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New SLP Token Allows You to Transact in BTC But With BCH Fees

There’s a new Simple Ledger Protocol (SLP) based token called BTC2 that’s backed 1:1 with BTC. People can obtain the BTC2 token using cryptocurrency swapping application Sideshift.ai. With BTC2, you can essentially transact BTC, but with the same network fee (less than a penny) as bitcoin cash transactions. Also read: Meet the Developer Who Added Schnorr Signatures to Bcash Introducing BTC2: Where Store of Value meets Medium of Exchange In January, news.Bitcoin.com reported on the launch of Sideshift.ai, an application that allows users to swap cryptocurrencies between chains. Sideshift AI was created by Andreas Brekken, the CEO of review site Shitcoin.com, and the notorious individual who once held $220,000 worth of BTC on the Lightning Network. Since then, Sideshift AI has improved a great deal and features a wide variety of crypto assets to trade. One asset recently introduced is an SLP-based token called BTC2. The BTC2 token (not to be confused with the BTC fork of the same name) is basically an SLP token built on Bitcoin Cash that’s backed 1:1 with BTC. Sideshift AI is the custodian of the collateralized BTC and Brekken told news.Bitcoin.com that Sideshift.ai is to BTC2 what the firm Tether is to USDT. If someone wants to purchase BTC2 they need to use Sideshift AI and exchange their BTC for the token. The price of BTC2, of course, fluctuates with the price of BTC and Sideshift AI will redeem BTC2 for BTC at any time. The new token also has a website called Corecash.org which has a slogan that says “Core Cash: Where Store-of-Value meets Medium-of-Exchange.” Core Cash (BTC2) lets you store and transact BTC on the Bitcoin Cash network, the website explains. This proposition gives BTC2 some value as it provides individuals with the means to transact with BTC for less than a penny per transaction. Sideshift AI Is to BTC2 What Tether Is to USDT Sideshift AI has released a document that describes how BTC2 shares similarities with USDT. The Omni Layer-issued token USDT is an IOU for USD where Tether holds the actual USD in their bank. “Sideshift AI is the custodian of the on-chain BTC and issues the BTC2 token in return,” the documentation notes. Speaking with news.Bitcoin.com, Brekken said he was excited to launch the core cash token. “The overwhelming interest in USDT showed us that users would like to use cryptocurrency without being subject to its volatility,” Brekken remarked. “With BTC2, anyone with a Bitcoin Cash SLP wallet can have the security of the most heavily mined blockchain, Bitcoin (BTC), while still being able to transact cheaply with the low fees of the Bitcoin Cash blockchain.” The Sideshift developer added: While having Sideshift AI as the custodian of one’s BTC adds a counterparty, BTC2 can also open new doors such as earning interest on BTC2. Once Cashshuffle supports SLP tokens, BTC2 holders will be able to store and transact BTC2 with greater privacy than what on-chain BTC offers today. The release of BTC2 follows the first USD stablecoin issued on the BCH chain called honestcoin (USDH). The new USDH coin was listed on the cryptocurrency exchange Coinex and is backed by USD on a 1:1 ratio. With BTC2, users will get the same effect but with bitcoin core in a similar fashion to the ERC20 token called wrapped bitcoin (WBTC). But being an SLP token, users can store BTC2 on SLP compatible wallets like Crescent Cash, Badger Wallet, Ifwallet, and Electron Cash. The BTC2 token can also be viewed on the Simpleledger.info transaction explorer. At the time of publication, there are 100 BTC2 tokens in circulation and Brekken has told us that minting will take place when more liquidity is needed. “Sideshift AI is excited to see Coinex launch its USDH token on Bitcoin Cash and is rushing to list USDH,” Brekken added. What do you think about the BTC2 token built on top of the Bitcoin Cash network using SLP? Let us know what you think about this subject in the comments section below. Image credits: Shutterstock, Jamie Redman, Twitter, Sideshift AI, Andreas Brekken, and Simpleledger.info. Are you a developer looking to build on Bitcoin Cash? Head over to our Bitcoin Developer page where you can get Bitcoin Cash developer guides and start using the Bitbox, SLP, and Badger Wallet SDKs. The post New SLP Token Allows You to Transact in BTC But With BCH Fees appeared first on Bitcoin News.
Bitcoin News

What will Bitcoin on-chain TX fees be in 2140 when mining rewards end?

