Exchanges to Support BCH ABC Hardfork

Exchanges to Support BCH ABC Hardfork

Several major exchanges have already announced their support for the soon-to-be BCH ABC upgrade; and Craig Wright, who backs BCH SV, is calling foul on an exchange’s short option for BCHABC/BCHSV

Binance, Bitfinex, BitPay, Coinbase, and Kraken announced they will be supporting the Bitcoin Cash ABC hardfork.

Binance would like to confirm support for the upcoming Bitcoin Cash hardfork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00 PM (UTC).

Binance statement

Initially Kraken will only support Bitcoin ABC, which follows the Bitcoin Cash upgrade roadmap published by… On November 15 Kraken will prepare its Bitcoin Cash (BCH) wallets to be Bitcoin ABC specific so that coins from any alternative chains will be retained and not sent out from our wallets in withdrawals.

Kraken statement

BitPay is advising its users to avoid transacting with BCH at least two hours before the fork as there is a possibility of risk of double-spending and lost transactions. BitPay also said it will not ‘migrate from Bitcoin ABC implementation of Bitcoin Cash’.

BCH/USD Trading Update

BCH consolidation has diluted at the start of the week. It is now trading at $516.38, down 5.26%. It has a market cap of over $9 billion, making it the fourth largest cryptocurrency.

Poloniex is Naked Shorting?

Poloniex opens the option for traders to trade BCHABC and BCHSV. According to a report, BCHSV surpassed BCHABC. But Craig Wright is not happy about the pre-trade offering, calling it a criminal offense.

BitMEX Research on the BCH Hardfork

Last week, 6 November, Finrazor reported that in anticipation of the upgrade, the research arm of BitMEX will be watching BTC nodes through Fork Monitor. The fork monitoring website is closely watching a total of 13 BTC nodes.

Bitcoin Cash

437.73 USD -3.73%
0.05000000 BTC 1.32%
Volume, 24h
413,284,164 USD
7,654,144,761 USD

Related news

Coinbase’s Brian Armstrong calls for a collective effort from crypto-businesses

Although cryptocurrency’s ability to become a global currency has been applauded by many, few understand its ripple effect on cross-border applications. A common example are OFAC rules that prohibit U.S. citizens from making transactions to countries such as North Korea and Iran. Brian Armstrong, CEO of Coinbase, recently shared the need for a collective effort […] The post Coinbase’s Brian Armstrong calls for a collective effort from crypto-businesses appeared first on AMBCrypto.

Coinbase Adds 5 Million Users in 10 Months, Bulls Returning?

San Francisco-based cryptocurrency exchange Coinbase signed up 5 million new users in the last ten months, according to reports. America’s largest cryptocurrency trading portal detailed its upside in a document. The paper showed that it had 25 million customers by the end of September 2018. The number went up sharply in 2019, a period which also witnessed an increase in bitcoin prices. As of July 2019, the US exchange had brought about 30 million users to its trading platform. Coinbase has passed 30million users this month(adding 5million users in the last ~10 months)#bitcoin — Alistair Milne (@alistairmilne) July 22, 2019 The period also saw Coinbase going through a string of significant in-house developments. In May 2019, the exchange announced that it had expanded its crypto-to-crypto trading operations in over 100 countries. The same time in 2018, Coinbase was available in only 32 states. The platform also listed new cryptocurrencies, including EOS, XRP, and a pool of other altcoins in the same timespan, bringing more communities to its shore. Notably, Coinbase also saw a lower number of hacks, especially around the theft at the world’s leading cryptocurrency exchange Binance. The firm is even shaking hands with regulators in the countries to which it is expanding or planning to expand in. Bulls and Coinbase: The Connection Historically, the number of signups at Coinbase shares an electrifying connection with the bitcoin bull bias. Statistics show that more users joined Coinbase during the price rallies than during the downside actions. Between November 2017 and March 2018, for instance, the US exchange added 7.3 million customers. That was the time when bitcoin price rallied from $8,795 to as high as $19,891, got dumped to $5,873, and prompted an altcoin rally. In the current scenario, the bitcoin price has jumped by more than 180% YTD – from $3,651 to $10,345 at press time. That coincides with the growth in Coinbase’s clientele, meaning more people are willing to interact with the cryptocurrency market. However, the trend on Google shows an apathetic picture. Internet users searching the keyword ‘Coinbase’ has significantly dropped in 2019 from where they were during the 2017 bull run. Coinbase Trend on Google Lower Compared to 2017 Bull Run | Image Credits: Google Trends The vast difference between the trend then-and-now could be due to users’ inclination towards non-US cryptocurrency exchanges. The absence of a clear framework for cryptocurrencies followed by negative remarks from US President Donald Trump, Federal Reserve Chairman Jerome Powell, and Treasury Secretary Steven Mnuchin, could have further slowed down the signups at Coinbase. But, overall, the upside proves that more users are interested in trying out cryptocurrencies. The entry of Facebook in the cryptocurrency arena has furthered bitcoin’s popularity among masses, with mainstream newspapers and TV media giving the asset more limelight than ever. Do you think the rising number of Coinbase accounts are bullish? Let us know your thoughts in the comment section below! Images via Shutterstock, Twitter @Alistairmilne, Google trends The post Coinbase Adds 5 Million Users in 10 Months, Bulls Returning? appeared first on

Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash

On June 12, the Honestnode team announced the release of a new stablecoin project built on top of the Bitcoin Cash network called Honestcoin (USDH). The new token was made using the Simple Ledger Protocol (SLP) and recently launched on the cryptocurrency trading platform Coinex. This week spoke with the founder of Honestnode, Jian Shi, to learn more about this new stablecoin. Also read: Coinex Exchange Lists the first SLP-Based Stablecoin Built on Bitcoin Cash A Discussion With the Founder of Honestnode Over the last few years, stablecoins have become a popular vehicle within the cryptocurrency landscape and since the birth of tether (USDT), there’s been a decent number of launched stablecoins on networks like Omni Layer, Ethereum, and Tron. These stablecoins have been collateralized in different ways. Now the Bitcoin Cash network has a stablecoin called honestcoin (USDH) which was created using the SLP platform by the Honestnode team. USDH is a regulated stablecoin backed 1:1 for U.S. dollars and the Honestnode team aims to build various forms of infrastructure to support the token’s use cases. spoke with Honestnode founder and CEO, Jian Shi, who discussed how the company plans to bolster the potential of cryptocurrencies and blockchain solutions. (BC): Can you tell our readers a little about Honestnode? Jian Shi: Honestnode has created a regulated and secure stablecoin called honestcoin (USDH), and is building a diverse set of value-added application scenarios and tools to support its end-users. This will provide the Honestnode users with a stablecoin that is truly valuable in both the cryptocurrency world and the real world. Honestnode’s ecosystem consists of six primary products: Honestcoin (USDH): A regulated stablecoin backed by the U.S. dollar. Honestpay: The USDH version of Alipay. HonestOTC: An over-the-counter trading platform for USDH and other leading currencies including fiat currency. Honest Financial: A financial service platform that is a fiduciary receiver for USDH. Honestcard: A physical bank card that backs up the USDH accounts of users. HonestAPI: Allowing third-party applications to easily implement the USDH collection. Our mission is to unleash the true global power of currency. Honestcoin is a secure, efficient and low-cost way to transfer assets around the world. With Honestcoin, users break through external constraints, remove unnecessary restrictions, and bypass costly intermediaries to maintain total control over their global assets. Honestcoin helps bolster the freedom of money. The website. BC: What made you decide to use the Bitcoin Cash (BCH) network to create a stablecoin? Jian Shi: As the first regulated stablecoin on the BCH chain, USDH can fill a gap in the BCH ecosystem that lacks a regulated stablecoin. At the same time, Bitcoin Cash supports large blocks, with low transfer fees (about 1 satoshi) and 0 confirmation (instant arrival of small amounts). From the perspective of both transfer fees and speeds, it is superior to the BTC Omni Layer protocol and the ERC20 protocol built on Ethereum. BC: Can you tell our readers how the USDH stablecoin is backed by your U.S. partner? Jian Shi: Honestnode works with Koi Compliance, a San Francisco-based provider backed by Binance Labs, to ensure that USDH complies with all applicable legal requirements, including U.S. federal and state money transmission laws and AML/CFT rules. Among other things, USDH follows all requirements of a FinCEN-registered MSB by performing thorough identification verification, due diligence, beneficiary ownership checks, sanctions screening, transaction monitoring, and regulatory reporting. Additionally, Honestnode works with Cohen LLP to issue audited assertions from time to time to ensure that USDH is backed by USD 1:1. USDH’s custody system is identical to that of TrueUSD. Specifically, all USD amounts used to purchase USDH are placed into a custody account controlled by Prime Trust LLC, a Nevada-chartered trust company. USDH’s operational staff and management members have no legal claim to such USD collateralization amount. The USDH token’s data according to BC: Were there any regulatory hurdles you had to deal with before launching the Honestcoin (USDH) project? Jian Shi: There were no regulatory hurdles. The USDH team proactively researched the regulatory framework for fiat-backed