Bitcoin Cash

Bearish Outlook as Bitcoin’s Seven-Day Average Sinks 25%, ADA Shines During the Storm

28/02/2021 by Idelto Editor

Digital currency markets have been bearish in recent days as prices have continued to sink lower. The entire market capitalization of all the crypto assets in existence is down over 8% on Sunday at $1.25 trillion. Bitcoin has plummeted from its all-time high (ATH) of $58,350 last Sunday to today’s low of $43,189 per unit.

Bitcoin (BTC) prices have dropped -25.98% since last Sunday and today the crypto asset has touched a new low. At 10:48 in the morning, New York time, BTC prices touched a low of $43,189 per coin. BTC is down over 7% today but is still up 28% during the last 30 days and 122% for the last three months.
BTC dominance or the market valuation in comparison to the rest of the crypto economy’s valuations is around 61.23% today.

The second-largest crypto asset by market valuation is ethereum (ETH) which is swapping for $1,318 per coin on Sunday. ETH prices have dipped over 10% today and lost 31% during the last week.
Cardano (ADA) currently commands the third-largest market cap, and each ADA is exchanging hands for $1.20 per unit. ADA has been a coin that has notably outperformed other crypto assets during the last two days while most markets have been down. ADA is down 12% today but seven-day stats show cardano is up over 10%.
Cardano (ADA) is expected to upgrade on March 1, 2021, which introduces native token functionality to the Cardano network.
Meanwhile, tether (USDT) now holds the fourth position and behind it is binance coin (BNB) trading for $197 per coin. The Binance-created token is down 11% on Sunday and 31% for the last week. Behind BNB is polkadot (DOT) trading for a touch over $30 per DOT.

XRP has been pushed down to the seventh position and is down 10% today. Each XRP is trading for $0.39 per unit. Litecoin (LTC) is swapping for $155 a coin and is down a touch over 9% this weekend.

The stablecoin USDC that’s managed by the crypto firm Circle has made it into the top ten crypto market cap positions. Currently, USDC is the eighth largest market valuation with $8.97 billion worth in circulation.
Lastly, stellar (XLM) holds the tenth top position amongst the 8,000+ crypto tokens in existence. A single XLM is currently trading for $0.39 per unit and interestingly, is roughly the same value as XRP, as the Stellar network blockchain was designed in a similar fashion.

Want to check out all the crypto asset prices and market movements in real-time? Check out markets.Bitcoin.com today!

What do you think about all the market action on Sunday, February 28? Let us know what you think about this subject in the comments section below.

20 Bitcoin Block Rewards from 2010 Moved Today, Mystery Miner Spent $400 Million in BTC Since Black Thursday

28/02/2021 by Idelto Editor

On Saturday, February 27, 2021, news.Bitcoin.com reported on the great number of 2010 and 2011 block rewards being spent this year. In that report, it was said that the mysterious whale entity we’ve been hunting “did not move a major string of bitcoin’s” since January 25. Following the publishing of that study, on Sunday, the old-school whale miner moved another 20 block rewards from 2010, as 1,000 bitcoins that sat idle for well over a decade were spent.

9,000 Decade-Old Bitcoins Spent Since March 11, 2020

Since mid-March, news.Bitcoin.com has been on the trail for an old-school bitcoin (BTC) miner that has been spending large strings of 2010 block rewards. A block reward is an incentive a bitcoin miner gets for finding a block on the Bitcoin blockchain and before 2012, all rewards were 50 BTC per block. Further, the technical term “spend” or “spent,” simply means the owner moved the coins, but it doesn’t necessarily mean the bitcoins were “sold” to another owner.

Our report on Saturday, had shown that there were 80 block rewards from 2010 that were spent this year. Interestingly, 40 block rewards from the 2011 days also got spent in 2021 as well. On Sunday, February 28, 2021, following our last report, the whale miner once again spent another 20 block rewards from 2010 at block height 672,501. It’s assumed the mystery miner is seeking attention.

