New Petition Aims to make Bitcoin Cash a Default Trading Market on Coinbase

A lot of people are fed up with Bitcoin’s many issues. High fees, slow transactions, and nearly no merchant appeal are all very worrisome trends. As a result, the Bitcoin Cash community has come up with a new idea. Through their Change.org petition, they want to make BCH the default trading market on Coinbase. Although the exchange supports BCH already, it’s still in somewhat limited capacity. Whether or not Coinbase will pay any attention to this request, remains to be determined.

Whether or not Bitcoin will remain the top dog of cryptocurrency, is a big unknown. Although it’s the most valuable cryptocurrency, that situation may not last much longer. Ongoing issues plague the network and the status of this new form of money. Bitcoin Cash is more efficient in virtually every single way. The ensuring friction makes it rather difficult for people to remain supportive of BTC. In fact, it seems we may witness a big shift to BCH sooner or later.

Shaping the Future of Bitcoin Cash on Coinbase

More specifically, there’s a petition regarding Coinbase and Bitcoin Cash. In this petition, the BCH community demands Coinbase prioritizes this altcoin over Bitcoin “Legacy”. An interesting turn of events, although there’s no guarantee for success whatsoever. After all, Coinbase will do what is best for business in their opinion. Right now, that means support Bitcoin as the main trading market for altcoins.That doesn’t mean this situation may not change in the future, though. For now, however, the company has yet to respond to this petition.

On paper, it makes sense for the community to demand additional support for Bitcoin Cash. After all, a petition like this may effectively have an impact in the long run. Although it seems unlikely right now, the company will not just ignore this request either. Bitcoin Core is fragile, expensive, and unreliable, the petition claims. Furthermore, a few companies now prioritize BCH over BTC. BlockExplorer.com is one of the most recent examples of this shift. Rest assured they will not be the last company to do so.

Making Bitcoin Cash the new Bitcoin will not be easy, though. It doesn’t have overwhelming miner support and the market cap is a lot lower, to name a few things. All of this can be overcome in due time, but for now, it seems BTC will reign supreme. At the same time, it may very well be a good moment to introduce some big changes. There’s no reason why Coinbase can’t have BTC and BCH markets for all other supported currencies. We will have to wait and see how the company responds to this new request.

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It seems everyone with some money to spare wants to get involved in cryptocurrency mining. Calvin Ayre is a very outspoken supporter of Bitcoin Cash. As a result, he aims to set up a new BCH mining venture in very near future. How all of this will affect the future of this altcoin, has yet to be determined. Right now, it seems evident this is positive news, although most specifics regarding this venture remain unknown. Ayre not opting for Bitcoin mining also sends a very clear signal to that community.

Most people in the cryptocurrency world know the individual by the name of Calvin Ayre. He has built up quite a reputation over the past few years. All of that aside, Ayre is also a very outspoken supporter of Bitcoin Cash. Similar to most other enthusiasts, he feels BCH is the real Bitcoin. While everyone is entitled to their own opinion, sometimes you need to put the money where your mouth is. That is exactly what the Antiguan citizen aims to do in the coming months and years.

Calvin Ayre and Bitcoin Cash

More specifically, he aims to create a new Bitcoin Cash mining venture. Given the appeal BCH currently has, that seems like a smart business decision. Moreover, no one can deny mining BCH is quite profitable with the right equipment and cheap electricity. Calvin Ayre is not just investing in the hardware side of things either. There are significant investments in software-based tools to prop up the Bitcoin Cash hashrate in the future.

Moreover, it seems the team has other big plans for the Bitcoin Cash ecosystem moving forward. The next big step comes in the form of improving merchant adoption. This will be done through a dedicated marketing campaign, which is scheduled to take off in the very near future. Educating retailers on why cryptocurrencies matter is an important step forward for the industry as a whole. Moreover, it will help highlight some of the benefits Bitcoin Cash brings to the table.

