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After Coinbase, Circle’s USDC gets support from Coinbase Pro

Laira Rebecca

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After Coinbase, Circle's USDC gets support from Coinbase Pro
Source: Pixabay

USDC stablecoin was launched on Coinbase Pro on October 25. The news comes after the big announcement of USDC being listed on Coinbase, which took place two days earlier. USDC is said to be a representation of US dollars, which runs on the Ethereum blockchain.

Tweet by Coinbase Pro:

“USDC is launching on Coinbase Pro. Customers can deposit USD and click to convert to USDC with no fee. Customers can also transfer USDC into and out of their Coinbase Pro accounts but cannot yet place or fill orders.”

They further added:

“After a minimum of 12 hours, once sufficient liquidity is established, trading will begin on the BTC/USDC and ETH/USDC order books.”

Users can now deposit USD and convert it to Bitcoin [BTC] or Ethereum [ETH] with zero fees.

Instead of the USD/USDC order book, the team has developed a tool which converts USD to USDC immediately, without any exchange rate risk.

A crypto enthusiast commented:

“Awesome, trading my worthless fiat for a even more worthless stablecoin pegged to fiat, such innovation!”

According to an official blog by Coinbase Pro, the team has had four stages to the launch. They are: USDC conversion and transfer the only mode, Post only, Limit only and Full trading.

In the first stage, users will only be able to convert USD to USDC and transfer USDC. BTC/USDC and ETH/USDC orders will not be filed at this stage.

In the Post Only mode, customers are only allowed to post limit orders with no matches.

In the third stage, limit orders will be matched, however, customers won’t be able to submit market orders.

In the final stage, full trading services will be available for all the customers.

The blog further stated:

“We believe these are major steps towards making the USDC stablecoin useful, and help us build a more open financial system.”

A Twitterati named Levon Chakmakjian‏ says:



“who cares, no one cares about usdc, only XRP”

Another Twitterati named SK-Fx says:

“u list few coins n yet u about to shoot an IPO.. man [email protected] kinda vudu u using to make all this work lol.”

According to a recent tweet by Coinbase, the initiative is an important step towards a more open financial system and USDC is easier to send, program with, use in dApps, and to store locally, than traditional bank account-based dollars.





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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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