Bitcoin BCH protocol upgrade: Which groups offer 'neutral' choice?

Bitcoin BCH protocol upgrade: Which groups offer ‘neutral’ choice?

At around 4:40 p.m. UTC on November 15, the Bitcoin Cash (BCH) network will undergo its scheduled protocol upgrade. Unlike last May, this upgrade involves two technical proposals—Bitcoin SV (Satoshi Vision) and Bitcoin ABC.

Bitcoin SV, a new full node implementation for Bitcoin BCH, is designed to specifically advance the Satoshi Vision of Bitcoin’s original protocol, with a plan for faster scaling to bigger blocks on BCH. Bitcoin SV will raise the maximum default block size from its current 32MB to 128MB—another step toward massive on-chain scaling—in addition to re-enabling of the original “Satoshi” set of op_codes, particularly OP_MUL, OP_LSHIFT, OP_RSHIFT, and OP_INVERT.

The goal of Bitcoin SV is to give BCH miners another choice—one that competes with other existing BCH implementations like Bitcoin ABC, which is pushing for a canonical transaction ordering rule (CTOR) that is not only risky to implement, but is also unproven in providing its claimed benefits.

The recent preview for the stress test scheduled for November 17 has already validated the growing hash support for Bitcoin SV, which is the first BCH implementation to cross over 50% estimated hash support since Coin Dance began reporting such data in advance of the November 15 protocol upgrade. As of press time, Bitcoin SV is already seeing a huge jump in estimated hash rate—about 72-75% compared with Bitcoin ABC’s 16-27%, according to data from Coin Dance.

It’s worth noting, however, that blockchain research and development firm nChain is not seeking a Bitcoin variant with Bitcoin SV, it’s simply providing another choice for BCH miners. Still, this hasn’t stopped groups from taking a side. Here at CoinGeek, we are highlighting the platforms that have opted for a neutral stance, offering their users the chance to put their money where they believe Bitcoin BCH is headed.

Poloniex leads the pack

Poloniex is one of the earliest exchanges to offer pre-fork trading for BCH mined with Bitcoin SV (BCHSV), as well as that using Bitcoin ABC (BCHABC) implementation.

In a statement, the Circle-owned exchange said, “We believe the responsible thing to do in this case is remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity.

Following in the footsteps of Poloniex is Bitfinex, which assured users that it will complete a full account snapshot of Bitcoin Cash balances at 4:40 p.m. UTC. Deposits and withdrawals of BCH on the platform will be suspended effective 3:30 p.m. UTC.

“Bitfinex will not advocate for or against any particular fork, and miners have full prerogative to commit their hashing power to whichever projects they choose. 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,” the exchange wrote in a blog post.

Crypto Facilities also suspended deposits and withdrawals of BCH as of 10 a.m. UTC “for an extended period of time to avoid any adverse impact of network instability on BCH deposits and transfers.”

The platform said BCH transfers will resume once Crypto Facilities has determined “…at our sole discretion, that network stability is satisfactory and a clear consensus has emerged for BCH. If you would like to control how you handle the upgrade, the best option is for you to withdrawal your BCH so you are in control of your private keys.”

In a bid “to protect customer funds,” Coins.ph, the crypto wallet service operating in the Philippines, will also suspend sending, receiving, and conversion functionality on the Coins.ph BCH Wallet two hours before the protocol upgrade. It will also halt all BCH trading on Coins Pro (BCH-PHP and BCH-BTC markets) and will cancel any open BCH-related orders. Service will be reinstated on the Coins.ph BCH Wallet and Coins Pro platforms once “the protocol upgrade is in a stable state.”

According to Coins.ph, “At the moment of the fork, the Coins team will save a record of customer BCH balances. In the event that the minority fork produces tokens that are deemed to have long-term viability, Coins.ph would consider whether or not it would be feasible to return these funds to customers, as we have done with certain forks in the past. The viability of any tokens resulting from minority BCH proposals during this fork will be assessed based on its broader industry support, hash power, and value.

Meanwhile, Asia-facing cryptocurrency exchange BitAsiaEx has opened trading pairs for BCHSV as well as BCHABC. Starting November 12, users of the platform can trade BCHSV or BCHABC against BTC, CNY, and BCH, or they can also convert 1 BCH to 1 BCH (SV) + 1 BCH (ABC) for trading.

HitBTC will also support pre-fork trading of BCHSV and BCHABC. On its website, the platform noted, “Starting from November 15, 15:00 UTC, an hour before the fork, all BCH deposits will be automatically converted to BCHABC + BCHSV in 1 to 1+1 ratio.” Withdrawals for BCH will be stopped at 15:30 UTC, followed by separate deposits enabled for BCHSV and BCHABC. Withdrawals for the two coins will be enabled after the network is stabilized.

Bittrex, meanwhile, assures its users that it “will take all reasonable steps to ensure that customer funds can be preserved on both chains.” The platform has already suspended withdrawals and deposits of Bitcoin BCH on November 14, and the wallet will remain closed “until the hard fork block is complete and it is deemed safe to open.”