When Bitcoin mining first started, the mining reward was 50 BTC per block. It then dropped to 25 BTC, and then 12.5 BTC where it is today. The reward halving will continue until approximately the year 2140 when rewards will stop completely and all 21,000,000 Bitcoins are in circulation.Once the rewards stop, miners will be paid entirely derived from TX fees. This is one of the reasons why small block proponents are so strongly for increasing TX fees. If there are no fees, there is no security on the network.But what does this actually mean if the Bitcoin block size remains at 1 MB forever?AssumptionsTo even begin looking for a figure some baseline assumptions must be made about how adoption will pan out in the year 2140:Cryptocurrency will completely replace the fiat system worldwide.Bitcoin dominance will remain consistent.TX fees will replace block rewards 1:1.We will make no assumptions about inflation since we only care about relative value, and we also will not try to estimate any benefits from future improvements such as Schnorr signatures.Bitcoin Market Cap and Price in 2140According to the CIA, there is approximately $80 trillion dollars worth of money in the world, most of which are US dollars. If we assume a 100% conversion to cryptocurrency with the current Bitcoin dominance of 55.2%, Bitcoin will have a market cap of $44.16 trillion dollars.This means the baseline price of 1 BTC would be $2,102,857 USD, assuming that all 21m Bitcoins were still intact. Estimates believe that up to 23% of all Bitcoin is lost today, and this number will only continue to grow. Assuming a 50% loss, the baseline price per BTC would be $4,205,714 USD.Bitcoin Market Cap to Block Reward RatioThe basis behind Bitcoin’s Proof of Work security is economic. As the market cap increases, so does the value of the coins mined as rewards. The security of the network, therefore, does not reflect a constant price, but a ratio.The current Bitcoin market cap is $145,979,300,090, and the total reward per block is approximately $109,206. This gives a ratio of 1,336,733:1 per block, or 3,662:1 per year.Bitcoin TX Fee CalculationPutting it all together. A $44.16 trillion dollar market cap with a 1,336,733:1 ratio per block would yield a per block TX fee reward of $33,035,767. Using the current average of 2,500 transactions per block, this gives an average fee of… (drum roll sound)… $13,214 USD per transaction!This estimate is based on $80 trillion dollars of wealth from fiat. If you include wealth shifting from derivatives into the crypto markets, that’s another whopping $1.2 quadrillion dollars. With speculation and volatility, it could actually go much higher.If you enjoyed this please consider giving it a few claps.Don’t be a stranger. Stay in touch by following me on Twitter.https://medium.com/media/3c851dac986ab6dbb2d1aaa91205a8eb/hrefWhat will Bitcoin on-chain TX fees be in 2140 when mining rewards end? was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

