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Korean Top bitcoin Exchanges on Bitcoin Cash

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'

Korean Top bitcoin Exchanges on Bitcoin Cash

Bitcoin exchanges in South Korea have been preparing for the planned user-activated hard fork (UAHF) on August 1. Some have announced their support for Bitcoin Cash (BCC), the new cryptocurrency that is expected to result from the event, while others have not yet decided.

The South Korean won is currently the third-most traded currency for bitcoin worldwide behind the Japanese yen and the US dollar, according to Coinhills. As bitcoin exchanges worldwide prepare to deal with the possible upcoming UAHF and the resulting Bitcoin Cash cryptocurrency, bitcoin exchanges in South Korea have also clarified their positions.

Bithumb

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The largest bitcoin exchange by volume in South Korea, Bithumb, is one of the first exchanges to announce its support for Bitcoin Cash. The platform has approximately 75.7 percent market share of the domestic market, according to the Korea Herald. The exchange has announced that “during the forks, from 2017-07-31 00AM to 2017-08-07, we will suspend bitcoin deposits and withdrawals. And Bithumb is not responsible for any desposits (transactions) during those period.” In addition, the exchange expects to list BCC on August 3, adding that:

Bithumb supports BCC and users can get BCC at 1:1 ratio with bitcoin. BCC Withdrawal will be available after August 7 and the date is changeable due to circumstances.

Korbit

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'South Korea’s second largest bitcoin exchange Korbit, with 17.6 percent market share, announced that “we will be halting all bitcoin deposits and withdrawals several hours before the UASF event.” The suspension “may last a day to several days,” the exchange advised. Customers wanting to access their bitcoins soon afterward must withdraw them before August 1. The suspension will be lifted once Korbit believes the Bitcoin network has become stable.

In addition, Korbit stated, “we will stop buy orders of the other digital assets (Litecoin, Dash, Zcash, etc.) when we halt bitcoin deposits and withdrawals, and we will stop sell orders for a short period before and after the UAHF.” As for Bitcoin Cash support, the exchange stated:

In the event that Bitcoin Cash gains traction, we may enable Bitcoin Cash trading, within a few days after the UAHF, if and when we deem it safe to do so. If we do, we plan to allocate to our users Bitcoin Cash at a 1:1 ratio with Bitcoin based on users’ Bitcoin balance at the time of the UAHF

Coinone

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'The third largest bitcoin exchange in South Korea with 6.7 percent market share, Coinone, announced that bitcoin deposits and withdrawals were suspended from July 28 at 6pm. Customers wanting to trade immediately after the hard fork needed to have withdrawn their bitcoin by that date and time. The exchange added:

Coinone has not yet decided whether or not to support BCC officially. We will consider whether to support BCC in consideration of technical issues and the bitcoin ecosystem in the future.

Coinplug and Coinnest

Fork Watch: Korean Bitcoin Exchanges Divided on 'Bitcoin Cash'Bitcoin broker and exchange platform Coinplug announced on Friday that it is suspending bitcoin deposits and withdrawals on July 30 at 0:00 KST. Services will be resumed once the exchange feels that the network has stabilized.

“After the UAHF hard fork we will monitor BCC carefully and once we feel that BCC is safe and gains noticeable traction within the community we may enable BCC trading at our exchange,” Coinplug wrote. “If we do decide on BCC trading, you will be allocated an equal amount of Bitcoin Cash at a 1:1 ratio with bitcoin based on your bitcoin balance at the time of the UAHF hard fork.”

The smaller bitcoin exchange Coinnest also announced its support for Bitcoin Cash. The exchange has posted a notice on its website stating that customers holding bitcoin in a Coinnest wallet at midnight on July 31 “will receive the same amount of BCC” as bitcoin.

Do you think all bitcoin exchanges in South Korea should support Bitcoin Cash? 

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Indian Bitcoin Top bitcoin Exchanges no will

Fork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash'

Fork Watch: Indian Bitcoin Exchanges Will Not Support ‘Bitcoin Cash’

India’s top bitcoin exchanges have announced that they are either not supporting or have not planned to support “Bitcoin Cash,” the new cryptocurrency that is expected to result from a user-activated hard fork (UAHF) on August 1. The exchanges have also announced that they will be suspending bitcoin deposits and withdrawals during that time.

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India has three major bitcoin exchanges; Zebpay, Unocoin and Coinsecure. All three have made announcements regarding Bitcoin Cash, as well as how each plans to suspend bitcoin services during the planned hard fork.

