this week that users can now add arbitrarily long comments as replies to posts on the website. The platform’s developers say that there will be ‘Submatters’ soon which will be similar to Reddit-style communities.

“We’re launching the ability to create, and grow your own community while earning Bitcoin Cash — Owners will have full support for managing the look and feel as well as have special administration rights in a permissionless fashion,” the developer explains.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

North Queensland Rock Fest Sponsored by BCH Proponents 

Another BCH adoption story stems from the North Queensland Australia region where BCH merchants in the area are sponsoring the North Queensland ‘Country by day Rock by Night’ rock festival. Lately, bitcoin cashers have been hearing a lot about the North Queensland BCH community and the Coffee Pedlar a Bitcoin-Cash-only cafe that supports zero-confirmation transactions. The rock festival will feature artists such as Troy Cassar-Daley, The McClymonts, Judah Kelly, Homegrown, Brooke ‘Josie’ Roberts, and Tony Cook. According to the North Queensland BCH community, tickets are also discounted to $40 if paid in bitcoin cash.

BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs

Lots of Things Happening and Many More Bitcoin Cash Developments on the Way

Lastly, BCH supporters were excited to hear that the NBA’s Houston Rockets owner, Tilman Fertitta, has revealed his luxury automobile dealership Post Oak Motor Cars will now accept bitcoin cash. This means BCH fans can now purchase a Bugatti, Bentley, or Rolls Royce by using bitcoin cash for payment. Overall there’s been a lot happening within the BCH community and many more developments are on the way. For instance, the developer Unwriter has revealed that Bitdb 2.0 is coming soon which will upgrade the global NoSQL database powered by the BCH chain. “Not just an upgrade, but a quantum leap,” Unwriter explains.

What do you think about the Bitcoin Cash ecosystem this week? Let us know what you think about this subject in the comment section 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 company 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.


Images via Shutterstock, Reddit, Matter.cash, Script.care, and Satoshi Pulse. 


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post BCH Roundup: Rock Festivals, Long Form Blogging, and Prescription Drugs appeared first on Bitcoin News.