Mainstream media gets it all wrong, doesn’t understand Bitcoin at all. Even tech-focused journalists don’t seem to “get it”.Three major factors that have contributed to the recent price surge of Bitcoin most likely are the SegWit2x hard fork in November, introduction of national licensing program for cryptocurrency exchanges in Japan, and the rise in demand for Bitcoin in the US market by institutional investors.
Daily Roundup – October 12, 2017
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Bitcoin is digital money that is created and held electronically. At the core of bitcoin technology is a super database called the “blockchain.” The blockchain contains every transaction in the history of bitcoin and is accessible to anyone. A lot of people think that blockchain will eventually be used to process everything from stock trades to voting.
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an opportunity to buy the future and tuck it away, you should take it.
Over on Medium, the Seoul Bitcoin Meetup announced their opposition to the hard fork portion of the SegWit2x proposal.Among the companies listed as supporting the SegWit2x are Coinbase, ShapeShift, BitPay and Xapo, and claimed users of these exchanges may find themselves switched into a new coin without consent.
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As a result, replay protection is currently in development, even though it is not contained on GitHub as of right now. With only one developer working on Bitcoin Gold to this point, things have not been going terribly smoothly. However, a second core developer has been added on, and the code should be on GitHub in the next two weeks. It will be interesting to see whether this promise is upheld.
Users Can Now Store and Exchange Bitcoin Cash Via the Blockchain Wallet
SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFX – Simple as Never Before, SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers simple and transparent trading conditions. Earlier today, on October 12, the Bitcoin price achieved a new all-time high at $5,220, despite the uncertainty surrounding the SegWit2x hard fork in November.
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Featured image from Shutterstock.October 12, 2017 • By David Zeiler Leave a Comment
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Mainstream media gets it all wrong, doesn’t understand Bitcoin at all. Even tech-focused journalists don’t seem to “get it.”Bitcoin is far more transferable than traditional fiat currencies (like the physical dollar, euro, and yen)… And it works just as well as any mobile transaction. I can open my phone and securely transfer $100,000 of bitcoin (or more) straight into your digital wallet in an instant.
Bitcoin.org Publishes List Against Businesses and Miners Supporting the 2X Fork
in a special live webinar on October 18 (or the morning of October 19 here in Asia). This webinar will be a unique opportunity to expand your understanding of cryptocurrencies. You don’t want to miss it.
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Over at the Blockchain blog, the bitcoin and ether wallet provider announced that they will refer to the chain with the most accumulated difficulty after the SegWit2x hard fork as the true version of Bitcoin.The mining process then starts over again, with a whole new bunch of transactions bundled into a new block, and the miners all compete again to find the correct hash value.
/ Bitcoin News / Blockchain Wallet Finally Wraps up Bitcoin Cash Integration
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tended downwards since its release, with each new wallet reveal coinciding with further selling pressure pushing prices lower.Never Miss Breaking Bitcoin News Again: Through our free Profit Alerts service, have breaking Bitcoin stories sent directly to your inbox.
Bitcoin.org Lashes Out Against SegWit2x Supporters
Although SegWit2x maintains strong support from major industry players like Coinbase, BitPay, and Xapo, a litany of smaller companies have withdrawn their signatures from the New York Agreement as SegWit2x’s scheduled November implementation has gotten closer. However, SegWit2x supporters continued to point to the fact that roughly 95% of the mining hashrate was signaling approval for the hard fork.
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No matter how big bitcoin gets, it will never be gold.
Noting these developments, some analysts theorize that traders and investors are skeptical that SegWit2x will execute the hard fork next month, leading to the present rally that has lifted the bitcoin price to a new all-time high above $5,200.
While about the unfinished Equihash implementation, the BTG team admits that the consensus change hasn’t been finished yet. On being questioned about the project implemented pre-mine, the team states that it was just fundraising ideal since July month. The previous fundraising idea didn’t mirror the creativity and collective vision of the expanded team. And it’s the reason behind describing the idea in July and taking it down from the site. Though, the BTG response states that the team might not remove the premine code and stresses the project is made up of “volunteer contributors.”