Zebpay

ZebpayFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be the biggest bitcoin exchange in India. Its app surpassed 500,000 Android downloads in May and ranked as the 7th most popular finance app in the Apple app store in June.

The company announced on Thursday that it will neither support Bitcoin Cash (BCC) nor its trading, stating that:

If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July. Bitcoin Cash will not be available for customers who leave bitcoins in Zebpay.

In addition, the exchange is suspending bitcoin deposits and withdrawals from July 31 at 10 pm to August 2 at 10 am.

Unocoin

UnocoinFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s most popular bitcoin company with a focus on merchant services. The platform reported having over 300,000 registered users and trading volume of more than 200 million INR each month.

The company announced last week its contingency plan for the hard fork. While the exchange will support the chain with the majority, it stated:

Unocoin has not planned or equipped to support other shorter and weaker chains if they pop up.

The company also announced a system maintenance of the site between July 30 and August 4 “to avoid any loss of customers’ coins via replay attacks and to choose the longer and safer chain to go with.” This period may be extended if necessary.

Coinsecure

CoinsecureFork Watch: Indian Bitcoin Exchanges Will Not Support 'Bitcoin Cash' claims to be India’s fastest 24/7 real-time bitcoin trading platform. The company has announcedthat “to ensure the safety of customers’ funds, we will temporarily suspend BTC deposits, withdrawals, and buy/sell starting approximately 24 hours before activation of either fork.” In addition, the exchange stated:

If you do wish to have access to coins on the other forked chain or access your BTC during the fork, you should send your BTC from Coinsecure to your external address by July 30th.

What do you think about the standpoint Indian Exchanges are taking on Bitcoin Cash? Let us know in the comments section below.

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‘Bitcoin Cash’ Support Grows as August 1 Draws Near

 ‘Bitcoin Cash’ Support Grows as August 1 Draws Near

 The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC.

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Major Exchanges Embrace Bitcoin Cash

Multiple bitcoin exchanges have signaled support for ‘Bitcoin Cash.’ This news comes alongside the inevitability that a UAHF event will occur.

Last week, Bitcoin.com detailed many of the exchanges and platforms that will be rejecting Bitcoin Cash (BCC), but now more appear to be settling into the idea that it will exist as a legitimate digital token. At the time of writing, futures of BCC are being traded on Viabtc’s exchange for roughly $390.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

Kraken

The large bitcoin exchange Kraken made an announcement yesterday in support of Bitcoin Cash. They said they will be providing users with the ability to trade it on their platform. They pledged to credit clients with an equivalent amount of Bitcoin Cash based on their current holdings of bitcoin.

Although the Bitcoin Cash fork is expected to be minor, it may be successful. Provided that unforeseen circumstances do not make it prohibitively unsafe or difficult for us to do so, Kraken will support Bitcoin Cash…

However, Kraken warned margin traders on their platform to “be very cautious across the fork.” They were told to either greatly reduce their position or cease margin trading altogether to ensure a smooth transition. In the least, they should set stops and not rely on Kraken to function optimally while the fork is in progress.

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Bitfinex

The bitcoin exchange platform Bitfinex also announced they would be supporting bitcoin cash. They plan on providing an amount of bitcoin cash tokens equivalent to that of bitcoin in their customer’s wallets.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

They said, “A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.”

The company, however, mentioned they will not be using “BCC” for the bitcoin cash ticker symbol. They said it is already in use on their platform. Instead, they will use “BCH.” The company will distribute BCH tokens with the UTC timestamp of the first forking block, which will occur August 1. Their page contains details on how they plan on ironing out the kinks and managing technical issues.

 Hardware Wallet Company’s Support Bitcoin Cash

Besides exchanges, major hardware wallets manufacturers are also supporting Bitcoin Cash. Both Trezor and Ledger have provided details on securing bitcoin cash in their wallets when the fork occurs.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

Trezor wallet said they can safely adopt bitcoin cash functionality with their wallets since the currency supports replay attack protection. They said, “Bitcoin Cash has implemented the necessary protection against replay attacks, meaning Trezor can support the currency safely. We will provide an interface, accessible from Trezor Wallet, where you can access and safely claim your Bitcoin Cash coins. You will be prompted by Trezor Wallet once you select ‘Bitcoin Cash’ in the currency selector.”

As a result of the in-built replay attack protection, Ledger will also provide full functionality for bitcoin cash via their wallets. They say users will be able to gain access to bitcoin cash after the fork by using a special tool. They said users could view bitcoin cash currency as “free air-dropped money.”