It is evident things are looking pretty solid for Bitcoin Cash right now. The support of Calvin Ayre can elevate the ecosystem to a whole new level in the near future. Although it’s too early to tell how things will play out, there’s genuine reason for excitement. More specific details regarding the BCH mining operation were not made public at the time of writing. Any form of decent hashrate will help the network tremendously. There’s a long way to go until it can rival Bitcoin in this regard.

Most people are well aware of how Venezuela wants to create its own cryptocurrency. Known as the Petro, this new form of money is backed by the country’s natural oil reserves. Although President Maduro has planned to issue quite a few of these coins in the near future, that may not happen after all. More specifically, the Venezuelan Congress outlawed the Petro cryptocurrency altogether. In their opinion, this new currency is an “effort to illegally mortgage the country’s oil reserves”.

Venezuela is a country on the verge of collapsing financially. A lot of problems have arisen in recent years and the situation only grows direr. Coming up with a solution to these problems has not been easy. President Maduro has experimented with a few different solutions, but not made any real progress. Instead, he wants to resort to creating a national cryptocurrency, known as the Petro. Backing the value of this currency are Venezuela’s natural oil reserves.

What Will Happen to Venezuela’s Petro?

On paper, this concept makes a lot of sense. It would provide some financial relief for the struggling nation in the coming months and years. Unfortunately, Venezuela’s government isn’t too keen on this idea whatsoever. In fact, they outlawed this cryptocurrency from being created and issued altogether. A remarkable turn of events, although such a move was to be expected at some point. The opposition-run parliament feels President Maduro wants to illegally mortgage the country’s oil reserves. Some very harsh language is being used to make this point even more apparent.

Issuing the $6bn worth of Petro will not happen anytime soon due to this decision. Venezuela needs hard currency and evades financial sanctions at the same time. Without this cryptocurrency, that may become an insurmountable challenge. At the same time, financial experts tear this currency will lead to even more financial mismanagement by the government. The big question is whether or not investors are even interested in the Petro at this stage. Right now, that doesn’t appear to be the case, but things can always change in the future.

For the time being, it remains to be seen how this situation will evolve. It is evident Venezuela’s economy is crumbling as we speak. This situation has gone from bad to worse in quick succession. A national cryptocurrency may very well be the country’s last resort. Unless the Senate reverses its decision, that currency will never exist in an official capacity. This is a very interesting situation well worth keeping an eye on. After all, the Petro may set an international precedent in more ways than one.

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The ongoing “debate” between BTC and BCH supporters is far from over. Even more companies are taking one side or the other as we speak. BlockExplorer.com has made a rather interesting decision in this regard. The company no longer thinks of BTC as the real Bitcoin, but rather “Bitcoin Legacy”. As a result, they will only support Bitcoin Cash moving forward. Furthermore, the company will start offering similar tools for other cryptocurrencies.

When block explorers grow tired of Bitcoin’s current shape, things are going from bad to worse. Everyone will agree the world’s leading cryptocurrency is not in a good place right now. It’s slow, overly expensive, and inconvenient to use for anything but being a store of value. Even that latter aspect has become problematic as BTC keeps losing value every day. BlockExplorer.com acknowledges these problems and will drop support for this chain.

A Radical Decision by BlockExplorer.com

More specifically, the team labels the “Blockstream fork of Bitcoin” as Bitcoin Legacy. It is the first time a major company denounces BTC as being the real Bitcoin in an official capacity. Although this decision is controversial, the team thinks it’s the right decision. All support for Bitcoin legacy will be dropped in the future. Instead, BlockExplorer.com will switch to Bitcoin Cash moving forward. It is unclear when support for BTC will be deprecated, but it will happen “soon”.

According to the team, the current BTC developments make it a “dead end”. This is a pretty interesting opinion, which will create a fair few debates. Furthermore, BlockExplorer.com will refer to Bitcoin Cash as being the one true Bitcoin. Whether or not this is the right decision, has yet to be determined. Other companies have been somewhat vocal about Bitcoin becoming far less attractive and less useful. If more companies drop BTC support in the future, things could get very interesting real fast.