Our last study also mentioned the mega-whale or group of whales that have been spending these 2010 blocks in strings of 20 blocks per transfer since mid-March. Our team alongside researchers from Btcparser.com and the Russian blockchain researcher, Issak Shvarts, have discovered a total of 9 spending strings from 2010.

All of the strings use the same exact pattern of spending in concessions of 20 consecutive decade-old blocks. 20 block reward string spends from 2010 happened on March 11, 2020, October 11, November 7, November 8, December 27, January 3, 2021 (Bitcoin’s anniversary), January 10, January 25, and today (Sunday, February 28, 2021) as well.

That’s a total of 180 block rewards and each and every one of them contained 50 BTC per block. The person(s) always consolidates the bitcoins into a single BTC address and then the coins are dispersed thereafter in fractions. Usually, all the strings of spent blocks stem from July 2010 up until November 2010, and the coinbase dates are always the same months.

The block explorer oxt.me also shows the 2010 whale’s pattern of spending habits are always the same. One researcher discussing the subject with our newsdesk yesterday said: “Maybe they have some special application, a script, which is not really flexible and may get only 20 private keys at a time, but a list of receiving addresses.”

Either Spending Solutions Are Not Flexible or the Whale Is Flexing and Wants Attention

Blockchair’s privacy-o-meter shows the mystery miner’s first spends are always susceptible to heuristics and transaction tracing tools. The 2010 string spends always have a “rare fingerprint,” “co-spending,” “same address in inputs,” and “sweep” techniques.

After the first consolidation, the transactions ‘go dark’ from here, and privacy is increased from 0 to 100 points according to Blockchair stats. Issak Shvarts believes that numerous 2010 strings that have followed this exact same spending pattern have likely been sold to the San Francisco-based exchange Coinbase.

Moreover, except for the one specific mid-March 2020 decade-old string spend, the mysterious miner or miners always spend the corresponding bitcoin cash (BCH) as well. Furthermore, the mining entity never moves the corresponding bitcoinsv (BSV), except for the one time on March 11.

Whatever the case may be, the old-school whale or whales spending the strings of 2010 block rewards seem to want attention. Unless the whale is forced to use a non-flexible spending script or weird spending habit, our deduction so far is that the whale is a show-off and definitely wants the public’s attention.

It is quite a coincidence that after our newsdesk writes: “So far, this particular entity or entities have not moved a major string of bitcoins since then” yesterday, and then the whale spends another string of 20 block rewards from 2010 (1,000 BTC). We also know on October 11, the entity or entities did send 9.99999943 BTC ($114k worth at the time) to the Free Software Foundation and another 9.999 BTC to the American Institute for Economic Research (AIER).

The whale has spent roughly 180 decade-old block rewards to-date, adding up to approximately 9,000 BTC. That’s over $400 million worth of bitcoin using exchange rates on Sunday, February 28, 2021.

What do you think about the 9,000 bitcoins from 2010 spent since March 11, 2020? Let us know what you think about this subject in the comments section below.

BTC Transaction Stuck? Bitcoin Cash-Powered Accelerators Can Speed Up Transfers

18/02/2021 by Idelto Editor

At the time of publication, there’s more than 69,000 transactions waiting in line to get confirmed by a bitcoin miner. Since bitcoin’s price rise, at certain times, transaction fees have climbed to $10 to $20 per transfer, and people who pay less than the median fee may have to wait a while. However, people might not realize that there’s a tool people can leverage called a transaction accelerator, a platform that increases the probability of getting a transaction confirmed.

Bitcoin’s Transaction Backlog and Transfer Fees Ramp Up

On Wednesday, February 17, 2021, bitcoin (BTC) touched a lifetime price high at $52,640 per unit. Since then BTC’s value has retreated a hair but the crypto asset has continued to keep steady between the $51,000 to $52,000 price range.

Meanwhile, BTC fees have also steadily increased as the cost per transfer is currently $16.62 to get a transaction into the next block according to bitcoinfees.cash data. BTC’s median fee is lower and around $10.76 per transfer according to the web portal. Stats from bitinfocharts.com shows the average bitcoin transaction today is $22.70 USD or 0.0000011 BTC per byte.