As a result, all bitcoin holders will be granted a new duplicated Bitcoin Cash balance (literally airdropped free money) if the fork activates — this post and the follow ups will describe how you can best secure this new balance, then decide to trade it, hold it or sell it as you wish.

Both hardware wallet companies wrote details on their page explaining how to respond to the fork and gain access to freshly minted bitcoin cash.

Many Company’s Working With Bitcoin Cash; Protect Your Keys

Several other exchanges and wallet providers are also signaling their support for the hard-forked token. Exchanges include Quoinexchange, Viabtc, Kcoin, Btcbox, Bithumb, Kex, Mercury Cash, Huobi, Quadrigacx, Toubi, Korbit, Bittrex, and Btcpop. Wallet providers who are adopting Bitcoin Cash include, Bitcoin ABC, Bitcoinclassic, Electrum Cash, and btc.com.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

The exchange Quoinexchange said, “We have also received many inquiries regarding BCC (Bitcoin Cash) crypto currency. As an exchange, our goal is to provide a fair exchange platform which is highly secure and compliant. As a result of the fork, users that hold BTC in their balances at the time of the fork will be credited equivalent BCC. If your account balance at the time of the fork holds 1 BTC, you will be credited 1 BCC.”

These announcements seem to suggest stronger community backing for the fork token. It does not look like the currency will die immediately in the rip and roar of the fork. The future of the digital asset remains uncertain, for sure.

However, the basic rules of forks still apply to everyone regardless of what happens: keep private keys safe. No matter what coin wins out, every bitcoin user should try to maintain their coins with their own securely held private keys. This ensures that control of both coins remain in the user’s hands.

Will bitcoin cash continue to grow after Aug 1? Will it have more supporters? 

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BIP 91 Locks In: What This Means for Bitcoin

BIP 91 has officially locked in.

At press time, bitcoin’s miners, the network of computer operators that secure the blockchain, have now been signaling that they will upgrade the code for 269 blocks in the same signaling period, a move that takes the software one step closer to changing its structure to accommodate more transactions.

Stepping back, the move finds miners agreeing to cement the first part of a larger effort to upgrade bitcoin, called Segwit2x.

The controversial proposal seeks to change the transaction structure of the network via Segregated Witness, and increase a cap on the amount of data that can be stored in transaction blocks, a move tentatively scheduled for later this fall.

With the signaling, mining pools nearly unanimously rallied behind the proposal, and BIP 91, designed partly to avoid a potential bitcoin split in the network, emerged as the first major step in following the roadmap.

In response, bitcoin saw a sharp price increase on Thursday due to the perceived forward progress, with some calling the BIP 91 lock-in a victory marking a “new dawn” for bitcoin.

But, the lock-in is just the first step to activating SegWit on the network, and other steps come with a bit more complexity.

Specifically, the following things need to happen for it to activate:

  • There will be a 336-block “grace period,” taking about two and a half days, during which miners have time to prepare for activation.
  • BIP 91 will activate at block 477,120. Theoretically, mining pools will start rejecting blocks that do not signal support for SegWit (BIP 141). In this way, BIP 91 is a “coordination mechanism” that gets other mining pools to follow along or lose out on mining rewards.
  • SegWit could lock-in during the next difficulty adjustment period of 2016 blocks, which takes about two weeks.

The latter is when Segwit activation is “all in the clear,” as BIP 91 creator James Hilliard put it.

That’s when bitcoin’s SegWit upgrade will be official, and an upcoming user-activated soft fork (UASF) proposal, BIP 148, superseded.

Possible hiccups

But some community members, including respected bitcoin developers and mining pool operators are raising concerns about possible missteps between the time BIP 91 is activated and SegWit locks in.

These concerns boil down to:

  • Thinking miners might not be running the software they signal. If enough mining pools – over 50% – are not running the software, it could impact whether SegWit goes through or not.
  • Speculating that mining pools might run the correct software for a while, then stop before SegWit locks in.

In simpler terms, some bitcoin users don’t trust others to keep their word.

Bitcoin Core contributor Bryan Bishop seems like one of those, suggesting via Twitter that one potential outcome is SegWit not activating at all this time around, even though a few scaling proposals are coming to a head soon.

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But Hilliard waves that apprehension off. “There’d have to be a lot of mess ups,” he told CoinDesk.

For him, it just doesn’t seem likely since lock-in has recently been at the top of mining pool operator’s priority list. Behind the scenes, he and other pool operators have been restlessly working to ensure BIP 91 goes according to plan and bitcoin transitions to the new ruleset smoothly.

