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Bitcoin Cash Decline

is been almost six days since the Bitcoin fork.Bitcoin Cash rate varies widely on different exchanges. Currently, its average figure is $220. The price moved down, after the popular Bitfinex and Bittrex digital currency exchanges opened up BCH deposits and withdrawals.


This past week, we saw a solid ride in Bitcoin cash price towards $800 vs the US Dollar before it started declining. The price faced a lot of selling pressure and declined below the $400 level to trade towards $250. The price traded as low as $240 recently where it found support and started an upside move. The price is currently recovering, but upsides remain capped by the $340-360 levels.


During the recent upside, there was a break above a bearish trend line at $260 recently on the hourly chart of BCH/USD. It has opened the doors for more gains and the price is now above the $280 level. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $560 high to $241 low. Above $320, the 100 hourly simple moving average is waiting to act as a hurdle near $340.




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Deposits And Withdrawals Enabled.

Bitcoin exchange Bitfinex has started allowing bitcoin deposit and withdrawals, this the announced on friday. However,customer were upset when the learned that the exchange instead of using the typical 1:1 ratio their accounts were credited with approximately 0.85 BCH per bitcoin.



The announcement came the day after the exchange started BCH margin trading and had recently completed crediting its customers with approximately 0.85 BCH per bitcoin held at the time of the fork.



Customers Shortchanged

Bitfinex explained that its distribution methodology took into account margin positions Bitcoin Cash Deposits Withdrawals Credits 15% Lesswhich led to a deficit in BCH to pay customers with. Specifically, “margin longs in BTC/USD and margin shorts in XXX/BTC” did not receive BCH and “margin shorts in BTC/USD and margin longs in XXX/BTC” did not pay BCH. Meanwhile, customers holding bitcoin and bitcoin lenders at the time of the fork received BCH. Bitfinex declared.




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            37 Blocks Mined So Far.

The Bitcoin Cash Blockchain keep waxing along as miners have processed a total of 37 blocks over the course of the past 12 hours, that is to say that the Bitcoin Cash blockchain is still alive and mining newly minted BCH tokens has become a whole lot easier.




BCH Markets Down 40% Over the Last 24-Hours

Bitcoin cash market are dipping in value pretty significantly.and roughly half of Bitcoin Cash markets are being traded in fiat with the other half captured by BTC trades.



So far there are not that many exchanges taking BCH deposits, and many wallets still haven’t provided a splitting tool for users. This has made the currency’s $6B market thinner than most cryptocurrency trading markets, which can be seen with the tokens volatile price swings.


Bitcoin cash is averaging around $385-430 depending on the exchange used, and has $325M worth of daily trade volume. Meanwhile, BTC markets have been up about 2-3% on August 3 reaching a high of $2745 across global exchanges.




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After a production of a digital currency from bitcoin called Bitcoin cash, Currently, there’s been a total of twelve BCH blocks mined so far as two mining pools have been dedicating resources to the forked chain. Amidst the historical cryptocurrency split of bitcoin ,its price has consistently remained stable at roughly $2700. Meanwhile, BCH has been trading at around $475-590 per token beating out litecoin in market capitalization. Every exchange trading so far has had different prices per BCH producing significant spreads between each trading platform. According to popular market cap data sites like Coinmarketcap.com and Coincap.io Bitcoin Cash is the third highest valued market. Many Japanese exchanges announced on august first of supporting BCH trading as well over the next few days.Further, the currency is seeing over $129 million in 24-hour trades and is holding the fourth highest trading volume across global cryptocurrency markets. So far the currency is paired with currencies like CNY, USD, EUR, Bitcoin (BTC), Tether (USDT), and even Doge.




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what happens now ?

Everyone who has bitcoin before the official launching of bitcoin cash on August 1st at 18:24:41 UTC (GMT) theoretically has access to the same number of Bitcoin cash. The current price at the time of writing was US$358 per bitcoin cash. This was about 20% of the price of Bitcoin, which was trading at US$2,715. Given that the two may have different characteristics and their price will start moving independently fairly quickly, having two different bitcoins should not be a headache to casual investors. Bitcoin cash seems to be gathering momentum since its launch having backers supporting it. Whether there will be an eventual winner will depend on how the changes actually work in practice and for that, we will have to wait and see.




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What's actually going on?

Key miners and developers of bitcoin agreed last week to adopt a new way of operating the cryptocurrency. since the technology is open source, changes are made to its underlying code if agreed by a consensus of users. The new technology, called Segwit2x,which have been rivaled by a system called bitcoin cash which was launched on tuesday,has gradually been adopted by key players in recent days and appeared to avert a “civil war” over how to move forward.

