Litecoin was developed in 2011. While it has faltered of late in value with the other cryptocurrencies, if it gains back that value, it will be because of its strengths in comparison to bitcoin: Significantly faster transaction time (one major complaint when bitcoin exploded was that the increase in users slowed down transactions tremendously) and a larger number of crypto tokens.
Status: 0/unconfirmed, has not been successfully broadcast yet Date: 6/4/2014 21:42 To: uki KGjxFyWbYU51NKQjLPxWsFq2yWAFvvbmHT Debit: -110.00 KTK To: adjiadjo KAenTSz8KTyz7TwqrzYDNbHTiwGK6Pf9q2 Debit: -20.00 KTK To: PTseller KTNhDEn9Jv9zJTvfP4watcDZ1H2mmfVJB8 Debit: -20.00 KTK To: PryptoMontreal K9zoeUoPxMcgck9v8B6QmGbHFpyaLJMDj2 Debit: -20.00 KTK To: atsuky KLTkCGDCebwHC3mvUVcCfizSXYbPVsKtpv Debit: -10.00 KTK To: NorwegianNoob KSyxLsGSEb8KisHnZYFfsj56nB4R9yQvYh Debit: -10.00 KTK To: dukektm KU5Y4Jui8YYuYDy36FSAqjRCLz71WzFrpY Debit: -20.00 KTK To: iamrickrock KUEcBGXSkZ3fZZPjoU9SxH3WZaAzsP445S Debit: -20.00 KTK Transaction fee: -0.01 KTK Net amount: -230.01 KTK Transaction ID: f4d409a3328fe0237552fb1b33b93921208024a4c7066ce380d82d37cfef8c61
Status: 0/unconfirmed, broadcast through 2 nodes Date: 6/5/2014 13:32 To: iamrickrock KUEcBGXSkZ3fZZPjoU9SxH3WZaAzsP445S Debit: -40.00 KTK To: adjiadjo KAenTSz8KTyz7TwqrzYDNbHTiwGK6Pf9q2 Debit: -40.00 KTK To: uki KGjxFyWbYU51NKQjLPxWsFq2yWAFvvbmHT Debit: -40.00 KTK Transaction fee: -0.01 KTK Net amount: -120.01 KTK Transaction ID: 0b0182e6db5012fa5de9a3f1f26b730bae6271e66367c0ff0ce6b721fd35f5da
The bitcoin-ml mailing list is a good venue for making proposals for changes that require coordination across development teams. Workgroups have been set up to assist developers to coordinate and seek peer-review. For those wishing to implement changes to the Bitcoin Cash protocol, it is recommended to seek early peer-review and engage collaboratively with other developers through the workgroups.
A successful hard fork for Bitcoin Cash entails surviving long enough to entice individuals and companies to use and mine the new digital currency if it is able to build substantial interest and reach critical mass. Once this point is reached, however, Bitcoin Cash may find that its success has prompted others to develop their own alternative coins, which would put the same pressure on Bitcoin Cash that it had placed on Bitcoin Classic. Since the issue of scalability tends to be at the forefront of cryptocurrency debates, developers have made increasing block size and improving transaction processing speeds their top focus areas.
The weekly chart broke bearish after a lengthy series of sideways trading. Any oversold bounce under $6,540 is just a lower high, meaning a nearly 15% bounce is needed to restore BTC 00 back to where it was yesterday. Fairly unlikely given the last 4 – 6 months of trading. Although, as mentioned yesterday with the upcoming Bitcoin Cash hard fork, ANYTHING could happen.
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In mid July 2017, mining pools and companies representing roughly 80% to 90% of bitcoin computing power voted to incorporate a technology known as a segregated witness, called SegWit2x. SegWit2x makes the amount of data that needs to be verified in each block smaller, by removing signature data from the block of data that needs to be processed in each transaction, and having it attached in an extended block. Signature data has been estimated to account for up to 65% of data processed in each block, so this is not an insignificant technological shift. Talk of doubling the size of blocks from 1mb to 2mb in November has ramped up, and is expected. This would also go some ways in improving bitcoin’s scalability. In mid-October, Bitcoin scientists from Bitcoin Unlimited revealed they had mined the world's first 1GB block, 1,000 times bigger than the normal size.
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Users had a chance to pay higher transaction fees to speed up the confirmation, but this approach basically rendered Bitcoin useless as a payment method, especially when it came to smaller transactions. For instance, paying for a sandwich or a cup of coffee with BTC just simply wasn’t viable, as a $3 cup of coffee will incur a transaction fee of more than $15. Otherwise, the seller will receive an unspendable dust amount.
German technical enthusiasts and experts have long been at the forefront of Bitcoin innovation and adoption. Since at least 2011, Berlin (and its Kreuzberg district in particular) has been renowned for its strong hacker culture. Germany has thus served as the vanguard of the Bitcoin movement across Europe - perhaps even the world. As demonstrated by recent Lightning Network hackathons held in Berlin in 2018, nothing has changed in the intervening years.
A scenario that feels likely to this reporter is that both chains live on indefinitely. Whether or not either token enjoys a bullish token price across exchanges, it’s hard to imagine Craig Wright or Calvin Ayre coming back into the fold at this point, nor Roger Ver and Jihan Wu welcoming them back if they decided to do so. CoinGeek by itself has the capability to prop up the SV blockchain, and its media efforts have the capability to continually attract new users and widen the base. (Bitcoin ABC has the same capabilities utilizing a wider array of resources – Jihan Wu, Roger Ver, the coterie of major exchanges which have come out in definitive support of ABC.)
Earlier this year the U.S. Securities and Exchange Commission rejected a bid by Tyler and Cameron Winklevoss, the twins infamous for claiming that Mark Zuckerberg stole the idea of Facebook from them while they were undergrads at Harvard, to launch a bitcoin-based ETF (exchange-traded fund). The decision from the SEC came nearly four years after they filed for regulatory approval. In the immediate aftermath of this news, the price of bitcoins, which had nearly tripled over the last year, significantly dropped to less than $1,000.
Bitcoin Cash itself was created through another acrimonious hard fork last August. That schism was motivated by a disagreement about the size of blocks in bitcoin's blockchain. Most of bitcoin's developers favored retaining the 1 megabyte block-size limit that was in effect at the time (a hack called segregated witness has increased the effective block size since then). The hard limit contributed to severe congestion on the bitcoin network, pushing transaction fees up to a median of $34 in mid-December. Bitcoin Cash supporters created their own version of bitcoin with a much higher 8 megabyte block size limit (later raised to 32 megabytes)—allowing this rival version of bitcoin to process many more transactions per second with negligible transaction fees.
The MACD made a bearish cross, and the RSI has also broken from its persistent flatline and now dips toward oversold territory. A number of investors and analysts are attributing the current volatility to the BCH fork — but it should be noted that Bitcoin frequently dipped below $6,200 and $6,100 and BTC’s inability to overcome overhead resistances highlights an underlying weakness. So while surprising, today’s dip below $6,000 seemed inevitable.
In the other corner stands nChain and its chief scientist Craig Steven Wright, who claims to be the man behind the monicker Satoshi Nakamoto, but has publicly only been able to produce fake evidence. Having released a relatively new software implementation named “Bitcoin Satoshi’s Vision” (Bitcoin SV), Wright says he wants to restore Bitcoin to its original protocol: the 0.1.0 version launched in 2009. After that, he’d take a rather conservative approach with few or no further protocol upgrades.