Early morning on August 1, Bitcoin’s blockchain split – A separate cryptocurrency was created called Bitcoin Cash
The purpose of a fork is that instead of creating an entirely new cryptocurrency that restarts at block 0, it just creates a replica version that shares the same history. This means that all the previous transactions on bitcoin cash’s blockchain are identical to bitcoin core’s blockchain. However, the future transactions and balances are to be completely independent of each other. Basically, everyone who owned bitcoin before the fork now has an equal amount of bitcoin cash as well.
First things first, if you seem to be in control of your own private keys or store your bitcoin in an exchange that credit users’ balance about bitcoin cash, you’re good to go and can access your new cryptocurrency instantly. However, if your coins are withheld in Coinbase, which said that they won’t be distributing bitcoin cash anytime soon, then you may be unfortunate.
This doesn’t mean Coinbase will be keeping your bitcoin cash but just that they believe it to be unimportant and that it won’t be worth anything in the long run. Although, this is susceptible to change if this is proven to be false.
What’s Bitcoin Cash?
There are thousands of cryptocurrencies present on the market. Some claim to be better and different than bitcoin, while others are just replicas. Bitcoin cash is just another altered digital currency.
To begin with, it was only created prior to the forking of bitcoin View Postcore, but this isn’t rare. Many other cryptocurrencies have also forked from bitcoin before, but none have been as successful as bitcoin cash is at the moment. One of the reasons behind its popularity is the fact that people now have an equal amount of bitcoin cash present and they are referring to it as “free money.” Also, this hard fork was set to coincide with bitcoin core activating a change in its code called BIP 148, which is a Bitcoin Improvement Proposal. After months of negotiation, Segregated Witness was activated which is meant to help bitcoin core scale during transactions.
What’s it worth?
At the moment, bitcoin cash is trading for $655.99 per coin, which is pretty great since it’s so new. It is the fourth-largest cryptocurrency by market cap right now. However, it’s really hard to sell bitcoin cash since most exchanges aren’t accepting deposits yet. Bitcoin users holding bitcoin cash in exchanges that are not supporting trading or outside exchanges are stuck.
Tags: bitcoin news today
So, what’s next?
Most people are just waiting it out for when bitcoin cash is ready to be sold. If this happens, the price will drop or users might begin to like it and it gains value. The point is, no one can really predict what exactly is about to happen next. We survived the split, just have to make through the after-effects
Image Credits: twitter.com/coinbase, coinmarketcap.com
The IBM Blockchain is a hot topic these days. No doubt, blockchain technology is an ingenious invention which allows digital information to be distributed without allowing to it to be copied or modified. Though it was invented by Satoshi Nakamoto in its initial form but uptill now it has evolved itself into a digital giant. That’s why every person somehow related to the internet technology has asked the question:
What is blockchain?
In short, blockchain is the backbone of a new kind of internet technology. In its original form, blockchain was being devised specifically for the cryptocurrency, Bitcoin. It is also known as the distributed ledger technology as it maintains a flawless record of digital transactions. Due to its credibility, blockchain has also been used by the tech community in various other ways. Furthermore, IBM Blockchain technology is a much more refined form of this digital platform.
As we all know, IBM is on the top of the list as it has been working with Blockchain technology since 2015. The credit of bringing blockchain to mainstream also goes to IBM. It was in 2016, when IBM started to use Blockchain technology in their own company.
And now IBM has presented the concept of an affordable Blockchain Starter Plan especially designed for small scale businesses.
IBM’s business blockchain network
At an initial stage a beta version of Blockchain Starter Plan will be launched in order to facilitate the use of Blockchain in all sorts of businesses. For that purpose, in 2016 IBM launched a test Blockchain program in partnership with Walmart.
This starter plan will be free for the duration of its beta version. After completion of the beta version duration a 30-day free trial will be offered once the plan becomes applicable in its full form.
How will all this work?
To be precise, business blockchain network uses the so called distributed ledger technology in order to make sure a secure transfer of business assets inside that network. The beauty of this process is that these assets can be both in physical or digital form. Members of this network would use a concord mechanism instead of depending upon a bank or other such institute for the validation of their transactions. It will automatically not only improve the processing speed of transactions but will also become the first step towards transparency across the business network.
According to Marie Wieck, the general manager of IBM Blockchain, the company currently has over 250 active blockchain networks. She further stated that this new plan will suit pilot projects and will be perfect for those who want to build solutions on the IBM blockchain platform.
Multiple major cryptocurrencies, including Bitcoin and Ethereum, have recorded major gains, as the cryptocurrency market continues to recuperate at the rapid rate over the past 24 hours.
Ethereum’s Hefty Gain:
The native cryptocurrency of Ethereum network, Ether, demonstrated an astounding 6.06% increase in the price over a night and is currently trading at $1,224. The recent surge in the Ether’s price can be attributed to the progress in the Ethereum open-source development community that has directed in scaling the network.
Over 899,005 transactions have been settled by Ethereum within 24 hours, indicating a daily transaction volume that is seven times larger than that of the Bitcoin network.
There’s an increase in the daily transaction volume of the Ethereum which indicates the exponential rate of decentralized applications (launched on the top of the Ethereum Protocol). Over the past few months, applications like CryptoCribs, EtherDelta, Radar Relay and 0x have gained a considerable amount of active users.