Because fees are so high and competing, the Bitcoin network’s transaction backlog (mempool) shows a great number of unconfirmed transactions are waiting to be cleared. Data from the site Blockchain.com shows the mempool transaction count or the total number of unconfirmed transactions in the mempool, is above 69,000 transactions on Thursday. Cryptocurrency transaction stats from txstreet.com shows 77,034 transactions are waiting for a BTC miner confirmation.

Unfortunately, the number of transactions pending and the ability to compete with higher fees has made people wait an awfully long time for a single confirmation. When a long time ago a small fee could get a BTC transaction cleared with 10 minutes now can take hours and even days to get a single transaction if the fee is too low.

People can leverage a tool that is available in a few select BTC wallets called replace-by-fee (RBF), but a majority of BTC wallets do not leverage the RBF protocol. However, there is a tool that people can use called a transaction accelerator which allows people to pay a fee and push a transaction faster.

Speed Up a Bitcoin Transaction With Bitcoin Cash-Powered Transaction Accelerators

The web portals btc.com and viabtc.com, both offer transaction accelerators, and users can even pay in bitcoin cash (BCH) to speed up a transfer. The web portal pushtx.btc.com says that leading bitcoin mining pools cooperate to provide the transaction accelerator service.

“Using our transaction accelerator can increase the probability of confirming a transaction within 1 hour to 75%, within 4 hours to 98%,” the website notes. The person who wants to speed up a transaction simply adds the transaction hash and the program will give an estimated fee. Btc.com, which just got acquired by a Chinese lottery firm, is the Bitcoin network’s third-largest mining pool today.

Viabtc is also a mining operation that also offers users a number of other cryptocurrency services. The company’s mining pool is the sixth-largest mining pool pointing hashrate at the Bitcoin network on February 18. Viabtc also provides a transaction (TX) accelerator service and one is free and the other service can be paid for with bitcoin cash (BCH) to speed up a transfer.

“When there’s a pending transaction caused by a crowded BTC network or low miner fees,” Viabtc’s transaction accelerator website explains. “You can use TX Accelerator to accelerate the confirmation of a BTC transaction.”

People may need a tool like a transaction accelerator because they would like their transactions confirmed quickly. The problem with slow settlements and confirmation times is because prices fluctuate, a person could lose money trying to send BTC to an exchange to make a timely trade. Transaction accelerators are simply a band-aid to an ongoing problem, but they are definitely better than nothing at all and worth knowing about.

Moreover, because btc.com’s and viabtc.com’s transaction accelerator users can leverage bitcoin cash (BCH), they can utilize the BCH network’s low transfer fees. Data from bitinfocharts.com, bitcoinfees.cash, and txstreet.com indicate that the current fee to get into the next BCH block is only $0.0035 or a third of a penny.

What do you think about btc.com’s and viabtc.com’s transaction accelerators? Let us know what you think about this subject in the comments section below.

Red Envelopes and BCH: Prominent Mining Execs Jiang Zhuoer and Jihan Wu Bolster Bitcoin Cash

14/02/2021 by Idelto Editor

In recent days, bitcoin cash has seen significant gains, and supporters of the digital currency have been positive about specific developments, like the internet entrepreneur Kim Dotcom’s current support. On February 11, the Chinese New Year, the prominent bitcoin mining executives, Jiang Zhuoer and Jihan Wu joined a Satoshi’s Angels discussion channel and spoke favorably about the peer-to-peer crypto-asset bitcoin cash.

The well known mining executives, Bitmain cofounder Jihan Wu and Btc.top founder Jiang Zhuoer seem very bullish about bitcoin cash (BCH), according to a couple of members from the marketing agency and umbrella organization Satoshi’s Angels. The organization Satoshi’s Angels (SA) was founded by Akane Yokoo, an organizer of the Tokyo Bitcoin Cash Meetup, and the educator and author Cindy Wang.

