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Is Bitcoin Cash the Original Blockchain?

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Bitcoin vs. bitcoin cash

Contrary to conventional wisdom, the title of original blockchain belongs to bitcoin cash and not bitcoin, according to a recently published paper by the National Institute of Standards and Technology (NIST).

The Original Blockchain

In a 57-page draft paper published by NIST’s Computer Security Resource Center, researchers Dylan Yaga, Peter Mell, Nik Roby and Karen Scarfone argue that bitcoin cash is the original blockchain created by Satoshi Nakamoto. The paper reads:

“When SegWit was activated, it caused a hard fork, and all the mining nodes and users who did not want to change started calling the original Bitcoin blockchain Bitcoin Cash (BCC). Technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash.”

Interestingly, this was the only thing the researchers said on the subject, with the rest of the paper devoted to a broad overview of blockchain technology.

NIST is a non-regulatory arm of the U.S. Department of Commerce that conducts research and promotes industrial competitiveness for the world’s largest economy. The institute provides standards and measurement infrastructure that support a diverse range of industries including nanomaterials and computer chips.

Contentious Debate

Of course, not everybody agrees with NIST’s assertion that bitcoin cash is the original blockchain. After all, it was bitcoin cash and not BTC that came into existence following the highly anticipated Aug. 1 fork. The NIST’s claim that Segregated Witness  (SegWit) was implemented through a hard fork is also contentious because the protocol is still compatible with legacy bitcoin infrastructure. This would make SegWit a soft fork.

Others argue that NIST is technically correct in its claim because the bitcoin cash fork moved the blockchain back to its original path instead of the new direction set forth by the SegWit protocol. Looking at it today, bitcoin cash incorporates fewer changes than the post-SegWit bitcoin. The key point in this argument is that bitcoin and bitcoin cash both forked from the original, with BCH more closely mirroring the previous version. (Although bitcoin cash forked on Aug. 1, SegWit didn’t activate until three weeks later.)

The NIST will allow the public to comment on the paper until Feb. 23. Given the highly contentious nature of the debate, the institute will likely generate significant interest from the blockchain community.

BCH Price Levels

Bitcoin cash was among the crypto market’s top performers on Monday. The coin rose nearly 6% against the dollar to trade around $1,650.

At the time of writing, the coin was down slightly at $1,631 for a market cap of $28 billion, placing it fourth among active cryptocurrencies. Daily trade volumes exceeded $365 million, according to CoinMarketCap, with the bulk of the turnover handled by HitBTC and OKEx.

Bitcoin cash peaked above $4,000 more than one month ago, but like the broader cryptocurrency market, has struggled to regain momentum in recent weeks.

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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4.7 stars on average, based on 737 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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STEEM Coin on the Move While Steemit Loses 20 Million Visitors in Six Months

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One of the three currencies which fuel the Steemit blockchain-based social media site, Steem (STEEM) gained 22% in the previous two days. Despite the increased price movement in January, monthly visitors and unique account creations continue to plumb new yearly lows on the Steemit social media website.

STEEM Price

STEEM’s recovery has been slow in coming – the coin gained 43% from December into January, however most of that came in the last forty-eight hours. Compare that to major and mid-cap altcoins such as Tron (TRX), Zilliqa (ZIL) and Augur (REP) which gained over 100% in that time, and you see a major discrepancy.

From Monday through to Wednesday STEEM went on a 22% run which carried the coin price from $0.249836 up to $0.306033. Trades against Korean won on the Upbit exchange accounted for more than 40% of the day’s trades, or around $1.2 million of the $2.7 million daily total.

Steemit Cools Down

After suffering the indignity of laying off a majority of its staff back in November, Steemit continues to hold on despite plummeting numbers.

Remarkably, the Steemit social media site lost almost 20 million monthly visitors in the last six months – a 61% drop off from the 30.8 million visitors in July, to the current 11.9 monthly visitors according to SimilarWeb. New account creations are also down 83% in the last six days alone, however statistics show that new users tend to flood in whenever the coin price pumps – even if just for a brief time.

CCN reported back in May of 2018 that Steemit had surpassed one million accounts created on the blockchain. This was a startling figure at the time, and grabbed a lot of headlines. However, Steemit statistics from the time suggest the number of unique users was actually much less – closer to 150,000 according to this chart from Steemit’s @arcange.

Follow the Money

The same chart shows that January of 2018 remains Steemit’s most successful month. The site gained close to 120,000 new users in the sixty days leading up to January’s all-time high, when the coin price climbed as high as $8.57.

As the coin fell to a twenty-month low in December, unique accounts on the blockchain also fell to eighteen-month lows in the process. A major increase to new account creations was seen on January 9th, as STEEM went on a similar 23% price spike, and 4,108 new users flocked to Steemit in one day.

Stats courtesy of Steemit’s @penguinpablo

By six days later, new registrations had fallen back to 695 per day, as STEEM’s gains from the previous few days were wiped out.

Steemit launched back in early 2016, and has divided opinion since its inception. Check out this recent primer for an up to date summary of Steemit and its features.

