Business 1 year ago

Jasmine Solana

BCH price soars above $1,500 as support grows among service providers

The price of Bitcoin (BCH) has jumped—again—against the U.S. dollar.

On Thursday, the cryptocurrency climbed 31.42% to reach $1,560.96 at 10:54 a.m. UTC, with a market capitalization of $26.25 billion, according to data from CoinMarketCap.

The price jump follows news that more digital currency service providers have started listing BCH, the only true Bitcoin as intended by the original Satoshi white paper. Early this week, Europe’s largest cryptocurrency exchange by volume, Bitstamp, announced that it will start supporting BCH trade in response to the demand for BCH trading. The launch is scheduled to occur in the first week of December.

Digital wallet provider Bitwala has also started allowing its customers to hold BCH this week. This means that Bitwala customers can send BCH to any bank account in the same way that they would with BTC or any of the company’s more than 60 other support cryptocurrencies. Currently, Bitwala only supports desktop BCH wallets, but the company said its team “is working hard to bring mobile BCH wallets very soon.”

Bitcoin.com wallet defaults to BCH

But perhaps the biggest announcement this week came from Bitcoin.com, whose mobile wallet now defaults to BCH.

On Monday, Bitcoin.com’s mobile wallet received a major update, allowing it support features including shared multisignature wallets for BCH, automatic sweeping of BCH from Bitcoin private keys, and deriving BCH and BTC wallets from the same seed phrase.

Because of this update, the app will automatically create BTC and BCH wallets once it is downloaded, with the BCH wallet appearing first on the list. The wallet’s “Receive” button also defaults to BCH, so users will have to manually change it to BTC to receive the legacy coin.

After it was released, the wallet update immediately became the subject of criticisms with some groups saying it increases the risk of user error, particularly among novice Bitcoin users. Looking at it closely, the wallet update is in line with Bitcoin.com’s stance that BCH is the true Bitcoin as it “is the coin most aligned with the original system laid out in the Bitcoin white paper.”

It hasn’t been long since BCH has been released into the wild, although only a handful of trading platforms supported the cryptocurrency when it was introduced following the August 1 split. But a lot has happened since then.

Since the first hard fork event, the BCH network has successfully mined 26,866 blocks since the first hard fork event, about 9,700 blocks ahead of the BTC chain. And more importantly, the list of exchanges and providers dealing with BCH has been growing. Among the over 35 exchanges that now support BCH include Kraken, Bittrex, Poloniex, Huobi, Shapeshift, Bitcoin.de, Surbtc and Bitflyer, while the BCH wallet providers now include Ledger, Trezor, Keepkey, Electron Cash, Exodus and BTC.com, among others.

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.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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