Both of the SA founders are bitcoin cash (BCH) proponents and have educated the masses on the many benefits of the decentralized crypto asset. During the Chinese New Year, the SA founders and a number of other crypto supporters joined a Wechat channel in order to exchange red envelopes. A red packet or red envelope is a monetary gift that is popular during special occasions in China and other Asian territories. Cindy Wang said she had sent Jihan a message and said: “I want to invite you to our SA Wechat group to send a red envelope”

Wang said that Jihan Wu joined the group and distributed three really big red envelopes. One left a message that said: “Happy LNY, Angel and Angel’s fans,” another one stated “Be lucky in the year of OX,” and the third one said: “No matter how high BCH price hits, keep building for our country.” Wang told news.Bitcoin.com that she believes Jihan Wu knows that “BCH is going to rise.”

“We were all so excited, and texted: ‘I love Jihan.’ And then a few people asked me to invite Jiang Zhuoer, I did and Jiang joined us,” Wang said.

The Satoshi’s Angels’ cofounder detailed that Zhuoer chatted with the group and he also sent “big red envelopes.” Some of the messages Zhuoer sent said: “Big block will win,” “Big is beautiful, more is good,” and he also said “Leverage makes you homeless. Mining makes you rich.”

The SA cofounders were extremely thrilled with Jiang Zhuoer and Jihan Wu’s BCH optimism. “Even though Jihan has been a low key about what’s happening at Bitmain, we can all tell that he has a deep feeling for bitcoin cash,” Wang told news.Bitcoin.com. “Jihan told me that he reads our Bitcoin Cash weekly news, and his appearance on new year’s eve really cheered up the Chinese community,” she added.

The discussion with Jiang Zhuoer and Jihan Wu follows BCH’s recent price run-up, as the crypto asset has seen massive gains during the weekend’s trading sessions. On Saturday morning (EST), BCH was swapping for $549 per unit and then touched a high of $728 at 10:02 p.m., jumping a whopping 32.60%. At the time of publication on Sunday, BCH is exchanging hands for $688 per coin.

What do you think about Jiang Zhuoer and Jihan Wu’s appearance on the Chinese New Year with the Satoshi’s Angels founders? Let us know what you think about this subject in the comments section below.

Kim Dotcom Publishes a Website That Highlights the Benefits of Bitcoin Cash

13/02/2021 by Idelto Editor

On February 12, the founder of the now-defunct file-sharing website Megaupload and cryptocurrency proponent, Kim Dotcom tweeted about a new website he created that shows the upside of bitcoin cash. The web portal whybitcoincash.com highlights why people should join the digital money revolution and how “cryptocurrencies stand to transform the way business and individuals exchange value.”

Kim Dotcom Launches Whybitcoincash.com

In mid-January, news.Bitcoin.com chatted with Kim Dotcom and he discussed how he planned to “accelerate” the mission of peer-to-peer electronic cash. Dotcom has been very vocal about his support for bitcoin cash (BCH) and before our interview, the internet entrepreneur said his next-generation content monetization app K.im will see bitcoin cash (BCH) integration. Dotcom has continued to pursue accelerating bitcoin cash adoption and on Friday, Dotcom told his 700,000 Twitter followers about his new website.

“Many people are asking me why I’m supporting Bitcoin Cash and why I think it has the biggest upside potential,” Dotcom tweeted. “Good question. I made this little website for you.”

The website is called whybitcoincash.com and it explains the many benefits bitcoin cash (BCH) has to offer in contrast to bitcoin (BTC). The website explains that BCH is just like BTC, but with a number of adjustments making it the “digital equivalent of cash.”

The website details how BTC can be considered the “digital equivalent of gold.” BCH, on the other hand, has stayed consistent with Satoshi Nakamoto’s white paper, which is a “purely peer-to-peer version of electronic cash.”