stablecoins and related compliance matters and decided to work with established providers such as Prime Trust LLC and Koi Compliance. The launch, therefore, was a smooth process. BC: Will Honestnode continue dealing with regulators going forward? Jian Shi: Yes. Honestnode will, for USDH, comply with all applicable legal requirements on an on-going basis. We will, therefore, continue to work with regulators in fulfillment of certain of these obligations (e.g. regulatory reporting and asset blocking). BC: USDH recently launched on the exchange Coinex. Do you plan to launch on any other exchanges in the future? Jian Shi: We will gradually enter listings on more mainstream cryptocurrency exchanges in the future. Honestnode is currently focused on building USDH applications in the real world, to solve high-cost payment and remittance issues, and gaining more non-cryptocurrency focused audiences. After we have accumulated a comfortable number of users in the payment and remittance scenarios, we will expand the USDH’s presence in the cryptocurrency secondary market trading and enter more digital currency exchanges. BC: You worked with the SLP developers when creating USDH. Can you tell us about this experience? Jian Shi: It was an unforgettable experience, and we went through the gradual improvement of the Simple Ledger Protocol (SLP). While the process was challenging and arduous, SLP continued to improve and support us until USDH was released. There is no doubt that this is a great team and we benefited a lot from their cooperation. At the same time, the development group of SLP is very enthusiastic and helpful. They always welcome new developers and are willing to share various problems encountered in the development process. Looking at the distribution of USDH via’s Tokengraph. BC: Do you think a stablecoin created using Bitcoin Cash is beneficial to BCH? Jian Shi: As the first stablecoin on BCH, USDH can fill the gap in the BCH ecosystem. We will broaden USDH in the payment and remittance scenarios, which will help increase BCH’s activity. In addition, with the development of SLP and other protocols, there should be more and more applications based on the BCH chain, and USDH can provide access to payment implementation for these applications. BC: There are a lot of stablecoins now. Do you think it’s good to have a variety? Jian Shi: From an early age, we learned that Emperor Qin Shi Huang’s unification of the six Chinese nations would be very beneficial at the time, while on the other hand, the super-globalization of the Euro of today reveals many problems and intricacies. So, whether monetary diversity is good or bad cannot merely be decided so quickly. The financial system is highly related to the national policy, the fiscal and tax system, and the economic system. As Honestnode, we need to stay humble in the face of such an objectively complicated existence and system, to strive to create application scenarios while maintaining the regulation, stability, and efficiency standards. Under the same compliance framework, we are open to other stable currencies and welcome other teams to work with us to resolve the issue of currency segregation. BC: Do you think USDH is a competitor to other stablecoins like tether (USDT) and Gemini dollar (GUSD)? At present, the main application scenario of tether is digital currency trade, but the under-regulation of Tether is an existing risk of significance. Whereas, the Gemini dollar is backed by the Gemini exchange, which trades mainly in digital currencies. The USDH is initially positioned to be applied in the real world to solve the problems of high cost and the hindered path in the process of payment and remittance. Because the target market is different from tether and Gemini dollar, there will be no direct competition in the initial stage. What do you think about the Honestcoin project and the stablecoin USDH? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Honestnode,, Honestcoin, and Pixabay. Do you need to track down a Bitcoin transaction? With our Bitcoin Explorer tool, you can search by transaction ID, address, or block hash to find specific details, and for a look at the broader crypto space explore our Bitcoin Charts tool. The post Honestnode Founder Discusses the First Stablecoin Built on Bitcoin Cash appeared first on Bitcoin News.
Bitcoin News

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.