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Bitcoin Atom (BCA) Hard Fork Arrives Today

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A new proposal to modify bitcoin’s underlying protocol is full steam ahead, according to the backers of the Bitcoin Atom project.

Bitcoin Atom Hard Fork

An anonymous team of developers will fork the bitcoin blockchain on Wednesday, creating a separate digital currency it says will uphold the founding principles of Satoshi Nakamoto.

Like other forks, the new project aims to improve bitcoin’s underlying infrastructure with a focus on boosting speed and lowering transaction costs. Both speed and cost have been a major inhibitor to mass adoption of the digital currency as a payment method. As it currently stands, bitcoin is an excellent store of value, but is much less useful as a unit of exchange.

As reported by CCN, Bitcoin Atom is proposing to solve the problems of speed and cost by running both on-chain and off-chain solutions. In other words, lightening and atomic swaps.

The team claims it will also include exchange functionalities at the node level, which effectively means nobody can control the system. The Bitcoin Atom website claims it is creating “a truly decentralized bitcoin” based on a so-called hybrid consensus, Lightning Network swaps and built-in hash time-locked contracts (HTLCs).

The project’s leader, who remains anonymous, has described centralization as a less obvious weakness for bitcoin, but a weakness nonetheless. CCN obtained the following quote from the leader:

“Centralization is less obvious but the problem with main transfer of value in crypto world is exchanges. Centralized exchanges can be hacked or disappear or shut down by the regulators, and decentralized exchanges such as Etherdelta don’t trade bitcoin and only trade ERC-20 tokens. Even at that, they can get hacked”, He says.

Based on the project’s website, the new token protocol will be release “as toolkit” by March before Lightning Network implementation commences in late 2018. However, the actual fork is scheduled to take place at block 505,888, which falls on Jan. 24 (today). According to Bitcoin Block Explorer (blockchain.info), block 505,831 was mined seven minutes ago.

Market Information

Bitcoin Atom trades under the symbol BCA, and is currently listed at a price of $466.49 USD on CoinMarketCap. According to the Partners section of the website, the token will be available on the following exchanges: OKEX, Yobit and Exrates. Digital currency wallets Coinomi, Atom Wallet and ESR have also supported the project.

The group’s Telegram page has 2,655 members at the time of writing.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 662 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Analysis

Crypto Update: Selloff Accelerates as Bitcoin Brakes Support

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The bearish period continued so far today in the cryptocurrency segment with several majors falling below key short-term support levels. Bitcoin violated the $6275 level, Ethereum fell back below $200, while Ripple is now under the $0.50 price level again. The smaller coins are also under clear selling pressure, and our trend model continues to overwhelmingly negative picture, especially with regards to the long-term time-frame.                

BTC/USDT, 4-Hour Chart Analysis

Bitcoin hit its lowest level in a month, dropping below the $6275 support and likely setting up a test of the $6000 level and putting the key long-term support zone near $5850 in danger as well. The total value of the market declined by more than $5 billion due to the selloff, and bulls would need a quick recovery to avoid another leg lower in the bear market following the lengthy consolidation period.

Bitcoin faces strong resistance at $6500, $6750, and $7000 while below $5850 the next major support zone is found between $5000 and $5100. Traders should still stay away from opening new positions, with our trend model still being on a short-term sell signal.

XRP/USDT, 4-Hour Chart Analysis

Ripple also followed the broader market lower, and the now it’s clearly below the $0.51 level, with the recent weakness warranting a downgrade to neutral in our trend model concerning the short-term time-frame.

While the long-term outlook is still neutral, given the segment-wide trends, traders and investors should remain cautious with new positions even in the case of a renewed buy signal in the coming period. Support below $0.51 is still found between $0.42 and $0.46, while further resistance is ahead near $0.54 and $0.57.

Litecoin Nears Bear Market Low as Ethereum Tests $200 Again

ETH/USD, 4-Hour Chart Analysis

Ethereum dropped below the key $200 support/resistance level again after last week’s failed rally attempt, and now the coin is once again on sell signals on both time-frames in our trend model. While the second largest coin is well above its bear market low, which is found near $170, but given the strong bearish long-term trend, odds continue to favor a test of that and possibly the $160 support as well.

With that in mind, traders and investors should still stay away from the coin ETH, with strong resistance zones ahead near $235 and $260, and with further support found at $180

LTC/USD, 4-Hour Chart Analysis

Litecoin is still among the weakest top coins and it’s getting closer and closer to the bear market low near $47, with a breakdown being very likely in the coming weeks. The $44 price level is the next main support, while in the case of a recovery above $51, the next strong resistance zone is found near $56, with another zone above that at $54.

EOS/USD, 4-Hour Chart Analysis

EOS fell below the key $5.35 support/resistance level amid the broad selloff today, and now it’s on a short-term sell signal again, with the long-term trend clearly being negative. Now, a test of the $5 level seems likely in the coming days, and a break below that could set up a move towards the strong support zone near $4.50.

