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.”
75916|Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider
Avent, a leading global technology solutions provider, announced that they would be accepting Bitcoin [BTC] and Bitcoin Cash [BCH] for their goods and services, as a mode of payment on their platform. The news comes after Switzerland’s largest e-commerce company, Digitec-Galaxus AG, announced the acceptance of Bitcoin, Ethereum [ETH], XRP and a few other altcoins for payments.
Like most platforms, Avent is enabling Bitcoin payments via BitPay, the largest Bitcoin payments service provider. Sunny Trinh, the Vice President of Demand Creation at Avent said,
“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it”
The blog post stated that developers were “looking for flexibility,” when launching products in the market. It added that this particular announcement would give their customers “more convenient” options to complete their transactions.
The announcement further stated that when a customer chooses to check-out with Bitcoin or Bitcoin Cash as their payment option, Avent and BitPay would collaborate on verifying the funds, processing their order and completing transactions. In the future, they will also be able to enable cryptocurrency payment requests outside of the United States, on a country to country basis.
Sonny Singh, COO of BitPay said,
“As one of the largest global technology solution providers on the Fortune 500 list, Avent is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments.”
He further stated,
“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avent will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”
75844|Bitcoin Cash [BCH]: UnitedCorp files opposition to dismiss against Roger Ver, Bitmain and Kraken in hard fork fraud claims
The Bitcoin Cash [BCH] hard fork that occurred on November 15, 2018, captured multiple headlines with many marking it a major event in the field of cryptocurrencies. The hard fork is the one that resulted in the split of the BCH blockchain to give birth to two different cryptocurrencies: Bitcoin Cash [BCH] and Bitcoin SV [BSV].
The fork was dominated by two camps, the Bitcoin ABC team led by Roger Ver and Bitmain’s Jihan Wu while the Bitcoin SV was led by nChain’s Craig Wright and Calvin Ayre. Post the fork, Ver and Wu were both sued by United Corp, an American management company who claimed that the ABC camp including popular cryptocurrency exchange Kraken, had flouted rules and regulations to benefit from the fork. The initial lawsuit said:
“The defendants [Bitmain, Bitcoin.com, Roger Ver and Kraken] collectively engaged in unfair methods of competition and through a series of unconscionable, deceptive and unfair practices, manipulated the Bitcoin Cash network for their benefit and to the detriment of UnitedCorp and other Bitcoin Cash stakeholders.”
The lawsuit was refuted by the alleged parties, citing lack of evidence and bogus claims. Following this, UnitedCorp has filed a new opposition to dismiss in its lawsuit. The company challenged the defendants to explain their actions under oath and stated that they will pursue discovery by way of deposition or under subpoena of the defendants.
The latest lawsuit made it the first antitrust action brought in the United States that involves the cryptocurrency industry. The new release from the company said:
“Miami‐based United American Corp announced today that their legal counsel Akerman LLP has filed a Consolidated Opposition to Defendant’s Motions to Dismiss Complaint in its suit against Bitmain Group, Bitcoin.com, Roger Ver, Jihan Wu, Kraken, Jesse Powell, Amaury Sechet, Shammah Chancellor and Jason Cox (the “Defendants”). The opposition was filed after the Defendants filed a motion to dismiss the UnitedCorp action on February 1st 2019.”
UnitedCorp also specifically pointed out to Bitmain’s usage of the Overt ASICBoost as a method to enhance Bitcoin ABC’s version of the fork. The company further stated that the firmware was made available in advance of the last Bitcoin Cash update by Bitmain only to Bitcoin ABC-supported pools, which are operated by the Roger Ver owned Bitcoin.com. The lawsuit also added:
“UnitedCorp alleges that these activities are evidence of not only a violation of the accepted standards and protocols associated with Bitcoin since its inception, but a violation of US antitrust laws including parts of the Sherman Act.”
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