Bitcoin Cash [BCH] has been ramping up on the adoption side, despite the bearish market condition, with yet another significant addition. The cryptocurrency can now be donated to The Wikimedia Foundation, the non-profit behind Wikipedia through Atlanta-based BitPay.
According to a press release published by the Blockchain payment provider, BitPay, the non-profit already accept Bitcoin donations and has now expanded to include Bitcoin Cash, the sixth-largest cryptocurrency as well.
The press release read:
“All of the Wikimedia Foundation’s work is driven by its vision to create a world in which everyone can freely share in the sum of all knowledge. Accepting payments globally is difficult due to the fractured payments ecosystem and a multitude of payment options.”
The blockchain payment provider works with a plethora of non-profits to allow them to tap into the virtual currency space and increase their donation pool. BitPay has processed “multi-million dollar donations,” adding that the donations have increased over the past few years, peaking during the end of the year due to tax benefits.
Pats Pena, the Director of Payments and Operations at the Wikimedia Foundation said:
“Our donors have shown an increased interest for different cryptocurrencies, so accepting Bitcoin Cash was a natural next step. We accept donations globally, and we strive to provide a large variety of donation options. It’s very important that we can get international donations processed in ways that are efficient and cost-effective.”
Sonny Singh, the Chief Commercial Officer at BitPay said:
“Bitcoin and Bitcoin Cash are one of the cheapest payment options available so more money goes to charity rather than paying fees. Wikimedia does so much good around the world that it is a privilege to help them raise money.”
The adoption news was welcomed by the BCH community with Jonathan Silverblood, a BCH proponent and developer tweeting:
“I have benefited immensively from @Wikipedia and the the software that @Wikimedia produce. Even though I don’t have much money at the moment, I’ve given $5 to them with #BitcoinCash #BCH now that they support that as a payment option.”
Bitcoin Cash made yet another stride in the adoption space, with the Bitcoin.com CEO, Roger Ver confirming that BCH will partner with Alliance Cargo Direct, which is a part of Japan’s ANA Group, the largest airline in the island country. Although Ver did not reveal any details regarding the partnership citing “insider trading laws,” he did confirm that the deal has been finalized.
Despite the adoption increase, market sentiments are not too favorable for the coin as it has been overtaken by Tether [USDT] and EOS [EOS] due to the recent market meltdown that slashed over $8 billion from the overall market cap, dipped the BCH market cap under $2 billion and saw the coin’s price break support.
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Bitcoin Cash’s hashrate comes dangerously close to being controlled by one mining pool
Bitcoin Cash may have fended off the hacker who abused the network upgrade, it may have also upgraded its privacy by implementing Schnorr Signatures, but there is something dangerous happening behind the scenes, which could have a detrimental effect.
Bitcoin Cash’s hashrate, at press time, came very close to being controlled by one single entity, BTC.top. Nine hours ago, the same entity controlled more than 51% of the hashrate, according to a Reddit post.
The attached image showed that BTC.top controlled 54% of the hashrate which would give that pool, the power to double spend any and all Bitcoin Cash, halt transactions and successfully launch a 51% attack on the fourth largest cryptocurrency in the world.
At press time, however, the control of BTC.top waned to 44.44%, which is still a huge amount of control for any entity to have, considering the decentralized nature of Bitcoin Cash and cryptocurrencies in general.
This is not the first time, BTC.top has come close or crossed over the 50% line with Bitcoin Cash. On January 3, 2019, BTC.top controlled about 50.2% of the total hashrate for Bitcoin Cash. BTC.top is a China-based private entity.
Moreover, the pool mined about 7 consecutive blocks 10 hours ago; this is a dire circumstance for Bitcoin Cash if the pool decides to use that hashrate.
A Reddit user commented:
“Someone is clearly attacking BCH, which I would speculate to be Calvin and his dipshit lapdog. Some mystery miner pumped up the “unknown” side up by 10-15% which backed off right after the fork. Then the zero-day bug exploit on fork day that coincided with a massive short position… “
Although BTC.top controls a majority of the hashrate for Bitcoin Cash, the recent update i..e, Bitcoin Cash ABC 0.18.5 has implemented a checkpoint after every 10 blocks. According to @Bitcoin_ABC’s tweet after the 0.18.5 update:
“This release adds deep reorg protection to ensure that transactions are immutable after 10 confirmations. This safeguard helps users, businesses, and exchanges stay secure and free from disruption.”
In comparison to Bitcoin, the original blockchain from which Bitcoin cash forked off has its hashrate spread out between different entities as seen in the chart below.
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