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Bitcoin Cash [BCH] looks to take #3 position from Ripple [XRP]

Anirudh VK

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Bitcoin Cash [BTC] looks to take #3 position from Ripple [XRP]
Source: Wikimedia Commons

Ripple [XRP] is feeling the burn from Bitcoin Cash [BCH], with a $3 billion difference in the overall market cap of the two. The fight is for the #3 position, which holds a lot of assumed power as being in the top 3 most traded coins.

Ripple is currently still at the number 3 position with a market cap of $31.44 billion. Bitcoin Cash is close behind with $28.57 billion. Bitcoin Cash needs a 15.15% hike in price to take over Ripple’s position as the number 3 biggest currency by market cap. This would mean that a price increase to close to $1900 would break Ripple’s position in the top 3, assuming XRP doesn’t change in price.

After a week of decline, Ripple is staying stable today after rallying from a low point of $0.77 yesterday. It continues to hover around the $0.80 mark, occasionally falling below and going above over the day. Its seven-day decline rounds up to 6.86%. It had a series of sharp declines from $0.91 to $0.87 on May 6th, further down to $0.80 on May 7th.

Bitcoin Cash, on the other hand, saw an uptick this week, probably due to the upcoming hard fork on May 15th. Ripple also has significant events lined up this week, such as the Community night on May 15th featuring Snoop Dogg.

Although its status as a security has been subject to a large amount of FUD, investors have compared it to the likes of Netflix and Amazon before it. Poster gamedev268 said on the Ripple subreddit that:

“Just like Netflix and Amazon before that Ripple/XRP gets a ton of FUD because it is a threat to established businesses.”

He went on to say that Ripple and the XRP token suffers a worse problem as it is attacked on two front; by the threat Ripple poses to big central banks and the SWIFT protocol, and also as an attack to Bitcoin and its surrounding philosophies.

He finished by saying:

“No one would care to write up blatant lies and FUD if they didn’t see XRP as a threat. Hold tight, XRP’s enemies can see the writing on the wall.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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Bitcoin Cash

Bitcoin Cash [BCH] launches Bitek, allows conversion to Pesos

Simran Alphonso

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BitCoin Cash [BCH] launches Bitek, allows conversion to Pesos
Source: Pixabay

Bitek is a new launch by BCH. It is a brand new payment processor of the Bitcoin Cash network. This system allows merchants from Columbia to accept BCH and convert Pesos as and when their need.

Bitek’s business model is considered to be somewhat similar to the Bitpay Service system as it offers BCH based merchant transaction processing, invoicing and accounting services for the convenience of customer management.

Bitek’s Founder, Javier Barrera recently spoke at the Satoshi’s Vision Conference in Tokyo and detailed how his team is integrating BCH into Colombia’s retail market.

Javier Barrera and Andrés Rivera are the Co-founders of Bitek. Their passion for Bitcoin Cash is explained in an interview with the Latin American Publication, Diariobitcoin. The Co-founders stated:

“BCH is a better Bitcoin and it is the asset that best fits with the definition and the philosophical line proposed by Satoshi Nakamoto.”

Barrera and Rivera explain the benefits of Bitek for merchants looking for a BCH payment gateway such as liquidity with a remuneration in Colombian Pesos, protection from cryptocurrency volatility, and accounting. 

According to the article posted on the official website of BCH, they say:

“Bitek plans to launch a marketplace as well that facilitates trades between buyers and sellers and payments made with Bitcoin Cash. Further Bitek has detailed it has been in talks with BCH-based firms such as Centbee and Nchain concerning future collaborations. The startup has also organized BCH meetups on a weekly basis at popular venues like the Revellion Cultu-Bar. Bitcoin Cash supporters seem pleased with another addition to the slew of companies offering BCH infrastructure services.”

Merchants who are interested in using Biteks services have to register and fill out the information on Biteks website for the facilities related to the payment gateway, deposits in BCH, and conversion to Colombian pesos.

On the official twitter handle of BCH they tweeted their Bitek article, caption being:

“BCH Payment Processor Bitek Allows Colombian Merchants to Convert to Pesos…  #bitcoin “

The part where the official Twitter handle of BCH uses “#Bitcoin” while they pretend to be Bitcoin and not Bitcoin Cash is one of the major reasons amateur crypto investors have trust issues.

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Bitcoin Cash

Revolut adds Bitcoin Cash [BCH] and Ripple [XRP] to buy/ hold and sell

Prerana Sarkar

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Revolut adds Bitcoin Cash [BCH] and Ripple [XRP] to buy/ hold and sell
Source: Pixnio

On May 24th, the London based digital banking alternative Revolut has added Ripple and Bitcoin Cash to their cryptocurrency feature on the App. This feature allows users to change their fiat currency into cryptocurrency, to increase their investments with instant transfers of Ethereum, Bitcoin, Litecoin, and now introducing into the digital currency list Ripple and Bitcoin Cash.

Vlad Yatsenko, the chief technology officer at Revolut commented saying:

“We’ve been asking the Revolut community which cryptocurrencies they would like to see next and the demand for both XRP and Bitcoin Cash has been absolutely overwhelming.”

Cryptocurrencies are on its way to become the mainstream topic for future banking with its increasing customer demands. About 20 percent of Revolut customers have tested the cryptocurrency feature, so far. The company trades more than 100,000 Bitcoin, Litecoin, and Ethereum.

The app is expected to definitely boost up its users with its new introduction to XRP and BCH as trending digital asset tokens. So, by adding more digital tokens FinTech companies like Revolut will reach out to others who are still reluctant towards accepting crypto-related services and tokens.

Revolut’s Twitter page earlier claimed:

Another Twitter enthusiast said:

Currently, Revolut has partnered with Bitstamp, a Bitcoin exchange in Luxembourg to carry out crypto-transactions with a charge of 1.5 percent added to the total exchange fee cost for buying these coins.

Brian Jamieson, the CEO of Centtrip, another FinTech company specializing in online payments says:

“We are seeing a reluctance from the banks and card schemes to offer services or support to crypto-related companies. We receive requests for accounts from crypto-based companies almost daily that we turn away.”

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