Bitcoin Cash, the fourth largest cryptocurrency in the world, has had more than a few hiccups this month. The scheduled upgrade for BCH didn’t quite go as planned, the SegWit BCH funds were stolen, two mining pools had to reorg to blocks to return the stolen funds, and other developments marred the otherwise peaceful bullish month.
In addition, Roger Ver’s bet against Tone Vays is yet to be decided as Ver argued that Tone Vays cheated. The important thing, however, is the reorg of the BCH blockchain, which caused massive waves in the BCH community.
The Bitcoin Cash blockchain was hit by an attacker who waited months to exploit a bug, which led to the production of massive empty blocks with one valid transaction. Moreover, an attacker ‘stole’ SegWit funds, which caused two mining pools, BTC.com and BTC.top to reorg two blocks to recover those funds.
A lot of people in the community circulated the tweet below:
1/ What I've gathered from loose details:
First, there was an unintentional split with the recent #BCH "upgrade."
— Guy Swann⚡ (@TheCryptoconomy) May 24, 2019
Samson Mow, the CSO of blockchain, tweeted:
“The irony here is that #Bcash is so damn unsecure that it’s not even good for coffee transactions. What a shit show. 🤦♂️”
Although the mining pools reorged the chain to prevent the hacker from allegedly stealing the funds, it broke the ethos of decentralization. Moreover, a few days before the incident, BTC.top controlled over 50% of the hash rate for Bitcoin Cash mining, which raised alarms over one mining pool controlling such a massive amount of hash rate.
Mow further tweeted:
“These are not specifically #Bcash mining pools. They are general mining pools that support a few coins, including #Bitcoin. BTC.com is run by Bitmain & BTC.TOP is affiliated with Jiang Zhuoer. This is why you run your own node. #DontTrustVerify”
The bug was resolved and Bitcoin Cash network was functioning without a hitch, at press time. The price of Bitcoin Cash seemed to be greatly unaffected by this incident as it was, at press time, still above $400. BCH was still the fourth largest cryptocurrency in the world, however, the price decreased by approximately 7.4% in 24 hours.
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Bitcoin Cash would be a perfect global coin for daily spending, claims Chainblock’s Federico Pecoraro
Federico Pecoraro, CEO of Italy-based crypto-company, Chainblock, made waves in the cryptospace after he suggested that Italians were shifting to cryptocurrencies owing to the country’s growing economic problems. The 2008 financial crisis hit the Italian economy badly, largely due to the huge public debt accumulated after years of excessive public spending.
According to Federico Pecoraro, the state of affairs offers an opportunity for many people and businesses to benefit from using decentralized money. In what is the most newsworthy bit of his take, he said that Bitcoin Cash (BCH) could be the cryptocurrency that would fit perfectly as a real global coin for daily spending, despite the fact that Bitcoin (BTC) is more likely to emerge as a better store-of-value. He added,
“We’re proud to support it on our products. Indeed, our clients have the opportunity to buy BCH through any of our services.”
Pecoraro also spoke about how Chainblock used the crypto-winter to develop new products and expand its customer base. He revealed that by the end of 2018, Chainblock recorded a 156% increase in transactions and a 144% increase in new users. Federico Pecoraro told Bitcoin.com,
“We love small businesses that want to accept crypto payments but we want to enable as many merchants as we can with a strategic market approach. Our goal is to provide affordable and scalable solutions for both big and small shops and spread real cryptocurrency mass adoption. We plan to enable 5,000 merchants to accept Bitcoin payments.”
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