The whybitcoincash.com site also explains the differences between each network, as BCH has 100 transactions per second (tps), while BTC’s tps is 3-7. The website also highlights that BTC is impractical for micro-transactions with fees fluctuating between $5 to even $50 per transfer. Moreover, people often assume the gold market is massive, and it’s true a market valuation of $10 trillion is still much larger. If bitcoin managed to acquire a market capitalization of that size, it still wouldn’t be as large as the worldwide cash market at $100 trillion.

Whybitcoincash.com emphasizes that the global transaction market is roughly around 3 trillion transactions per year. 75% are cash transactions, 13% are done with credit cards and another 12% are done with some other form of payment.

The raised Bitcoin Cash (BCH) block size of 32MB allows the blockchain to scale and process more transactions than BTC.

If the Bitcoin Cash network was able to capture just 1% of the global transactions, BCH would take on 82 million transactions per day. Bitcoin cash wants to be a lean mean transaction machine, and during the stress tests in September 2018, the blockchain processed 2.2 million transactions in 24 hours on the first day of the month. While the week-long stress test took place, the median BCH transfer fees were only about $0.001 per transaction.

“Bitcoin Cash wants to be carbon neutral, and put in everyone’s hands the power to create a positive impact,” Dotcom’s whybitcoincash.com site says. To top it all off, the website highlights that BCH has more than 100,000 merchants that accept the crypto asset, it is borderless, uncensorable, and peer-to-peer electronic cash that allows individuals to send “directly from one party to another without going through a financial institution.”

Bitcoin Cash Values Jump

After Kim Dotcom shared the new website, bitcoin cash markets jumped over 9% during the 24-hour time period. At 9:02 p.m. (EST) on Friday evening, BCH touched a daily high of around $585 per unit and was up 27% for the week. At press time on Saturday, BCH is just above the $560 per unit price range.

BCH jumped 4.51% against BTC and 15.12% during the last seven days against ethereum (ETH). Monthly stats show BCH has gained 10% but during the last 90-days, bitcoin cash has also increased by 136% against the U.S. dollar. Bitcoin cash has an overall market capitalization of around $11.22 billion, as it ventures into the weekend trading sessions.

Holders’ Composition by Time Held stats for bitcoin (BTC), according to Into the Block insights, shows that BTC has 60% for a 12 month period, while bitcoin cash (BCH) has 91%.

Statistics for Friday evening’s BTC and BCH transactions.

Meanwhile, BTC’s seven-day stats for transactions greater than $100k shows $176 billion has been settled. Bitcoin cash has 24.43% of that settlement as $43 billion has been processed during the last week as far as transactions greater than $100,000.

Rising Daily Transactions, Privacy and the Ability to Forge Tokens

Recently, news.Bitcoin.com reported on how BCH transactions were steadily rising and catching up to BTC’s transactions per day (tpd). This trend has continued and on Friday evening fork.lol data had shown BCH did more transactions during the 24-hour time period. Friday evening’s stats (EST) show that BCH processed 365,975 transactions and BTC processed 354,065.

Improvements the Bitcoin Cash (BCH) network has added over the years.

In addition to the descriptive website and Dotcom’s tweet on Friday showing the new domain to his followers, some individuals mentioned that BCH also has privacy and the ability to issue tokens.

Another list of Bitcoin Cash network improvements that have been completed during the last few years.

BCH supporters regularly leverage a protocol called Cashfusion and it has been noted to offer superior mixing techniques in comparison to traditional Coinjoin methods. For instance, on January 29, 2020, data analyst and BTC proponent, James Waugh, said that Cashfusion was far more practical than other Coinjoin protocols.

The Bitcoin Cash network also has Schnorr Signature capabilities as well. As far as tokens, the Simple Ledger Protocol (SLP) has seen extensive development during the last few years. A myriad of SLP tokens built on top of the BCH network already have real-world value and there are a couple of SLP-built stablecoins, including more than six million tether (USDT). Check out the video below with Bitcoinbch.com’s CEO, Hayden Otto discussing Kim Dotcom’s new website.

What do you think about the whybitcoincash.com website? Let us know what you think about this subject in the comments section below.