Bitcoin Cash [BCH]’s push into the realm of mainstream adoption has been something that has caught the eye of several proponents and users in the crypto space. This movement was mainly spearheaded by Bitcoin.com’s CEO and founder, Roger Ver, who has made it a point to make cryptocurrencies available for day-to-day transactions.
In a recent video uploaded by Bitcoin.com, Ver touched upon some of the updates on the Bitcoin Cash network and the different ways it can benefit the community. The one major update pointed out by the CEO was the addition of Bitcoin Cash on Kraken for margin trading. The announcement made by the second oldest cryptocurrency exchange also included the addition of XRP for margin trading. The exchange tweeted:
“Please note that BCH and XRP are not collateral currencies. This means you cannot open margin positions against the value of your BCH or XRP balances. For this reason, you should always maintain adequate balances of other collateral currencies to maintain your margin positions.”
In other news, Ver also touched upon reports that showed that Bitcoin Cash was the most used cryptocurrency in real life cases. This was judged based on the on and off ratio which counts the number of transactions conducted on the exchanges to the number of transactions conducted using the cryptocurrency in real life. In Ver’s words:
“We don’t mind any cryptocurrency that works to increase the financial freedom in the ecosystem. The only thing that the people need to curb is the sheer amount of speculations spiraling in the space.”
The BCH proponent went on to inform users about a new statistic that showed that 14% of all Chinese citizens had invested in cryptocurrencies with a steady incline in user awareness. Another update touched upon by Roger Ver was the topic of Proof-of Keys. The Bitcoin.com panel stated:
“The concept of Proof of Keys is to keep the private keys away from exchanges and in private wallets. This was majorly done because some shady exchanges do not have the required liquidity within themselves to warrant a good user return.”
One prime example of the lack of liquidity was brought to notice when HitBTC, a cryptocurrency exchange displayed the message “Withdrawals are temporarily disabled on your account”.
Post this incident, John McAfee had said:
“I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”
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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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