For the time being, it remains unclear what the future holds for Bitcoin and Bitcoin Cash. The world’s leading cryptocurrency has lost a lot of its allure and the price keeps dropping. Bitcoin Cash has also taken a bit of a beating but seems to be fine otherwise. At this rate, it is highly doubtful BTC will remain the world’s leading cryptocurrency for much longer. Users and investors are getting fed up with the problems, both technically and ideologically. A very interesting future lies ahead for all enthusiasts, that much no one can deny.

We have witnessed dozens of global attempts to regulate cryptocurrencies in recent years. None of these efforts have been positive whatsoever. South Korea now urges other countries, as well as the IMF, to curb cryptocurrency trading. An interesting stance, although it may turn out rather positive for the future of Bitcoin and altcoins. Whether any of the addressed parties will take action, is something else entirely.

In a way, curbing cryptocurrency trading is all governments can do right now. Rather than take China’s lead, following South Korea may not be a bad idea. More specifically, the local financial regulator wants to prevent money laundering, terrorist funding, et cetera. Cross-border cyber transactions involving cryptocurrency have become rather problematic in South Korea over the past few months. It is unclear if any other region of the world has to deal with similar issues right now.

Regulating Cryptocurrency Trading Won’t be Easy

An international coordination to regulate cryptocurrency trading will not be easy to achieve. Very few countries are actively concerned about this new form of money. The laissez-faire attitude reigns supreme in this regard. If countries were to work together, however,  interesting things could happen. It will be either beneficial or destructive for the cryptocurrency ecosystem. In this day and age, there is no middle path when it comes to governments, regulation, and cryptocurrency.

With South Korea attempting to initiate discussions, a big first step has been taken. Addressing the way people can buy and exchange cryptocurrency seems to be the top priority. No country can afford to ignore this new form of money any longer. Preventing speculative transactions is another important aspect to keep in mind. Right now, all cryptocurrencies are mainly valued based on hype and speculation. It creates very volatile markets where money can be earned and lost very quickly.

Although it is commendable to tap the IMF in this regard, that institution most likely won’t intervene. More specifically, the IMF maintains a level-headed approach to cryptocurrency trading. They have announced not to take any drastic actions for the foreseeable future. At the same time, the organization doesn’t dismiss Bitcoin and other currencies either. Whether or not other regulators will respond to South Korea’s action, remains to be determined. For the time being, it seems very little will change.

Most financial experts still think Bitcoin is in a bubble. Jeremy Grantham is one of the people doubting there’s a bright future ahead for the world’s leading cryptocurrency. His track record of predicting two major market crashes gives him some sort of advantage when it comes to assessing the markets. In his opinion, the Bitcoin “bubble” will collapse in the next two years. An interesting statement, although no similar prediction has come through so far.

Very few financial experts have taken a liking to Bitcoin and cryptocurrency. It is an unrivaled form of money which removes the need for intermediaries and experts altogether. In a way, it’s only normal they all want to see it collapse rather than thrive. Jeremy Grantham, co-founder of the GMO Investment Management firm, is in the Bitcoin bubble camp. More specifically, he believes the world’s leading cryptocurrency will collapse in the next two years. It may even happen as soon as six months from today.

Jeremy Grantham Worries About Bitcoin and Stocks

The lack of fundamental value and unregulated markets are two pressing problems, according to Grantham. He even goes as far as claiming investors have a “delusion of grandeur”. Quite a strong sentiment, but one that isn’t entirely unexpected either. Bitcoin is the very essence of a bubble in Grantham’s eyes. However, that is not the only market he is concerned about right now. He also states how the stock market at large will collapse within the same time period. That is something few other experts have touched upon in recent months.

Whether or not any of these predictions will come true, remains unknown. Cryptocurrency enthusiasts feel the stock market will collapse a lot sooner than Bitcoin would. At the same time, we have seen some chinks in Bitcoin’s armor these past few weeks. Markets are still easily spooked, a situation which hasn’t improved in nine years. Moreover, it seems the explosive growth of the world’s leading cryptocurrency has been contained, for now. At the same time, one can never accurately predict how these markets will evolve in the coming days, weeks, and months.

