Dear Steemians!
Here is the daily press review for bitcoin and other crypto currencies.
Bitcoin split could hurt wider adoption of the currency, increase volatility
The bitcoin rift set for Tuesday could hurt efforts to increase adoption of the currency, and could also increase its volatility, some tech leaders said. Bitcoin is set to undergo a possible upgrade on Tuesday that would see the digital currency split into two — the original bitcoin, as well as a completely new asset, Bitcoin Cash. "My biggest concern with bitcoin being split at this point is just the brand dilution of bitcoin," Lingham said. Bitcoin's brand has contributed to its relatively high stability as a cryptocurrency thus far, according to Lingham. However, it could also hurt bitcoin's long-term prospects, according to Vinny Lingham, CEO of tech start-up Civic. (cnbc.com)
Bitcoin fork marks historic day for the cryptocurrency
"Therefore, they could/will 'fork' the bitcoin chain, and create their own unique version of bitcoin without these upgrades." So what does a bitcoin fork mean? When is the bitcoin fork expected to happen? Cryptocurrency core developers and miners will decide whether bitcoin remains as it is or whether there will be a hard fork today. This fork will create Bitcoin Cash, which is splitting the mining community. (thestreet.com)
Bitcoin falls, futures for new 'bitcoin cash' leap as 'miners' officially split currency
Analysts had estimated the split into bitcoin and "bitcoin cash" would occur by around 10 a.m. Bitcoin traded slightly lower Tuesday morning as digital currency miners officially completed the process to split the currency in two, according to Bitcoin Magazine. "A Bitcoin block was just mined that's invalid for Bitcoin Cash nodes! [That] means the chain has now forked. The exchange had a webpage listing bitcoin cash, but no trades were listed as of 10:13 a.m., ET.However, Coinbase said it will not support the new bitcoin cash. Digital currency "miners" could officially begin coding the new bitcoin cash blockchain after 8:20 a.m., ET Tuesday. (cnbc.com)
Bitcoin splits in two amid feud
Disagreements about how to operate the cryptocurrency have led to a new strand called Bitcoin Cash, which is breaking off from the bitcoin system. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain, while bitcoin Cash will use bigger blocks within the blockchain. Only some bitcoin exchanges will support the new cryptocurrency, but some bitcoin owners will find their stash automatically cloned into both types. Bitcoin Cash launches Tuesday in what is known as a "hard fork" from bitcoin, a virtual currency based on peer-to-peer transactions without any central authority or bank behind it. The new offshoot is a response to the increasing popularity of bitcoin, which is struggling to deal with massive numbers of transactions with its underpinning technology. (cnet.com)
The Problem with Bitcoin Price Charts (Explained in Two Charts)
As the price stays flat, however, the 24-hour price change bounces all over the map. Now, take a look at what happens to the 24-hour price change during Day 2, as shown by the dark brown bar. Of course, all the 24-hour price change depicted by the brown bar during Day 2 happened when there was very little change in the value of bitcoin: the movement in 24-hour price change came entirely from "legacy" price volatility from the prior day. As the day progresses, however, the 24-hour change begins to "roll off" – until this figure hits zero on at 11:59pm. On Day 1, the price of bitcoin is very volatile. (coindesk.com)
What is the bitcoin fork? What will happen when bitcoin forks TODAY?
Bitcoin began forking at 1.20pm BST, creating Bitcoin cash (BCC) - a new version of bitcoin with its own rules and blockchain. Although millions of bitcoin users will keep their existing bitcoins, they also will also receive bitcoin cash. This fork will result in two sets of tokens: bitcoin (BTC) on the original chain and bitcoin cash (BCC) on the new blockchain. He said: “That bitcoin tree is going to continue to grow like nothing happened today. Bitcoin cash was worth £276.5 on the futures market at 11.36am on August 1 - just one tenth of the bitcoin price $2,772 at the same time. (express.co.uk)
Bitcoin Is Splitting in Two. Now What?
Séchet argues he’s fighting for the soul of bitcoin, and Bitcoin Cash will force the cryptocurrency community to take scalability more seriously, even if the project fails. “Either bitcoin does not scale and Bitcoin Cash will overtake it over time, or it will scale because of the pressure created by Bitcoin Cash,” Séchet says. “Either is a win for bitcoin users.”Some trying to build businesses on top of bitcoin are becoming frustrated by the ongoing arguments. “It really has dragged on,” says Morehead, of Pantera Capital. Late Monday, one futures market pegged the value of a unit of Bitcoin Cash at about $300, roughly one-tenth the value of one Bitcoin. Support by bitcoin exchanges will enable use of Bitcoin Cash. Some bitcoin exchanges—where owners transact and store cryptocurrency—have said that they will support the new currency, and credit customer accounts with Bitcoin Cash when it appears. Morehead says he’s neutral on the dispute. “It just sounds bad; we’re not used to currencies that split into two.”Adding to the confusion: Not everyone who holds bitcoin will get an instant stash of Bitcoin Cash today. (wired.com)
Bitcoin is sinking as bitcoin cash goes live
The decline in bitcoin will most likely be equal to the price of bitcoin cash, according to Morris. What will emerge is a bitcoin rival called bitcoin cash. Bitcoin is trading down 5.78% at $2,715 following word that bitcoin cash has gone live. Bitcoin holders will see their holdings double, but that doesn't mean the value will double. Bitcoin exchange Coinbase describes a fork as a "change to the software of the digital currency that creates two separate versions of the blockchain with a shared history." (businessinsider.com)
The Bitcoin And Digital Currency Markets Develop
