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According to some experts and critics Bitcoin Cash may be considered as the best future money. To support this statement we have a news, in addition to Bitcoin, BitPay merchants have been allowed to accept a second cryptocurrency — and it is no other than the Bitcoin Cash. Bitpay has made an announcement on its official website that it’s now more easy for BitPay customers to become a part of the energetic community of Bitcoin Cash. A Bitpay merchant who accepts bitcoin cash can now consider himself a part of that community.

bitcoin payments

How it all started?

BitPay became active in 2011, while Bitcoin was still at its initial stage. No doubt Bitpay played a vital role in the transformation of the financial industry as a whole. It introduced the concept of faster and secure blockchain payments which were relatively less expensive globally.

The main purpose of founding BitPay was to make it easier for various businesses to deal in bitcoin payments. At the moment it is continuously expanding its network which has already become the largest bitcoin payment processing network in the world. Bitpay is currently providing its services to industry-leading merchants over six continents. It has generated a foolproof secure bitcoin payment plan which is used by thousands of bitcoin users on daily basis.

Bitcoin Cash – an Innovative step by BitPay

As mentioned above, BitPay merchants can now accept payments in Bitcoin Cash. No doubt it is an innovative step in case of Bitcoin Cash which has already been considered as the best future money. Bitcoin Cash will provide a rich opportunity to the BitPay merchants to receive payments from customers around the world. Due to the trust provided by the blockchain technology, there will be no risk of credit card frauds or chargebacks. the company said in a statement. It will also be more convenient in case of cheap transactions as the Bitcoin Cash costs only pennies or even less in some cases.

Future plans concerning Bitcoin Cash

BitPay is also planning to integrate Bitcoin Cash in order to save massive transaction fees in terms of batch payments. According to a company statement it also has the intentions to enable Bitcoin Cash settlements. With the help of these settlements merchants would be able to receive their payments in the form of cryptocurrency, no matter what kind of BitPay payment option they had been using already.

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Bitcoin Goes High When Miners Take a Step to Solve the Scaling Problem of Digital Currency

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Bitcoin miners are intending to support a new upgrade for the Blockchain of Bitcoin which may solve the scaling problem of digital currency. Most of the Bitcoin miners including Bitclub, AntPool, BTC.com, and BitClub have shown their interest to support the Bitcoin improvement proposal (BIP) 91, through adding a piece of code to every single new block of bitcoins they generated. This block needs 80% support to be “locked in” permanently to the blockchain. This will cause a relief as it stops the blockchain splitting into separate two chains, which would create two different coins effectively. Already 66 % of the last 144 blocks provided signal support for it.

According to Coindesk data, Bitcoin has recovered from a tough 8-weeks low of $1863 on Sunday to about $2329 today.

What is the Problem with Bitcoin?

 

Bitcoin has faced a scaling problem for some time, where the number of the transactions occur on the blockchain at one time are limited to 1MB every 10 minutes. This generates a backlog of the transaction which should process and slow things down.

The Bitcoin community has been looking for the best way to solve this scaling problem. Segregated Witness(SegWit) system is one of the solutions which would increase the transaction speed. But SegWit required about 95% support from the miners. Bitcoin fell about 12% on Sunday because of these concerns. However, Bitcoin miners have to respond to this problem.

What is the Solution of Scaling Problem?

Many members of the Bitcoin community have united on a solution known as BIP148. This may include a “User-activated Soft Fork”, where users of Bitcoin will force the blockchain to split by refusing any block of Bitcoin which didn’t indicate support for SegWit. BIP 148 was coming in action on 1st of August and if a large number of developers didn’t commit on the proposal, the blockchain can split.

Charles Hayter, founder and chief executive of CryptoCompare has explained, However, a large group of miners will continue to mine with Non-SegWit blocks in case of the BIP148. In such case two bitcoins would occur, one in which SegWit is active, and other in which SegWit is not active. This may have terrible results for one of the chains or even both. This could be one of the major factors behind the volatile support for BIP91.

Will Bitcoin Avoid a Fork?

To avoid Fork, miners are giving support behind BIP91, that would present SegWit2X to the blockchain. BIP91 requires only 80% support, rather than 95% and to be ‘locked in’ they would introduce the SegWit system.

The managing editor of The Black Swan Portfolio, Bram de Haas, told CNBC via an email on Tuesday, “BIP91 has a minor edge of adoption which made its implementation less risky and more realistic. Adopting the BIP91 will also decrease the possibility of a fork which many people like”.

Bitcoin will surely avoid a fork now but it’s not much terrible if it does not. Haas expected now the Bitcoin prices to rebound faster and faster.

 

Story Credit: cnbc.com

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Futures Contracts Hold Positive Impact On Bitcoin – Says Mark Cuban

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As covered by CCN, the CME Group, the $51 billion U.S.- based financial institution and the world’s biggest options exchange, is set to open bitcoin for trading by December 18 on its platform. As of late, the Chicago Board Options Exchange (CBOE) is also planning to list bitcoin futures contracts on its platform and Nasdaq Inc. next year.