While Jeremy Grantham is a respected individual, he may very well be wrong on both fronts. It seems as if the whole world has gone crazy when it comes to the financial sector. There are more pressing matters to worry about than Bitcoin and other cryptocurrencies. It is certainly true all of this “value” could be taken away from the people. Whether or not they will let it slide so easily, has yet to be determined. Rest assured this is not the last Bitcoin bubble story we will see this year. At least someone acknowledges the stock market is in a terrible shape as well.

Interesting changes are coming to the Bitcoin Cash ecosystem in a few days. A new CashAddr format will be introduced. This base32 address change is optional, but a major development regardless. Giving all BCH users an option to create truly uniquely formatted address is a big step forward. Some users now propose January 14th should be known as Bitcoin Cash Change The Address day.

To put this into perspective, this is not a new yearly holiday. Nor is it an event that will repeat itself every single year. At least, that’s what we hope, but you never know in the world of cryptocurrency. Instead, January 14th is designated as the day on which most BCH supporters should switch to the new format. It would form a united front to do so and herald a new era for this popular altcoin. An interesting proposal, assuming there’s sufficient community interest.

Uniting the Bitcoin Cash Supporters

Given how this is not a mandatory upgrade, the support may not be overly significant. At the same time, it is evident this format will introduce a big change to Bitcoin Cash. Right now, all addresses use the same format as Bitcoin. It causes a fair bit of confusion as you can’t distinguish between the two. A new format will finally alleviate all of these concerns. It should also remove the issues of people sending funds to the wrong blockchain. Replay protection only goes so far when the address code base is identical.

Moreover, the new format offers other advantages as well. Its checksum can detect up to 6 errors in an address. No one wants to make errors when trying to move funds to another wallet, after all. Moreover, the encoding of this new standard is more compact in QR codes. Plus, systems dealing with thousands of addresses will encode and decode the new format faster. There’s no reason for people not to upgrade to this new standard.

The big question is how service providers will handle this change. For now, it is a bit unclear how that situation will evolve. Electron Cash is already working on this integration. Most exchanges and wallet providers haven’t made their stance public yet. This could be a major development for Bitcoin Cash if everyone upgraded at the same time. Whether or not that will happen, remains to be determined.

The issues affecting Bitcoin have been documented multiple times in recent months. Slow transactions and high fees make it an unusable way of transferring money. As these issues linger, the situation sends shockwaves throughout the Bitcoin industry. Advertising platform, A-Ads plans to drop Bitcoin support in the near future. Instead, they will integrate withdrawal support through various unspecified altcoins.

In this day and age, using Bitcoin for payments is anything but convenient. There is nothing about the whole experience which is even remotely appealing. Add in the high fees and confirmation delays, and it is evident something needs to change. Until that happens, more and more platforms will drop Bitcoin support altogether. If even advertising solutions want to ditch the world’s leading cryptocurrency, it’s evident things are not looking great by any means.

A-Ads Prepares to Ditch Bitcoin due to Growing Issues

More specifically, A-Ads has announced their plans to integrate altcoin support. Right now, the advertising platform works with Bitcoin only. However, due to mounting fees, the withdrawals are becoming pretty expensive. Users need to pay a lot of money to get their earnings out. It is an unacceptable situation which needs to be resolved. Unfortunately, A-Ads will be forced to pivot toward altcoin withdrawals in this regard.

Which currencies they aim to support, remains undetermined at this point. There are quite a few options at the company’s disposal right now. Bitcoin Cash is definitely an option, but nothing has been confirmed just yet. Bitcoin itself simply isn’t suited for these smaller payouts right now. A lot of withdrawals from A-Ads remain pending due to network delays as well. Something will need to change sooner rather than later. It will not necessarily be on Bitcoin’s end, by the look of things.

Other services may follow the example set by A-Ads. Although a lot of companies remain loyal to Bitcoin, the issues can no longer be ignored. How all of this will play out in the long run, has yet to be determined at this point in time. Adding altcoin support will free up a lot of resources and keep A-Ads users happy. At the same time, issues like these should have never existed in the first place. A very uneasy situation that only grows worse as more time progresses.

