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Bitcoin Cash [BCH] bleeds in the market; biggest loser in the past 24 hours with a 5% slump

Priya

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Bitcoin Cash [BCH] bleeds in the market; biggest loser in the past 24 hours with a 5% slump
Source: Pixabay

Bitcoin Cash [BCH], the fourth-biggest cryptocurrency, was bleeding in the market, with the coin losing over 5% in the past 24 hours. The cryptocurrency, which had become the catalyst for a small bull run, is now the biggest loser among the top 10 cryptocurrencies.

According to CoinMarketCap, at press time, Bitcoin Cash [BCH] was trading at $520.16, with a market cap of more than $8 billion. The coin had a trading volume of over $782 million and had slumped by 6.50% in the past seven days. Prior to the fall, the coin was trading at its highest peak for the month, at $628.34.

Bitcoin Cash [BCH] price chart | CoinMarketCap

Bitcoin Cash [BCH] price chart | CoinMarketCap

The highest trade volume for the coin was recorded on Coinbit with BCH/KRW pairing. This was followed by OKEx,  BitForex, and DigiFinex with BCH/USDT pair.

Nonetheless, the coin continues to sprinkle hopes on the investors as it witnessed a sudden shoot-up in price. It boosted from $502 to $515 within 15 minutes.

BCH price hike | Source: Trading View

BCH price hike | Source: Trading View

The massive slump in the BCH market has surprised the investors as a majority of them anticipated the bull run to continue for a longer duration. This can be credited to the upcoming fork scheduled on November 15, 2018, which has also split the whole BCH community.

The squabble between the Bitcoin ABC and Craig Wright continues to thrive in the market. Bitcoin ABC along with Bitmain are promoting the Wormhole hard fork, whereas nChain’s Craig Wright along with Coingeek’s Calvin Ayre wants the implementation of Bitcoin Satoshi Vision [SV]. Wright claims that SV stands right to Satoshi Nakamoto’s vision.

Moreover, Roger Ver, a Bitcoin Cash proponent, recently hopped on to Jihan’s Bitmain bandwagon. This event stirred up the entire community as it marked the beginning of the Roger Ver vs Craig Wright war, with Wright sending a mail to Ver stating that he will not trade for two years and welcomed Ver to bankruptcy. All the major exchanges have also announced that they will be supporting the hard fork proposed by the Bitcoin ABC team.



Jihan Wu, co-founder of Bitmain said:

“The whole BCH community are working together to kick Fake Satoshi out. The resisitence against cult leader proves the inner strength and sophistication of the BCH ecosystem!”

In addition to this, both the sides claim that they have the majority of the miners on their side and that they have the hash power to carry forth their implementation. The final decision of the miners will most likely be revealed on November 15 as the ABC implementation could either turn out to be successful or unsuccessful.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator

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Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
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Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.



“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.





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