That said, the consolidation period could still continue, and the coin might still avoid a new bear market low, which could point to an ongoing long-term bottoming process.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.7 stars on average, based on 393 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




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Bitcoin

Bitcoin Price Falls Below $6,200 for the First Time in a Month as Bearish Pressure Builds

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Bitcoin’s price fell below $6,200 on Wednesday, setting a new multi-week low and opening the door for a re-test of the psychologically significant $6,000 support. However, much like the previous day, BTC has exhibited wide price variance on major exchanges.

BTC/USD Update

The bitcoin price bottomed just below $6,190 on Coinbase, its lowest in over a month. At the time of writing, BTC/USD was down 1.2% at $6,216 at the leading San Francisco-based exchange.

For Bitfinex users, bitcoin is currently trading hands at $6,390, a large premium compared with other exchanges. The Bitfinex premium isn’t uncommon given the platform’s oversized exposure to USDT, a controversial dollar-backed stablecoin.

The bitcoin price quoted by CoinMarketCap is currently $6,295, bringing the total market cap down to $109.4 billion. Trade volumes were a robust $4.5 billion, with derivatives platform BitMEX processing more than a fifth of the daily turnover. CoinBene and BitForex were second and third, respectively, in terms of daily trade volume.

Over the past week, the leading digital currency has lost 3.6% of its value. By comparison, the broader cryptocurrency market has fallen 6.2% over that period.

Crypto Markets Plunge Unexpectedly

Despite bitcoin’s sudden drop, alternative coins led by bitcoin cash, Tron and Stellar shouldered even heavier losses through the midweek. The combined market value of all cryptocurrencies declined by nearly $8 billion overnight, which allowed bitcoin to reclaim a bigger share of the overall market cap. At the time of writing, the total cryptocurrency market was worth $202.3 billion, according to CoinMarketCap. Bitcoin’s dominance rate strengthened to 53%, the highest in over a week.

A selloff of bitcoin cash appears to have precipitated the decline, as the fourth-largest cryptocurrency continues to unwind from last week’s high. As CCN recently noted, BCH has declined more than 24% over the past week. On Wednesday, the eve of the highly anticipated hard fork, BCH fell almost 9% to $483.

Despite feeling the pull of alternative coins, bitcoin has managed to shield itself from previous selloffs as crypto investors opted for the relative stability of BTC over all others. Although bitcoin has failed to show meaningful upside since early September, its underlying volatility has fallen to the lowest level since 2016. The bitcoin volatility index courtesy of bitvol.info shows a 30-day average of 1.05%. Earlier in the week, it fell to 1.03%, the lowest in over two years.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 662 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




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Analysis

Bitcoin Cash Continues To Drop Ahead Of The Hard Fork

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The past few months have been really quiet in the crypto world.  Traders are used to dealing with big stories and big drama.  And while there hasn’t been much drama over the past few months, that’s all about to change.  Bitcoin Cash (BCH) has had a crazy 30 days of trading ahead of its scheduled hard fork on November 15.

For a while, it appeared that BCH would be trading near a high as the fork commenced.  BCH had a strong rally for about a week starting on November 1.  The price soared by more than 50% as it reached its high of approximately $637.  But over the past week, the price has been tanking and doesn’t show any signs of recovering.  Since November 7, BCH has dropped in value by more than 20%.

Why Is Bitcoin Cash Falling Ahead of the Fork?

There are two possible explanations for why Bitcoin Cash is dropping ahead of the scheduled hard fork.  One reason is profit taking.  Although a 50% return wouldn’t have meant much in 2017, it certainly is a lot in 2018.  However, a second and potentially more troubling reason is the conflict between Bitcoin Cash SV and Bitcoin Cash ABC.

Craig Wright, an Australian computer scientist and the biggest proponent of Bitcoin Cash SV (BCHSV), appears to be at war with Roger Ver, the most famous name behind Bitcoin Cash ABC (BCHABC).  Wright was in the news recently after proclaiming to be Satoshi Nakamoto, the founding father of Bitcoin (BTC).

As of this writing, BCHABC is trading at $420 while BCHSV is trading at $118.  According to Coin Dance, data shows that a majority of hash power favors SV.  On the other hand, there are significantly more BCHABC nodes running on the Bitcoin Cash network than there are BCHSV nodes.  Although it’s interesting to look at this data, it’s quite simply impossible to determine what this means as far as which network will come out victorious.  Creating a BTC node is relatively inexpensive so a user could start several of them for under $1,000.  And while the hash rate is important for demonstrating PoW (proof-of-work), it’s meaningless if exchanges don’t accept the coin.

Bitfinex Support

On November 12, Bitfinex announced support for the Bitcoin Cash hard fork.  On the exchange’s twitter handle, they tweeted, “We are happy to provide full support for the upcoming Bitcoin Cash hard fork.”  While the support is certainly helpful for traders, Bitfinex wouldn’t commit to choosing a side.  Instead, the exchange said, “At the time of writing, we do not believe that there is sufficient consensus to identify a clear winner in the Bitcoin Cash hard fork.”  Bitfinex expects to release an additional statement on November 16.  Traders should certainly pay attention to that as it could be material.

Final Thoughts

There is an incredible amount of information to digest regarding the hard fork.  As of this writing, it’s unclear which side will prevail as both certainly have their positives and negatives.  Given the recent slide of Bitcoin Cash, BCH holders should certainly be paying very close attention as the hard fork nears.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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