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what is the real news on bitcoin

Bitcoin has been struggling recently after a period of stability, suddenly moving sharply lower at the end of last month. Now, new data has suggested the slump in the bitcoin price might be more to do with the "coming of age" of bitcoin and cryptocurrency markets—with exciting new competitors distracting investors from the long-time crypto poster-boy. Many bitcoin and cryptocurrency watchers had hoped that bitcoin's reputation as "digital gold" would mean it began acting as a so-called safe haven asset , with investors buying into bitcoin at times of political and economic uncertainty.

This appeared to happen earlier this year, until the bitcoin price moved sharply lower as gold and the Japanese yen, two traditional safe havens, climbed. The bitcoin price hit a year-to-date high earlier this year, thought to be due to the interest in Federal Reserve's plans to pump cash into the financial market to boost bank balance sheets and drive inflation.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict. I write about how bitcoin, crypto and blockchain can change the world.

Share to facebook Share to twitter Share to linkedin Bitcoin has been struggling recently after a period of stability, suddenly moving sharply lower at the end of last month. Billy Bambrough. Read More.

what is the real news on bitcoin

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All over the world, the real estate industry is taking note of how profitable it is to sell real estate with Bitcoin. For example, leading Turkish real estate agency Antalya Homes reports that it sold nine properties using Bitcoin as payment in After switching objectives a few times during the hash wars, Calvin Ayre finally outlined the real aims of the Bitcoin SV project. Since its creation, Bitcoin Cash BCH , the altcoin born after the most important fork in the Bitcoin blockchain has generated a lot of controversy in the community because of the determination of its leaders to proclaim the altcoin as the real Bitcoin, even though nobody shares that opinion outside this circle. Incidentally, it also remains as the most prominent despite the competition with several hundred other cryptocurrencies that have been launched since. Bitcoin is flowing out of China, into California mansions — and changing global real estate patterns. Although it seems evident the Bitcoin price is going up in value, most of the altcoins do not benefit from this momentum. The Dash price is the only real exception in this regard, thanks to a relatively solid uptrend in the past 24 hours. All cryptocurrency markets find themselves at a very interesting crossroads.

what is the real news on bitcoin

Notorious dark web criminal makes $100k bitcoin price prediction

The following opinion piece was written by Jonald Fyookball. But why does it exist? Is it a cheap copy of Bitcoin? A pump-and-dump scheme? An attempt to hijack the brand and attack Bitcoin? In my estimation, the opposite is true. Bitcoin What is the real news on bitcoin was born not out of greed, deceit, or opportunism, but rather from the passion of the community who wanted to see Bitcoin continue as peer-to-peer electronic cash. The August 1st fork was and still is a divorce with heated emotions on both sides.

Bitcoin, from the early days, was touted as a low fee solution to global payments. It would have never gained any traction to begin with had it not been superior in this regard.

This has been practically forgotten by the Bitcoin Core supporters. Case in point: The Bitcoin. Although fee rates have declined since December, they have no choice but to rise again if more people want to transact. Because transaction capacity is limited, you are unlikely to get your transaction included in the next Bitcoin block unless you pay a higher fee than everyone else who is waiting.

This makes the network unreliable and in some cases, unusable. Even if you pay a reasonably high fee, it is possible for your transaction to get stuck for hours or days as more and more users jump ahead of you with ever greater fees. However, that waiting period was increased to 2 weeks.

This is the exact opposite of a reliable payment network. Bitcoin Cash, on what is the real news on bitcoin other hand, has plenty of space in the blocks. It is reliable. It is the Bitcoin we all knew and loved. When Bitcoin hit the scene, it was so exciting because any individual could send money to anyone on the planet…almost instantly, without high fees, and without permission from.

It was all about Electronic Cash that was cheap, fast, and secure, and it was all about being able to make payments. Since transaction fees on BTC have skyrocketed, its supporters have moved away from that narrative.

Sadly, for BTCthe Core developers never gave on-chain scaling a chance, and took an extremist position against permitting. One of the most obvious lies has been that most users need to run their own full nodes. This is false in both theory and in practice.

They claim that bigger blocks make it harder to run validating nodes, but this is not what makes Bitcoin secure, and it not what makes Bitcoin decentralized. Only mining nodes secure the Bitcoin network.

Most users can run an SPV wallet like Electrum and they will be just fine. A transaction is confirmed once a miner includes it in a block. Transactions not yet included in a block are unconfirmed but are expected to be included in a block soon. Historically, this has been relatively safe for small to medium sized transactions.

