BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

BCH Roundup: More Developments, 687K Transactions, and Rebirth Parties

Bitcoin Cash proponents are celebrating the year anniversary of ‘Bitcoin Independence Day’ on August 1st and now into the weekend. Over the past week, quite a few bitcoiners have noticed there’s been a lot of developments, announcements, and commemorative parties within the BCH space.

Also read: High Times Becomes the First IPO to Accept Cryptocurrencies

Bitcoin Cash Fans Celebrate the August 1 Anniversary Into the Weekend

There have been over 63,000 blocks mined since the blockchain split on August 1, 2017, and Bitcoin Cash fans have been observing the anniversary over the past few days with parties all around the world. At the moment, one bitcoin cash (BCH) is trading for $734 and the cryptocurrency holds the fifth highest trading volume amongst all 1600+ digital currencies that exist. On August 3, BCH transaction fees are around $0.002 USD while BTC fees are around $0.14 per transaction, in other words – around 6,900 percent cheaper. Meanwhile, there’s been a lot of developments happening within the bitcoin cash ecosystem and a new Street Fighter style video has been published which reveals the new BCH logo.

Check out the Street Fighting Bitcoin Cash video below.  

Bitcoin Unlimited Ports Double Spend Relaying Protocol from Bitcoin XT  

One recent announcement that’s buzzing around the community is the double spend relaying protocol ported from Bitcoin XT has now been implemented into the Bitcoin Unlimited (BU) client. BU’s lead developer Andrew Stone merged the relay code — a protocol that’s aimed at improving the efficiency of zero-confirmation transactions. Just recently, news.Bitcoin.com reported on Bitcoin Unlimited merging Graphene, a block propagation protocol, into the codebase on July 25.

Pixelwallet Allows Bitcoin Cash Users to Send a BCH Transaction Encrypted in an Image File

A unique application called Pixelwallet has been released into the wild and bitcoin cash fans can now send a BCH transaction encrypted in an image file. The Android application’s creators say the platform is a first of its kind, and Pixelwallet is currently running on BCH testnet. Essentially, users enter an amount to send (with testnet BCH), select an image which can also have a password attached to the file, and after that, they can then send the image by email, Telegram, and other online messengers.

GMO Group Joins the Bitcoin Cash Mining Party Again

On Friday, August 3, the Japanese internet giant GMO joined the bitcoin cash party again mining a BCH block. When speaking with our publication a few weeks ago a spokesperson told news.Bitcoin.com’s Kevin Helms the company had mined 636 BCH so far. The firm is well known for introducing mining rigs that contain 7nm semiconductors and the company’s mining subsidiary started processing cryptocurrency blocks last December. Bitcoin Cash supporters were excited to see GMO process BCH block 541818. The Bitcoin Cash network hashrate has been steadily increasing over the past few months.

Instacoin ATMs Announce BCH Integration While Supporters Observe the 687K Daily Transaction Milestone on August 1  

Lastly, the cryptocurrency automated teller machine (ATM) company Instacoin has announced it has added multi-currency support this week. Instacoin ATMs will now sell dash, litecoin, and bitcoin cash. The ATM business details that the ability to sell BCH and the other coins to their machines will be available by the end of the month.

The BCH network processed a record number of transactions on August 1, 2018.

Overall, BCH supporters are pleased with the vast amount of developments taking place in the space and many are still celebrating the anniversary and the incredible milestone of over 687,000 on-chain transactions processed for less than 1/5th of a penny, just a few days ago. Check out one of the anniversary parties below as the Coingeek ‘Bitcoin Rebirth Party’ unveils the new bitcoin cash logo. 

What do you think about all the developments and platforms revealed this week in the bitcoin cash space? Let us know your thoughts in the comment section below.

Images via Shutterstock, the BCH Street Fighter video, Pixelwallet, Pixabay, and Twitter.

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XRP is Not Being Used By Banks, Ripple Exec Says

Ripple chief cryptographer David Schwartz has said the company’s payment system “is not a distributed ledger,” while revealing doubts from banks about Blockchain.

‘We Haven’t Gotten There Yet’

In comments to Reuters June 13, Schwartz went on record to “concede” the company “hasn’t gotten there yet” regarding banking uptake of its services.

“What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” he said.

Ripple has traditionally held first mover advantage in terms of banking sector hook-ups with “Blockchain-based” technology implementations.

As cryptocurrencies encounter a broad downturn this year, however, the tone from senior executives appears less harmonious. The XRP token along with its xRapid platform are not being used by banks, according to Ripple, though they have been recently tested by money transfer companies Viamericas and MercuryFX.

This contradicts Ripple CEO’s statements earlier this month that “dozens” of banks will use the XRP token.

CEO Garlinghouse Stays Buoyant On XRP Token

Speaking at a conference June 12, CEO Brad Garlinghouse presented a more upbeat perspective on the company, describing its XRP token as “the best digital asset for settlement.”

On Blockchain itself, however, he was likewise less optimistic, saying the idea the technology would “disrupt” banking was “short-sighted.”

“The feedback from the banks is you can’t put the whole world on a blockchain,” Marcus Treacher, senior vice president of customer success meanwhile added to Reuters.

Ripple is currently facing multi-pronged criticism. Earlier this month, Garlinghouse was forced to defend XRP against claims it violated securities law.

“I think it’s very clear that XRP is not a security, it does exist independently of Ripple the company,” he told CNBC, again voicing his belief in the token.

“If Ripple the company is shut down tomorrow the XRP ecosystem would continue to exist. It’s an independent, open-sourced technology.”

This week also saw Bank of Canada, which is currently testing its own DLT payment system called Project Jasper, tell the 2018 G20 Global Financial Stability Conference in South Korea that Blockchain has not produced any “cost-saving effect compared to the existing central bank system.”

What do you think about Ripple’s perspective on Blockchain and DLT? Let us know in the comments section below!

Images courtesy of Shutterstock

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