In the current week, one person turned around Whois background search on the Bitcoin Gold website and noticed that the site owner owns a lot of cryptocurrency domains. The individual also found the project’s latest consensus algorithm is incomplete and the replay attack security has not been added yet. The person also found that there isn’t much progress with the code of the project that is just 2 weeks away. In the end, the BTG fork project has a premine implemented into the code; it means the developers will get a significant amount of BTG on its start.
Members of the Seoul Bitcoin Meetup have released a formal statement opposing November’s SegWit2x Bitcoin hard fork.Blockchain, the popular cryptocurrency wallet and block explorer service created in August 2011, has revealed users can now access Bitcoin Cash (BCH) through the firm’s wallet. The company who provides over 17.5M bitcoin wallets initially announced BCH support back in August. Blockchain said at the time it would be monitoring the BCH blockchain for a few weeks, and the startup’s previous statements also stated that it would only provide “limited access” to BCH funds. The London-based wallet provider now states:The Bitcoin Gold hard fork has caused a lot of confusion and controversy over the past few weeks. Considering that this will be yet another airdrop issued to Bitcoin holders, a lot of people will be looking to claim their free BTG balances first and foremost. However, the Bitcoin Gold team recently took it upon themselves to clear up some of the misconceptions about their project. Below are some of the main points they addressed in a document released Tuesday.
refocused on the upcoming SegWit2x hard fork set for November 18.
According to the team, Bitcoin Gold will be a community-driven effort. Without proper funding, it remains to be seen how the developers of this project will keep up over the coming months and years. A detailed development plan will be presented to the public in the coming days, although it remains a bit unclear what that will contain.More and more Bitcoin wallets are enabling support for Bitcoin Cash right now. Blockchain.info is the latest one to do so in this regard. It is unclear what took the company so long, but the end result is what really matters.Users can now effectively store their BCH balance in the wallet. Moreover, outstanding balances have been credited. A welcome turn of events, even though BCH continues to struggle for traction.
By Jack Delaney, Associate Editor, Money Morning • October 12, 2017
According to CNBC, the bitcoin price reached an all-time high of over $5,300 today.SegWit2x appears to have made an enemy of South Korea’s Seoul Bitcoin Meetup, which has confirmed its “staunch opposition”.
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Non-Custodial Access to Bitcoin Cash Blockchain also details users can “store, exchange, and send” BCH funds by switching their preferences in the wallet’s general settings tab. The company says in the future Blockchain may add expanded support for the decentralized currency. Blockchain just recently raised $40M from well-known investors, and CEO Peter Smith told news.Bitcoin.com about the company’s growth and plans for expansion. Alongside this, the wallet has also integrated the cryptocurrency ethereum and users can toggle between both of those cryptocurrencies as well. Blockchain details users can be confident they also maintain full non-custodial access to their Bitcoin Cash reserves.
On the obligatory Customs Declaration form, provided by U.S. Customs and Border Protection, I notice I’m required to answer “Yes” or “No” to the following:
If institutional investors continue to express their optimism toward Bitcoin and the support for SegWit2x declines, the Bitcoin price would be able to position itself for another strong rally.
“Normally, when the price of Bitcoin increases by over 10 percent, it tends to correct its short-term surge, providing a more stable platform to build momentum and achieve new highs,” the report read.
On October 11, the web portal Bitcoin.org published its controversial hard fork warning update that contains a list of companies and services that have pledged to support the Segwit2x hard fork this November. The website operators believe the 2MB fork is not supported by the majority of users and developers within the bitcoin ecosystem, and therefore consider the Segwit2x project a shift towards an incompatible “altcoin.”“Therefore the longest chain as seen by most mobile wallets may not be the true blockchain — As a result of this, spending money from a mobile wallet during a hard fork is dangerous,” Bitcoin.org’s warning states.