Bitcoin Cash Gains More Infrastructure In the Midst of Segwit2x Drama
This week the Bitcoin Cash (BCH) ecosystem is seeing further infrastructure growth as wallet providers, merchants and exchanges continue to announce BCH support. The entire BCH network is seeing improvements every day, while the legacy chain and Segwit2x supporters argue relentlessly.
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Bitcoin Cash Revamps Its Website, While More Infrastructure Support Flocks to the Network
The Bitcoin Cash network is currently closing in on two months of existence, and has so far seen an abundance of infrastructure support over the past few weeks. This week the company Bitpay added BCH support to its Copay wallet giving BCH proponents another credible open source light client. Additionally, the popular exchange Bitstamp enabled BCH withdrawals, and the currency will be available for trade on the platform in three days. Alongside this, Xapo has announced that BCH withdrawals are available and that customers must send the funds to a valid external BCH account before December 14th.
In addition to a few businesses supporting BCH or allowing withdrawals, the project also has a revamped website. Bitcoincash.org has a few new features, like a live feed of the current market value of BCH against USD, EUR, JPY, and CNY. The site also has a large list of full node clients, wallets, services, and exchanges that list BCH for trade. As far as on-chain scalability is concerned, the development team says research is underway to allow massive future increases.
The Accept Bitcoin Cash Initiative
Another website called “The Accept Bitcoin Cash Initiative” was also created for the nascent BCH network. The web portal is a community-curated list of sites/merchants that accept bitcoin cash and users can submit new sites/merchants to the Github repo. Currently, the site has a list of merchants and service providers with categories like food, entertainment, cloud services, social media, gambling, VPN services and more.
“This site was built as a means to connect consumers and merchants, while spreading awareness and promoting global adoption of Bitcoin Cash,” explains the Accept Bitcoin Cash Initiative website. “It is our hope that as time goes on, more and more sites will be accepting Bitcoin Cash as a fast and secure payment method, with the added benefits of low fees, no third-party, atop a very strong decentralized network.”
BCH Market Value Stays Relatively Stable As Both Chain’s Mining Profit Parity See Minimal Fluctuations
The value of bitcoin cash is currently hovering around the US$450 price range, and has dropped to the fourth position in regard to cryptocurrency market capitalizations, due to Ripple (XRP) seeing a 10 percent price spike. BCH markets are seeing lighter volumes than weeks prior as the digital asset is averaging roughly $150M in 24-hour trade volumes this week. At press time the BCH chain is operating at 9.69 percent of the legacy chain’s difficulty and BTC is 3 percent more profitable to mine. However, mining profit parity between both chains has been relatively the same since August 27 with very minimal changes.
The Bitcoin Cash Lifeboat in a Sea of BTC Drama
The BCH community seems pleased with all the infrastructure building taking place within the new network environment. Currently, Core supporters are busy focusing in on the upcoming November Segwit2x hard fork and seem to be paying little attention to bitcoin cash. Quite a few speculators believe bitcoin cash might be a lifeboat if things get messy between Core and Segwit2x supporters.
What do you think about the Bitcoin Cash network’s past two months of progress? Let us know what you think in the comments below.
Images via Shutterstock, the Accept Bitcoin Cash Initiative, Bitcoincash.org, Coindance, and Coinsalad.
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