Other platforms that have suspended deposits, withdrawals, and trading ahead of the BCH protocol upgrade include CoinBene, ZB.com, Bibox, Ledger, and Jaxx. On its website, Jaxx announced it will “support the chain that has the most hash power following the fork,” noting that “at this time, we do not plan to support any of the additional chains.”

Follow the Bitcoin Way

After the protocol upgrade, Bitcoin BCH with Bitcoin SV will finally come of age—no longer a dev experiment, but a mining-backed project. If you’re interested in seeing the true original power of Bitcoin, we recommend you to join the bComm Association and to also come to the CoinGeek Week conference from November 28-30 (with a special advance Miner’s Day on November 27), the perfect venue to meet the thought leaders and discuss the implications of the worlds first Bitcoin Hash War fought according to Nakamoto Consensus. Be part of the community that wants to let the original Bitcoin show the world its true power as sound money and so much more.

Philippines sees surge in cryptocurrency exchange applications

Philippines sees surge in cryptocurrency exchange applications

The number of businesses applying to operate cryptocurrency exchanges in the Philippines has been growing as the sector gains popularity, a senior official of the Bangko Sentral ng Pilipinas (BSP) confirmed.

BSP Deputy Governor Chuchi Fonacier told local reporters over the weekend that the applications have become so many in the last couple of months. Investors are also having a great interest in virtual currency exchanges.

Since the beginning of 2018, cryptocurrency exchanges have had to face various regulations with many businesses either shutting down or thriving. Governments, central banks,and other institutions have set measures to regulate virtual currency exchanges across the world.Despite the growing scrutiny that cryptocurrencies have faced, the industry is still growing with more investors, buyers and entrepreneurs joining the virtual currency exchanges market.

In the Philippines, the BSP has already taken steps to regulate cryptocurrency-related businesses. This was done to help protect those who wished to participate in the cryptocurrency market through virtual currency exchanges. The central bank issued Circular 944 in February 2017, which aimed to help reduce the increased number of criminal activities like money laundering and terrorism funding. Virtual currency exchanges are required to follow the guidelines in their operations.

At the moment, Fonacier said there are 29 applications under different stages of the application process—twice the number of applications recorded by the central bank in December 2017.

As of March 15, there are only two cryptocurrency exchanges accredited to operate in the Philippines: Rebittance Inc. and Betur Inc., which operates coins.ph. According to reports, the two virtual currency exchanges earned an average of $8 million per month in the past months.

The BSP’s circular requires intensive analysis of applicants to eliminate all businesses that do not comply with the set regulations. Interested companies will have to register with the central bank and the Anti-Money Laundering Council, and are required to submit periodic reports on their operations and finances.

The virtual currency exchange business in the Philippines is quite lucrative as cryptocurrencies like SegWit-Coin BTC (otherwise known as Bitcoin Legacy of Core) and other cryptocurrencies have become quite popular with the locals. Central bank authorities said they are still waiting for more documentation from the applicants before they can make any approvals. Members of the public, meanwhile, have been advised to exercise caution when dealing with matters relating to cryptocurrency.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

source: https://coingeek.com/philippines-sees-surge-cryptocurrency-exchange-applications/

Coins.ph opens digital exchange to private beta

Coins.ph opens digital exchange to private beta, launches BCH/PHP trading pairs

Philippine-based digital currency wallet Coins.ph announced the forthcoming launch of its Coins Exchange (CX) platform, which will serve as a digital currency exchange and is the first order-book exchange in the country.

In a statement, Coins.ph said that after receiving requests for “lower bitcoin (BTC) conversion fees” for the past couple of months, they wanted to let their users know that they’ve taken these requests to heart and are now working on a private beta of the platform.

Once officially launched, the exchange will allow unlimited trading (no balance limits, no deposit limits) at lower fees. According to its live trading page, it currently accepts Bitcoin Cash, Ethereum, Litecoin, Ripple, and legacy Bitcoin (BTC).

Here’s a screenshot of CX’s trade page with the BCH/PHP trading pair selected as default when the page first loads:

With the proposed regulation of cryptocurrencies and ICOs from the Philippine Securities and Exchange Commission, startups in the country have been preparing their documents and filing for compliance with the local government.

Coins.ph is a blockchain services platform which started operating in the Philippines in 2014. According to CX’s about page, Coins.ph has secured a Certificate of Registration from the Bangko Sentral ng Pilipinas to “formally operate as a virtual currency exchange.”

The CX project is “to make access to digital currency cheap and fast,” according to the company, noting that such efforts to offer a professional-grade order-book would result to reduced costs for trading digital currency in the country.

The platform’s consumer base forms about 2 million active users who buy and sell cryptocurrencies, send remittances to their families, and do online payments without requiring them to have bank accounts or registrations with other financial institutions.

The blockchain company previously stated that it has been evaluating the possibility of supporting Bitcoin Cash (BCH), a move that would reflect the cryptocurrency community’s vision to “bank the unbanked” and empower users with low fees and reliable confirmations over a secure network.

CX is still in private beta to a limited number of Coins.ph users, but its site has opened a waitlist for new users to register.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.