However, with a congested network and uncertainty over when if ever your transaction will be confirmed, the security and reliability of 0-conf is destroyed.

It attempts to fix some of the problems of high fees by allowing users to replace their transaction using a bigger fee. However, it makes double-spending very easy, which essentially kills 0-conf transactions. Bitcoin Cash implementations do not use RBF, and the network is uncongested, making 0-conf possible. Although some people have done well investing in cryptocurrencies, the foundation is about creating a better form of money.

Because of the high fees and poor user experience, Bitcoin legacy BTC has been going backwards and losing merchants. Bitcoin is a humanitarian project. Decentralization is one of the main tenets of Bitcoin. Yet, that is exactly what has been happening in Bitcoin. Although hundreds of individuals have contributed to the project, there is only a tiny handful of people about 5 that have permission to merge code changes.

This is unavoidable because ultimately, there needs to be a decision maker for each project. The way to decentralize development is not to have contributors on a single code repository, but rather to have several competing implementations. Although Bitcoin ABC was the first Bitcoin Cash implementation, and is perhaps currently the most influential, there is also Bitcoin Unlimited, Bitcoin XT, Parity, and Bitprim… and each of those groups has considerable weight within the Bitcoin Cash community and with the miners, who ultimately make what is the real news on bitcoin decisions.

And when Bitcoin is received, it is combined if there was more than one output. This is happening all the what is the real news on bitcoin, even though you might not give it much thought.

Yet, high Bitcoin fees make combining unspent outputs very expensive. So, the functionality is hampered. The privacy and fungibility of the coin is also compromised as users tiptoe around this problem by minimizing their transactions. But… tiptoeing only goes so far. It may be worth it if you are transferring large amounts of capital and can afford to pay the high fees.

But for the rest of the world, being priced out of using the blockchain is the quintessence of economic censorship. A second layer solution, namely the Lightning Network, does not help. Those hubs, as they grow larger, will come under increasing regulatory pressure as money transmitting businesses… and they cannot be effectively routed around for the same reasons that they exist to begin. Out of the two systems, only the original blockchain-based Bitcoin system, with low fees, is truly what is the real news on bitcoin resistant.

That system is Bitcoin Cash. SegWit took the digital signatures that were part of every transaction, and moved them to a separate i. SegWit changes. The following diagram illustrates the difference.

It comes from Dr. If even none of the signatures exist, or maybe none of the signatures were even real to begin with, Carol can still validate the chain of custody. Bitcoin Core supporters will rebut this by claiming that the structure is irrelevant, since miners will not accept blocks without valid signatures. But this is not the whole story. It leads to a much deeper discussion, including the fact that miners no longer even need to download the signatures since they are now separate from the transactionswhich disincentivizes miners from verifying.

Thus, the security incentives are dangerously shifted. Even if you believe SegWit is a good idea, it is obvious this is a huge change from the original Bitcoin code and design. Bitcoin Cash rejects SegWit and intentionally forked off before SegWit activated, preserving the integrity of the Blockchain.

But many of the Bitcoin Script operation codes opcodes that would have allowed smart contract development have been disabled. That is why Vitalik Buterin left Bitcoin to create Ethereum. He was essentially told by the Core developers that his ideas and plans were not welcome in Bitcoin.

And today, Ethereum dominates as a smart contract platform. Bitcoin Cash is scheduled to re-introduce some of the lost functionality back to Bitcoin, enabling all kinds of exciting projects. However, there is one major argument for Bitcoin Core — it still has the majority of hashpower and the most accumulated proof of work. So, how is it possible to have a dozen solid reasons in favor of Bitcoin Cash, and yet it is still a minority chain?

Many people, even some industry veterans, do not really understand Bitcoin Cash. Bitcoin also retained the brand name, the ticker symbol, the first mover advantage, and a huge network effect.

These things take time to overcome. Do you agree that bitcoin cash is the real bitcoin, and if not, why not? Let us know in the comments section. Images courtesy of Shutterstock, and Bitcoin. This post was originally published on Medium.

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US Edition. Long reads. It has remained the cryptocurrency by market cap. CNBC Newsletters. It was originally described as a peer-to-peer electronic cash but the technology has evolved to emphasize being a settlement layer rather than a payment network. The cryptocurrency exchange is being sued by an ex-employee who alleges the company unfairly fired him for raising serious issues with its business practices. Iterative Capital is working with Breez on a point-of-sale app for bitcoin lightning payments. Health insurance. Bitcoin price sees 40 per cent gains to hit 'golden cross'. Federal Reserve's plans to pump cash into the financial market to boost bank balance sheets and drive inflation.

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