Source: Bitcoin Price Index - Real-time Bitcoin Price ChartsIn 2010, Bitcoin was trading at 6 cents, and on July 31, 2017, the price of the digital current was $2813.14. Source: Bitcoin Price Index - Real-time Bitcoin Price ChartsAs the chart shows, ethereum moved from $1.35 on September 6, 2016, to over $200 having traded to a high of over $380 on June 18. Meanwhile, Bitcoin and other digital currencies continue to develop, and in 2017 we have witnessed a spectacular rise in their values. Options on the digital currency market are the first derivative instruments to be introduced into a new sector of the currency markets. When it comes to digital currencies, the current cyber landscape allows transfers all over the world with the push of a button. (seekingalpha.com)
Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'
However, a rival system has gained traction in recent days called Bitcoin Cash. On Tuesday afternoon, bitcoin split into two in an event known as a “hard fork” that has divided the virtual currency’s online community. The new technology, called Segwit2x, has gradually been adopted by key players in recent days and appeared to avert a “civil war” over how to move forward. Two competing strands of bitcoin emerged after some of its leading backers disagreed on the best way to take it forward. The price of the cryptocurrency fell by around 4pc to around $2,700 (£2,000) after the fork, while the predicted price of Bitcoin cash rose from just over $200 to about $370, but traders are still unsure what will happen when the dust settles. (telegraph.co.uk)
Ethereum Price Set to Double Now, Says Analyst Who Forecasted $5,000 Bitcoin by 2018
Standpoint Research founder and analyst Ronnie Moas has previously projected that the digital currency Bitcoin will reach a price of $5,000 per token in 2018 and $50,000 in 10 years. Based on market trading in late July, the Bitcoin price stands almost at the $2,800-level and is likely to surpass $3,000. In his report, Moas issued a list of the digital currencies and their market caps. Aside from the two leading virtual currencies, Moas also forecast that the price of the digital currency Litecoin will increase by twofold to $80 per coin. Based on the list, the top 20 currencies include Bitcoin, Ethereum, Ripple, Litecoin and NEM.Meanwhile, the possible split of Bitcoin could be realized in early August 2017 if some developers will advance their proposed upgrade called Bitcoin Cash. (cointelegraph.com)
Civil war threatens future of bitcoin
A civil war has been raging within the bitcoin community about the direction which the controversial digital currency should take. However, recent developments have called into question the future of bitcoin — for its investors and the wider business community. They are speculating on its future value skyrocketing and hoping "get rich quickly". In the past three months, bitcoin's value has been very volatile to say the least — swinging wildly between $US3,000 ($3,760) and $US1,300 ($1,630). But it is uncertain which digital currency exchange operators will support the spin-off currency — and how well it will perform in the marketplace. (abc.net.au)
New Bitcoin ATM Added in Boulder As Bitcoin Continues to Conquer Colorado
Users also consider the virtual currencies as a safe haven from the existing political instability and their distrust of government-backed currencies. It is very interesting to see if these developments will lead to the mainstream adoption of the virtual currencies in the near future. Startup company Modern Tender has established a Bitcoin automated teller machine (BTM) in Boulder, Colorado. These developments in the use of digital currencies like Bitcoin show that the benefits of cryptocurrencies are being appreciated by a growing number of people. Aside from Modern Tenders’, the other BTM is operated by XBTeller in the Spark Boulder tech accelerator at 1310 College Avenue. (cointelegraph.com)
Bitcoin Cash May Become the Fourth Largest Cryptocurrency by Market Cap
A lot of people will be keeping a very close eye on Bitcoin Cash today. ViaBTC has successfully launched multiple Bitcoin Cash trading pairs well ahead of the token actually being issued to Bitcoin holders. Instead, the combined value of Bitcoin and Bitcoin Cash could easily surpass US$50bn. The long wait is finally over for most Bitcoin Cash supporters. If the current price is any indicator – which it probably won’t be – Bitcoin Cash could have a market cap of over US$3bn by tonight. (themerkle.com)
Bitcoin 'clone' set to split digital currency apart
Bitcoin's underlying software code could be split on Tuesday to create a clone called "Bitcoin Cash," potentially providing a windfall for holders of the digital currency. "You go to sleep with 100 bitcoins and wake up in the morning with 100 bitcoins plus 100 'Bitcoin Cash', a new token." A fork, if it goes ahead, would be significant as it could create a new competitor for bitcoin, which remains the oldest and most valuable digital currency. Bitcoin averted a split two weeks ago, when its software developers and miners agreed to implement a software upgrade called the Bitcoin Improvement Proposal (BIP) 91. If the fork goes ahead, users will only be able to receive and sell the new token on certain digital currency exchanges and digital wallet providers, as several have decided not to support it, including Coinbase, BitMEX, and Bitstamp. (independent.co.uk)
What's happening to bitcoin?
Once bitcoin cash goes live he said people "will immediately sell it for bitcoin". On Tuesday, AP reported that a majority of miners — the core bitcoin users who verify bitcoin transactions around the world — had signalled their support. Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as "alt-coins". Some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support bitcoin cash. It's also possible to exchange bitcoin for US dollars and other currencies. (abc.net.au)
Bitcoin Cash: Who Supports the Fork And Who Doesn't
Take for instance Bitcoin XT, Bitcoin Classic, and Bitcoin Unlimited: a few alternative bitcoin softwares that tried to enact similar changes but never got off the ground. In that context of the thousands of available cryptocurrencies, Bitcoin Core contributor Bryan Bishop called Bitcoin Cash a "total headache" and "overwhelmingly boring." Critics, arguably with history on their side, contend that Bitcoin Cash faces the same problems as this class of assets. Many of the developers who worked on those projects now support Bitcoin Cash. The obvious difference between Segwit2x and Bitcoin Cash is that Segwit2x doesn't intend to drop support for SegWit. (coindesk.com)
More on these and other related news can be found at http://zentrade.online/bitcoin-news-digest-tuesday-august-1-2017/