Plus, even more Core contributors, who have been largely opposed to Segwit2x, are helping smooth the transition. Bitcoin Core contributor Matt Corallo has been making updates to FIBRE, the fast block-relaying network miners use, which Hilliard said is “probably what’s holding a lot of this together.”

It seems many people want to see BIP 91 succeed, likely in an effort to supersede more aggressive alternatives such as BIP 148. While Hilliard agrees with the concept of a UASF, he believes BIP 148 could be riskier than BIP 91.

And finally, because transitioning to the new BIP 91 rules relies on mining pools alone, Hilliard said:

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1 august bitcoin fork

What’s going on?

For a few years, there has been a large debate in how to handle scaling in Bitcoin – currently, most blocks are hitting the blocksize limit of 1 MB, resulting in high fees, low transaction throughput, and slow transactions.

There have been several attempts to solve this scaling issue. Unfortunately, none of them have been a clear victor, leading to multiple factions being formed. Each faction favours their solution and believes opposing factions will lead to the ruin of Bitcoin.

Currently, one of these proposals, known as the User Activated Soft Fork (UASF) is scheduled to go live on 1 August, 2017. Another group of miners has stated their intention to create another fork of the Blockchain if UASF is indeed activated, splitting the Bitcoin chain into two.

1August.org does not aim to pick sides in this debate. Our purpose is to help the regular bitcoin users safeguard their coins prior to a fork.

What should I do?

When a Cryptocurrency forks, it results in duplication. Any transactions, and coins that were present prior to the fork are valid on all subsequent chains. It is in your best interest to control your coins in a manner that gives you the flexibility to transact on both chains. A well-known previous example of this is the Ethereum and Ethereum Classic split.

The only way to protect yourself in the event of a fork is to ensure that your Bitcoins are under your control. If your coins are stored on an exchange such as Coinbase, Bittrex, Bitfinex etc. or on an online wallet such as Blockchain.info, you are forced to use whichever bitcoin fork they choose to support.

To completely control your bitcoin, you must be in control of your private keys. A private key is what allows you to spend your Bitcoin, and must be kept safe. There are two ways to be in complete control.

1. Wallet Applications – Also known as hot wallets, these are programs that run on your computer or mobile phone that are capable of generating Bitcoin addresses, creating transactions, and more. Most such programs allow you to export your private key, which can then be imported into another wallet application. These wallets allow you to make Bitcoin transactions without giving up the power to maintain control of your coins in the event of a fork. However, due to being stored on your device, they are more susceptible to theft through malware and hackers.

2. Paper Wallets – Also known as cold storage, paper wallets are Bitcoin addresses generated on a device with no internet access, and then printed out and kept safely. They have the advantage of being far more secure, as the only way to access your Bitcoin is to physically access the paper wallet. They also have the disadvantage of not being able to easily use your Bitcoin, as you would first need to import the wallet into a wallet application connected to the Bitcoin network, or manually create and sign transactions on an offline device, before broadcasting the signed transaction from a connected device.

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    • WALLET APPLICATIONS
    • PAPER WALLET
    • HARDWARE WALLET

Wallet Applications

There are multiple wallet applications you can use to secure your Bitcoin. We provide steps for Electrum and Mycelium, but they are largely consistent across other wallets.

Electrum

Download Electrum

Electrum is arguably the best lightweight Bitcoin wallet available. To get started, download and install Electrum, and carefully note down the mnemonic seed generated by it. This seed is used as the root of your private keys, and can be used to recover your bitcoin in case your Electrum install, harddrive, or computer are destroyed.

Transfer any bitcoin from an exchange or online wallet to an address provided to you by Electrum. This must be done prior to August 1st, 2017 to allow you to work on both sides of the fork.

To export your private keys, simply go to Wallet->Private Keys->Export in the menu options. You must never share the output of this with anybody, as they will be able to access any bitcoin at any of the addresses in your Electrum wallet immediately.

Mycelium

Download Mycelium

Mycelium is one of the most stable Android and iOS wallets available. To get started, download and install Mycelium, and carefully note down the mnemonic seed generated by it. This seed is used as the root of your private keys, and can be used to recover your bitcoin in case your Mycelium install, harddrive, or computer are destroyed.

Transfer any bitcoin from an exchange or online wallet to an address provided to you by Mycelium. This must be done prior to August 1st, 2017 to allow you to work on both sides of the fork.

To export your private keys, simply go to Accounts, then select your HD Account and select “Export” from the menu options. You must never share the output of this with anybody, as they will be able to access any bitcoin at any of the addresses in your Mycelium wallet immediately.