Coinbase CEO, Brian Armstrong, also commended CryptoCribs, which is a decentralized Ethereum-based Airbnb like platform with a non-ICO model. It is quite hard to find commercially successful decentralized applications in the cryptocurrency industry, that had not conducted ICOs. This is because ICO has become an easy way of cash grab for the actual developers.
Luis Cuenda, who is a co-founder of Aragon, said in July of 2017, that he literally doesn’t know any Ethereum developer who’s not a millionaire because of the ICO market. Cuende noted manifestly, that there are many developers who are trying to take advantage of this opportunity because they have heard by many that they might make a lot of money from it, and that’s why a large-scale of investors are trying to dive into the Ethereum market.
Furthermore, as we can already see that the scalability of the Ethereum network continues to recover through advanced solutions such as Sharding and Plasma, Ethereum will be able to offer an improved ecosystem and infrastructure for decentralized applications.
The market evaluation and price of Ethereum uniquely depend on the performance and implementation of decentralized applications that are launched on the Ethereum protocol. The price of Ether will imitate the success of decentralized applications if they continue to perform well.
Over the past week, the cryptocurrency market has shown positive signs of recovery. To bring the market to its previous highs, major cryptocurrencies in the global market like Ethereum, Ripple, bitcoin, Bitcoin Cash, and Cardano will have to record some hefty gains in the upcoming weeks.
However, cryptocurrencies like Bitcoin Cash and Ripple are down by almost 50% from their “all-time highs” and with the exemption of bitcoin and Ethereum, most major cryptocurrencies have not performed so well.
Based on multiple factors like the entrance of institutional investors through bitcoin futures and the acceptance of cryptocurrencies by large-scale financial firms which also includes the Robinhood, analysts are still enthusiastic about the short-term growth trend of the cryptocurrency market.
If you have learned about basics of the bitcoin, the next is to buy bitcoin. But the question is how? How can I buy the bitcoin?
I am here to tell you about how you can buy the bitcoins. You can buy bitcoin from exchanges or directly from people via marketplaces. whereas, we will discuss online buying of bitcoin. So, let’s start.
Buy bitcoin with a credit card
Here, we will have the example of 247 exchange. To buy online bitcoin, you have to focus on the procedure. Whereas, exchange policies may vary from site to site. So, let’s start with the first step.
- This is a common thing that when you are going to sell or buy something. You need some verifications. Same with buying bitcoin. First, you have to create an order by filling a form name buy cryptocurrency. You need to pay attention to all the section of the form. And, try to avoid to enter the bogus material. Otherwise, your order will be canceled by the site automatically. After completion of the form, you will become a registered user automatically by clicking “make the order”.
- After clicking “make the order”, you have to pass some verification test. This test will not use up a lot of your time. Whereas, a test will be held by AML-program depending on your verification and amount ordered. Here, you need to confirm your identity, address, and phone number. In extraordinary cases, you have to submit additional documents. Accordingly, you need to submit your address, your card if issuing bank don’t have a 3D technology. After few minutes of your identification, you will be able to enjoy our services.
- After getting the approval from a site, you will receive an e-mail. Log into your personal account, check the details of on order page. While you check your order details, verify each detail. Because you enter the wrong account number you’ll lose your money.
In addition, if you are not satisfied your amount in order and want to change it. You have to put another order with your desired amount. And just leave a message on your order page. Another thing is, you have to pay from your own credit card.
- The last and final step is, read the rules and policies of the site and click the “I agree”.
Within few minutes, an amount will be deducted from your account and you will receive your desired bitcoin.
Buying large amounts of bitcoin
To buy the large amount of bitcoin you have to follow these simple steps.
- Find a bitcoin exchange, a majority use Spectro coin or Kraken.
- Make payments in U.S dollars or Euro to buy bitcoin. After register, yourself to the exchange.
- When you get bitcoin, transfer it to your wallet.
- Finally, get bitcoin debit card for easy spending.
That’s all. You buy your bitcoin easily.
What makes for the best bitcoin
When you are finding the best bitcoin, you need to consider some factors. Which may vary from person to person. In addition, these factors directly create an impact on buying and selling of the bitcoin. Some of the factors are given below;
While comparing bitcoin exchange’s price with bitcoin price index you’ll get best exchange rate.
You need an exchange who accept your bitcoin payment method. Whereas, different exchanges offer their services at different rates. For example, exchanges often charge a fee of 3-10%.
You want to buy bitcoin. Unfortunately, it is not a simple and easy challenge. And especially, when you are going to buy bitcoin in large amount. you need to research all the exchanges and figure out the verification level and delivery speed. Otherwise, you’ll get coin after a week, which you need right now.
Coinbase can sell $1000 bitcoin on daily basis to its regular users. Whereas, for fully verified users can buy up to $50,000 daily. limits. Which is vary from exchange to exchange. In addition, each exchange offers FAQ to guide about the verification levels.
Buying bitcoin in replacement of the cash is the most convenient and safe way to buy bitcoin. Doesn’t matter this buying will be through the p2p exchange like local bitcoins or at bitcoin ATM. But exchanges also accept the credit or bank transfer.
Above all discussion is about how to buy Bitcoin online. So, be aware of scams, and buy bitcoin freely and safely.