There appears to be a genuine demand for cryptocurrency-related hedge fund investment opportunities. We have seen quite a few of these investment vehicles come to market in 2017. Blocktower Capital is one of these ventures, which is spearheaded by former Goldman Sachs VP Matthew Goetz. So far, the project has raised $140m in backing, which is rather impressive. Silicon Valley and Wall Street have not given up yet on their cryptocurrency dreams.

It is always good to see more cryptocurrency hedge funds come to market. These investment vehicles provide institutional investors with a new outlet to generate profits. With Blocktower Capital, it is evident there is a growing demand for services such as this one. After raising $140m since August 2017, things are certainly off to a good start. Among the investors are Andreessen Horowitz, other VR firms, and family offices. A healthy mix of different types of investors, to say the very least.

Blocktower Capital is off to a Good Start

As one would expect, this money will be put to good use. A portion of the funds is used to increase company staff. Although there are still “only” eight executives, it’s a step in the right direction. Their latest hired hand is Michael Bucella, another former Goldman Sachs employee. Traditional financial experts are slowly flocking to cryptocurrency, which is a remarkable trend. It is evident there is a bright future ahead for hedge funds such as this one.

For the time being, it remains unclear which currencies Blocktower Capital intends to focus on. Other hedge funds usually stick with Bitcoin, Ethereum, and perhaps Bitcoin Cash. There’s also one particular fund which focuses solely on Ripple’s XRP. It is impossible to tell which is the best strategy right now. After all, most cryptocurrencies have soared in value over the past twelve months. There are hardly any wrong pickings, except for the obvious pump-and-dump coins.

Whether or not this new capital market will be the holy grail for hedge fund managers, remains to be seen. Blocktower Capital CEO Goetz is convinced this market needs to be tapped as quickly as possible. At the same time, everyone focusing on the same two or three cryptocurrencies will yield negative results in the long run. Bitcoin is far from perfect in its current state, to say the very least. Moreover, there are quite a few undervalued currencies in the top 50 as we speak. An interesting future lies ahead, that much is rather evident.

It has proven to be another difficult weekend for the Bitcoin network. With the number of unconfirmed transactions rising again, the scaling issues become more apparent. It is not the first time we see incidents like these occur either. Until Bitcoin scales, such problems will only become more common.Especially users with low-fee transactions will feel the brunt of these problematic developments. Waiting over two full days for one network confirmation is anything but fun.

Bitcoin network issues are occurring virtually every week now. Not a long period goes by without transaction delays, high fees, or some other issue. This situation has been present for some time, but seemingly one grows worse. This weekend has proven to be no exception in this regard. Some users are waiting for two full days to get just one network confirmation. It is an unacceptable situation which needs to be resolved sooner rather than later.

Another bad Weekend for Bitcoin Transactions

With over 165,000 unconfirmed transactions, things will not improve soon. It is very unfortunate. to say the least. Bitcoin is still the world’s leading cryptocurrency but it struggles to operate as such. In fact, it has become fairly clunky to use Bitcoin for transactions unless you want to pay an arm and a leg in fees. Not paying the fees results in major transaction delays. While one can use a free accelerator to speed things up, it’s far from ideal. Only 100 transactions can be sped up every hour, which is next to nothing.

In fact, some accelerators now charge high fees to speed things up. Such fees can range anywhere from $25 all the way to $70. This is simply not acceptable, especially where the world’s leading cryptocurrency is concerned. If Bitcoin had scaled properly years ago, none of this would even be an issue at this point. Unfortunately, service providers are slow to upgrade in this regard. Adoption of SegWit is still lagging behind, but things are slowly improving.

Unfortunately, there is little light at the end of this long and dark tunnel. Bitcoin is not in a good place when it comes to transactions. Although there is no shortage of transfers, there is an excess of issues. Problems like these are almost so common people hardly bat an eye these days. That doesn’t mean the issues should be ignored, mind you. Something needs to change for Bitcoin sooner rather than later. When that will be, remains anyone’s guess at this point.

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