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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4.5 stars on average, based on 123 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Binance Coin Price Analysis: Binance Completes 6th Token Burn; BNB/USDT Struggling to Move Back Above Breached Channel

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  • Binace has completed their sixth round of BNB token burning, a total of around 1.6 million.
  • BNB/USDT bulls are retesting a breached ascending channel formation.

BNB/USDT is holding steady for now, with a gains of 4% on Wednesday. Caution can be observed following a breakout to the downside from a rising channel formation. The price had been moving within this structure from around 15th December, when the bulls commenced the most recent upside trend. BNB/USDT had gained as much as 51%, while within the confinements of this. However, all good bull runs must come to an end, and on 10th January the lower supporting trend line gave way to the market bears.

BNB/USDT daily chart.

In terms of price behavior since the break, as detailed earlier, there is a lack of commitment seen. The bulls have stringently retested and been moving underneath the channel but have not got the momentum to break back above at this time.

Binance Complete 6th BNB Token Burn

The world’s largest cryptocurrency exchange by traded volume, Binance, announced they have completed their sixth token burn. Binance burnt a reported total of 1,623,818 BNB tokens. This detailed burn was for the period between October 1 and December 31, 2018. For comparative purposes, the number is similar to the 1,643,986 BNB amount that they previously burned in their fifth round.

Despite the similar number of BNB being burnt, it is worth considering that the final quarter of 2018 had “brought significant changes in the cryptocurrency landscape”. In monetary terms, the dollar value during the sixth BNB burn was around $9.4 million, versus the $17 million during the previous period.

CZ, founder and CEO of Binance, said, “I’m excited about is Binance Chain and Binance DEX, which will launch soon. From a tech standpoint, it is a major development for the Binance ecosystem. From an earnings standpoint, Binance DEX will not directly increase profitability for Binance, but it will certainly increase the utility of BNB in a big way. That should be good for BNB holders. Binance is also a larger holder of BNB, so we benefit the same way as all BNB holders. The more people using Binance Chain, the more value is created, or the more successful we all become.”

Technical Review – BNB/USDT

BNB/USDT must break back above the $6.40 area to attract another wave of buying. This is where the lower supporting trend line of the breached channel in tracking. Separately, a supply zone is seen in proximity, tracking from $6.20-$6.90. The price has not been above this region since 19th November. Should the bulls gather enough momentum to break above this supply, then a fast move could be seen back to $10.00. BNB/USDT had been consolidating here prior to the steep fall in November.

Looking to the downside, there isn’t much in the way of major support seen until the $4.00 price region. This is where the December low can be seen, $4.12, with a demand zone observed running from $4.55-$4.12.

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 107 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Altcoins

This Week’s Crypto Winners (January 15th)

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January has mostly been filled with negative news in the crypto world. With lows being tested and several hacks or 51% attacks occurring in just the first few weeks, this looks to be a very exciting year for crypto altogether. One common pattern this week was spikes in price with little explanation for why they might have occurred. This is just a sign of increasing volatility in the markets, in which case most investors should be wary.

Agrello

We’ve talked about Agrello before, and they’ve had another amazing week. Even though there were other coins achieving massive returns (CariNet managed 671.87% over the week), these coins often end up having a less significant market capitalization and trade more like penny stocks. Agrello’s 80.41% return and $42,103,013 daily hour volume are very impressive, but there is no news or announcement in either the message board or official company channels that might explain this. The legal contract startup seems to be in a volatile state, with the spike mostly occurring in the last 24 hours.

Tierion

Tierion managed 45.03% returns over the week, with 24 hour volume of $9,731,569. The coin is currently ranked 260th in terms of market capitalization, and most of this increase is the result of a spike on January 15th. The company boasts the ability to create “proof” for companies who need audit trails, timestamping, credentials, and other authentication purposes. The messageboards don’t seem to have any idea what is causing this pump, and Tierion’s Twitter account doesn’t have any new news on this, so this is a rather surprising jump in price. The best thing to do in these illogical situations is sell if you were ahead, and don’t buy into the hype if you’re not.

VIBE

VIBE was another big winner of the week, doing 24 hour volume of $19,659,426 and climbing 39.54%. Ranked 188th in terms of market capitalization, the company is centered around creating “virtual lives” and is basically a high level gaming startup. VIBE just released “VIBE or DIE”, their innovative new first person shooter. The game is designed so that VIBE tokens are required for enhanced gameplay, which is an interesting play on the gaming models developed in the past, where powerups and skins would create new revenue streams for the creators.

Aurora

Ranked 56th in terms of market capitalization, Aurora experienced a large spike at the beginning of the week and a large one at the end, resulting in a 32.09% price increase and $2,597,114 of 24 hour volume. Aurora has engineered several breakthroughs regarding consensus algorithms and is targeting several industries like gaming, big data, artificial intelligence and IoT. By boasting lightning fast transactions and being smart about who they target, they have a higher possibility of gaining dominance in a specific space.

Optimal Shelf Availability Token

Optimal Shelf Availability Token went through a 49.35% run up over the week, putting it at 79th in terms of market capitalization. As the name would suggest OSA is a supply chain management company that uses smart contracts to improve the flow of data and goods. Once again, the company seems to have experienced no notable news, which leaves this increase as something to be taken with a grain of salt.

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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