 

As per Bloomberg, billionaire investor Mark Cuban says bitcoin futures exchanging on such exchanges will positively affect the leader digital currency. He expressed:

 

“It’s going to be interesting. The outcome of it is going to be positive as the transaction fees for bitcoin are relatively higher. If this manages to bring these costs lower, bitcoin market will be in for a huge boost.”

 

Naem Aslam, a market investigator at TF Global Markets in London, added to Cuban’s analysis, saying that exchange costs, including digital money trade fees and custody services charges, could decrease if bitcoin demand grows because of futures trading on these exchanges.

 

Cuban, the majority owner of the Dallas Mavericks and a star on the investing theme show “Shark Tank,” has in the past stated that in spite of being a bitcoiner, he trusted the market was in an air pocket. He later changed his conclusion on bitcoin, as he exhorted “true adventurers” to put 10% of their wealth in digital forms of money – Cuban himself has put resources into cryptographic hedge funds, in bitcoin, and in other digital currencies.

 

Tim Draper, another billionaire who’s gotten over $110 million from his bitcoin ventures, was likewise anxious to see bitcoin futures on these exchanges. In an email to Bloomberg he composed:

 

“Bitcoin is a currency and should be treated as such. It makes perfect sense that a currency should be able to be hedged.”

 

Story credits: cryptocoinsnews.com

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Good News: Bitcoin Price Bounces Back to $8,000

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After such a tenacious week of downward slides, the cryptocurrency market, and the price of bitcoin are once again firmly growing. The price of bitcoin is currently trading above the $8,000 mark.

Over the last 24 hours, bitcoin has leaped by 10%. Bitcoin dropped to a low of $6,000 early on Tuesday and now finally we’re seeing a subsequent recovery in the value of the world’s first cryptocurrency at $8,114 right now. It is also said that the Bitcoin price could be set to bounce back to its $10,000 mark this year.

On Tuesday, the US Senate hearing raised the possibility of cryptocurrency regulations and this rise has become a subject of discussion for many.  As it was publicly broadcasted, so it’s been a part discussion, since Jay Clayton, who’s a chairman of SEC (Securities and Exchange), and J. Christopher Giancarlo, who’s a chairman of CFTC (Commodities Futures Trading Commission) testified on their intent to emphasis supervisory efforts on Initial Coin Offering (ICOs) and regulations of cryptocurrency exchanges at federal level, as they were completely opposing the current state-level laws.

Aptly, the testimony is seen as a progress by the cryptocurrency community, as it won’t detriment the cryptocurrency markets. However, the remarks that were offered at the hearing eventually demonstrated quite emboldening in a way that regulatory analysis wouldn’t deter the blockchain technology or the development of other cryptocurrencies.

bitcoin price bounce back

Chairman of CFTC Christopher Giancarlo took another step to enlighten the committee by highlighting the complex nature of the blockchain technology and said, that it’s really important to remember that there’d be no blockchain if there was no Bitcoin!

The combined market cap is currently trading at $382 billion, after it hit a low of $275 billion on Tuesday, and the cryptocurrency market is also showing a lot of intervals with substantial double-digit gains as the cryptocurrency market cap dropped below the $400 billion mark recently, and even bitcoin itself fell below $6,000, before its price started to bounce back. The cryptocurrency market made a strong comeback, as US regulators specified that they’ll take a vigilant approach to cryptocurrency regulations.

Right now, some experts predict that the price of bitcoin will hit $50,000 soon and the markets could also hit $1 trillion this year. CEO of Outlier Ventures Jamie Burke, noted that such amazing price upsurges, that the cryptocurrency market had seen last year could be surpassed this year. He said he believes that the market is expected to hit a trillion-dollar mark after February.

 

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current value of bitcoin

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The rise of Bitcoin continues as It rose to an all-time high on Monday. The current value of bitcoin is around $8,000. It comes after CME’s declaration that it will soon launch Bitcoin trading, and Square uncovering it will pilot Bitcoin deals by means of its Square Cash application. It’s for these reasons that one research firm trusts that Bitcoin’s prosperity has just barely begun.

Ronnie Moas, the author of Standpoint Research, wrote in an answer to customers: ‘There have been numerous positive improvements amid the last five months and a couple of obstacles that were in Bitcoin’s direction have been thumbed down.

An argument can be made that the uplifting news is still not completely reflected in the current value.’ They trust the cost for Bitcoin is set to surge to $14,000. Bitcoin was launched in 2009 by a puzzling software engineer referred to as Satoshi Nakamoto, which is believed to be a pseudonym, who has never given an interview. Bitcoin caught the mainstream financial attention after its value expanded by up to 1,000 percent since the beginning of this year.

At the start of the year, Bitcoin was just trading around $800 per BTC, but the current value of bitcoin has gone past $8000, which is clearly the indication that there’s no stopping this currency.

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