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Bitcoin Cash [BCH] heads with two more mining pools announcing zero transaction fees

Prerana Sarkar

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Bitcoin Cash [BCH] heads with two more mining pools announcing zero transaction fees
Source: Pixabay

CoinGeekm along with nChain, announced that the mining pools ViaBTC and Bitcoin.com are going to support and join the ‘Miner’s Choice’ initiative, with the purpose of creating a more competitive market structure with lower mining and transaction fees.

The mining pools had earlier stated:

 “Users will have more choice about how much (if anything) they wish to pay for sending a BCH transaction, depending on the speed they want. If a user wants an instant transaction, the user can choose from a range of small fees made offered by miners. But if a user is willing to wait perhaps 30-40 minutes for a transaction to be added to a block, the user can elect zero fees.”

ViaBTC is the second largest Bitcoin Cash [BCH] mining pool with a 12.7% share of the total hash-rate of the BCH network. They believe in charging a low fee for transactions.

Sara Ouyang, the Chief Operating Officer at ViaBTC has stated:

 “The reason we chose [BCH] over [BTC] is that it has much faster transactions with low fees and better performance in terms of usability.”

On the other hand, Bitcoin.com has 7.7% and 6.9% share of the total hash-rate of the BCH network as confirmed by Roger Ver. This is definitely a step towards the removal of the dust limits and setting limits for zero transaction fees in their blocks during the time of a transaction.

Bitcoin Cash has adopted the low transaction model to ensure zero network abuse leading to the growth of micro-transactions in business. However, it has not been yet verified as an announcement. In other news, BCH based tokens called “Coloured Coins” will allow users to hold transactions at almost no cost.

The self-proclaimed Satoshi Nakamoto, Craig Wright, tweets saying:

Craig Wright tweets

Craig Wright tweets

The initiative now has a lot of supporters to witness significant changes in the BCH community with long-term effects.



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Prerana Sarkar is a part of AMBCrypto's News Reporting Team from January 2018. She is a Journalism major from Mount Carmel with two years of writing experience in Bitcoin and Blockchain related articles. Prerana does not hold any value in cryptocurrency or its projects

Bitcoin

Winklevoss Twins launch new app; say they are “at home” with the crypto-winter

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Winklevoss Twins launch new app; say they are "at home" with the crypto-winter
Source: Unsplash

Even though the cryptocurrency market has been brutal and tough, the well-known Winklevoss twins think otherwise with their new application which allows users to buy Bitcoin [BTC] and other virtual currencies.

Earlier today, Cameron Winklevoss published a blog in which he talks about the new app which is up and running on Google Play and App Store. The app allows purchase of Gemini’s five cryptocurrencies. The app also includes Know-Your-Customer [KYC] with facial scanning and other biometric proofs in order to comply with the AML laws and avoid money laundering.

Tyler and Cameron Winklevoss are very bullish on the future of Bitcoin and instead of HODLing and waiting for a bull run, they said that they were working on making the ecosystem better. They also added that they had recently employed new Park Avenue offices.

The mobile comes as a new way to face the crypto-verse after getting their ETFs rejected by the U.S. Securities and Exchange Commission [SEC] multiple times.

The twins said that they were right at home with the crypto-winter and Cameron added that “We can weather this downturn”.

Apart from the mobile app, the twins have also launched an investment fund in the mobile app that consists of multiple cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Zcash [ZEC], and Bitcoin Cash [BCH].

All of the above-mentioned cryptocurrencies are added to their listings only after a thorough approval from the New York Department of Financial Services [NYDFS].

Cameron said:

“For many years when we were building Gemini, price wasn’t a thing. Bitcoin was a $200 coin. Then, last year is actually an anomaly, and almost, you could argue, a distraction.”

Unlike Coinbase’s or Kraken’s mobile apps, Gemini has been targeting institutional investors by building financial infrastructures.

The decision by the twins comes in the bear market that has sliced off a large chunk of the market cap from most of the cryptocurrencies.

Bitcoin, the largest cryptocurrencies has witnessed a collapse of 82% since its all-time high and the market cap of all the cryptocurrencies which was $200 billion short of reaching $1 trillion dollar mark. However, the brutal bear market of 2018 has caused the overall market cap to slide down to a mere $107.84 billion.

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Bitcoin Cash

Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week

Namrata Shukla

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Bitcoin SV [BSV] plunged by 3.42% while Litecoin [LTC] falls by 24.21% over the week
Source: Pixabay

The cryptocurrency market has been going through some tough time for the past few and on December 11, the market saw a different color of red. Two of the coins which faced the brunt of this vermilion market were Bitcoin SV [BSV] and Litecoin [LTC].

Source: CoinMarketCap

Source: CoinMarketCap

According to CoinMarketCap, BSV, which ranks eighth on the list, was valued at $89.68 with a market cap of $1 billion. The coin’s 24-hour trade volume was $57 million and had plunged by 8.96% over the past seven days. However, the coin slipped by only 1.69% over the past hour, at the time of press.

According to the 24-hour trade volume, GDAC registered the highest trading volume of $15 million with BSV/KRW. GDAC is followed by BitMart for the second and the third position. On the second position, BitMart registered a trading volume of $7.28 million with BSV/BTC pair. The third position recorded a trading volume of $7.23 million with BSV/USDT pair.

Source: CoinMarketCap

Source: CoinMarketCap

LTC, which ranks ninth on the CoinMarketCap list, was valued at $1 billion with a market cap of $4million. The coin recorded a 24-hour trade volume of $4 million with a dip of 4.67% over the past seven days. However, the coin dove nose first by 0.87% over the past one hour.

According to the 24-hour trade volume, the maximum trading volume was registered by DOBI trade, with a market cap of $84 million for LTC/BTC pair. It was followed by Bibox, which registered a trading volume of $23.8 million with LTC/USDT pair. On the third place was OKEx, which noted a volume of $23.4 million with LTC/BTC pair.

Amongst the highs and lows of the market, the two coins suffered a loss of 3.42% for BSV and 24.21% for LTC. The coins are being ravaged by the bear and it looks bitter at the moment.

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