Is technology changing?

Bitcoin is struggling to cope with a recent surge in popularity that has seen its price jump from about £750 at the start of the year to over £2,000 now.This has led to a boom in the number of bitcoin transactions that the existing technology is struggling to cope with. Bitcoin transaction is completed when a when a “block” is added to the blockchain database that underpins the currency.At peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency because at present, blocks are limited to 1MB every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa Segwit2x and Bitcoin Cash being the two rival proposals are both seeking to solve this problem in two different ways.

what differs?

To allow more transaction to take place, Segwit2x have propose to move some of bitcoin's transaction data outside of the block to a parallel track.After that happens, blocks would double in size some time in November. While Segwit2x propose the above, bitcoin cash does not rather the want to increase the size of each to 8MB.Its backers are sceptical that the Segwit2x plan will follow through with doubling the block size later on.




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On tuesday afternoon, an event known as the HARD FORK divided the virtual currencies online community thereby bringing a split in bitcoin. A disagreement arose amongst bitcoin major backers on its way forward which led to two competing strands. Traders are still unsure on what will happen next but the cryptocurrency price fell around 4pc to around $2,700 (£2,000) after the fork, while the predicted price of Bitcoin cash rose from just over $200 to about $370.




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As reported earlier today, Bitcoin Cash miners initiated the beginning of the fork on August 1 at 12:37 p.m. UTC at block height 478558. Now, six hours later Viabtc mined the first Bitcoin Cash block (nr 478559) at 6:14 pm GMT. This was followed by the second block (nr 478560) that was also mined by the mining pool Viabtc.

Also read: Fork Watch: BCH — The Ghost in the Exchange — Mostly

Bitcoin Cash is Born The Bitcoin Cash blockchain has successfully split away from the legacy chain as of block 478559. The block was mined by the China-based mining pool Viabtc at 2:14 pm EDT (6:14 GMT) and the pool also found the next block 478560 shortly after. The first Bitcoin Cash block was 1915175 Bytes or 1.9 MB in size, holding 6,985 transactions. This is much larger than BTC’s 1MB limit and approx. 3,000 transaction throughput. The mining pool Viabtc also wrote in the block’s Coinbase data “Welcome to the world.” The organization also showed excitement via Twitter stating;

Welcome to the world, Shuya Yang! And Bitcoin cash! Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions Block #478559 the first official Bitcoin Cash block mined on August 1, 2017, at 2:14 pm EDT. Bitcoin Cash Network Sees a Hashrate Increase, but a Swift Drop in Price Bitcoin Cash prices have dropped significantly since this morning’s high of $400 to a low of $220 at the time of writing. The price of BTC seems unfazed by the first blocks found and is still hovering around the $2740 range. Throughout forums and social media, everyone is talking about the fork. Of course, big blockers are celebrating the split while small blockers are waiting to see something bad happen.

Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions

At the moment the Bitcoin Cash hashrate is growing slowly and is currently operating at 247 PH/s or 3.9% of the BTC network hashrate. So far, at press time, five blocks total have been mined on the Bitcoin Cash network. will be sure to follow the split events closely so our readers can be informed every step of the way.




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On August 1st the Bitcoin fork called “Bitcoin Cash” or “BCC” will likely be introduced. For more information about BCC, Contact Us.

If the fork is successful you will automatically have the equivalent amount of BCC as the amount of BTC stored in your ZuPago.pe wallet. At the moment, the ZuPago.pe wallet does not support making transactions with Bitcoin Cash nor displaying a separate balance for it. We are, however, offering a tool to allow users to extract Bitcoin Cash from the ZuPago.pe wallet using the PDF wallet backup

What is Bitcoin Cash?
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate.

Is Bitcoin Cash different from 'Bitcoin'?
Yes.  Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash.  It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.


If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes.  Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block.  However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.

How is transaction replay being handled between the new and the old blockchain?
Bitcoin Cash transactions use a new flag SIGHASH_FORKID, which is non standard to the legacy blockchain.  This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa.


Why was a fork necessary to create Bitcoin Cash?
The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second.  Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate.

 
Alternatively, you can leave your Bitcoin in your ZuPago.pe wallet and extract it at a later date. Regardless of your choice, you can feel confident that all of your funds will remain safe as you continue making transactions. You can create a wallet here: https://Zupago.pe/




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