BRD Partners with Wyre to Bring Industry-Low Bank Transfer Fees for Crypto

BRD, a secure cryptocurrency mobile wallet used by roughly two million users in 170 countries, announced its new partnership with Wyre, a leading payments provider for the blockchain industry. This partnership will allow BRD’s US customers to directly link their bank accounts and securely exchange their fiat for crypto. With a bank transfer, users will also enjoy the lowest fees when purchasing crypto. This new capability is supported by over 1,700 US banks.    BRD’s partnership with Wyre is notable because it will help BRD move towards fulfilling its long-term goal of becoming the leading mobile financial services hub for crypto assets. “With over $6B USD worth in crypto assets under protection with the BRD brand, we’ve proven to be the most trusted service in the industry,” said Adam Traidman, CEO and Co-founder of BRD. “We remain singularly focused on integrating the best payment partners with the lowest fees, such as Wyre.” “BRD is one of the top teams in the space. They prioritize user security and privacy while still adding meaningful value,” said Michael Dunworth, CEO, and Co-founder of Wyre. “Both BRD and Wyre have a huge amount of experience, and I couldn’t be more excited for what we’ll deliver to the community over time.” The news of lower fiat-crypto purchasing fees is music to the ears of many in the cryptocurrency community faced with having to pay traditionally high credit card fees. “We’ve consistently heard from US customers about the frustrations regarding the lack of innovation and simplification from current market leaders, namely Coinbase,” said Aaron Lasher, Chief Strategy Officer and Co-founder of BRD. “While more well-funded players have become more custodial and centralized, BRD has remained unwavering in its mission to bring the core value of the blockchain to the masses: Decentralized and Inclusive.” BRD’s increased growth follows a successful $15 Series B raise in 2018. According to the press release, BRD has achieved one of the fastest starts in company history in 2019: DOUBLED the number of transactions in the first 4 months of 2019 DOUBLED the number of customers exchanging crypto assets in the first 4 months of 2019 TRIPLED the number of existing, free users converting to premium exchange customers BRD provides consumers and retail investors with the simplest way to get started with bitcoin and cryptocurrencies. Customers have flexibility in making purchases using credit cards, checking accounts, cash, or other cryptocurrencies. BRD also employs industry-leading security and privacy model that is both truly decentralized and leverages the latest security technologies available on mobile platforms. With an estimated over $6B USD worth of crypto assets under protection, BRD ranks as one of the most trusted bitcoin and cryptocurrency mobile wallets available. The press release hails their industry-leading global support team for its average response time of under 90 minutes, allowing for any customer questions to be answered quickly. The BRD app is available for download from the App Store or Google Play. For more information, please visit BRD at www.BRD.com. About BRD BRD is a global company that’s bringing blockchain-enabled financial services to the mobile generation. BRD provides consumers with a simple and secure way to buy and protect their digital assets. BRD launched in 2015 and headquartered in Zurich, Switzerland. BRD is a venture-backed company which has raised $55M USD from investors focused on banking, FinTech, and blockchain. BRD’s crypto apps are available for both iOS and Android in over 171 countries. With over 2M customers worldwide, BRD has accumulated an estimated $6B USD of crypto assets under protection and is one of the fastest growing blockchain-enabled finance apps for everyday consumers (a Top 10 Finance app in 71 countries). About Wyre Wyre is a leading infrastructure provider in crypto. After trading over $3.5 billion in cryptocurrency assets and completing over $1 billion in commercial FX payments using crypto as a rail, Wyre has an established network of relationships with leading banks, exchanges, and decentralized partners. Customers are able to instantly convert fiat to crypto globally in over 50 countries, in 8 different fiat currencies, and 3 cryptocurrencies using Wyre’s API. Wyre focuses on compliance, regulatory licensing, liquidity, and payment processing, to help their partners create tools on the blockchain. The above press release is a sponsored post that follows our Editorial Guidelines.  The post BRD Partners with Wyre to Bring Industry-Low Bank Transfer Fees for Crypto appeared first on CoinCentral.
Coin Central

Binance DEX Slashes Trading Costs, Reducing Fee Structure by 50% After Latest BNB Price Spike

Malta-based digital asset exchange Binance had launched a non-custodial crypto trading platform a few months back. Binance, the world's largest exchange in terms of trading volume, has decided to reduce transactions fees on its decentralized crypto trading platform (DEX). Voting For Lower Fees On Binance's Non-Custodial Exchange One of the most exciting products that have […]
Bitcoin Exchange Guide

BRD Partners With Wyre To Offer Industry Low Bank Transfer Fees For Crypto

SAN FRANCISCO, June 13, 2019 /PRNewswire-PRWeb/ -- BRD, the most secure cryptocurrency mobile wallet, trusted by over 2 million users in 170 countries, now allows US customers to purchase bitcoin, ethereum, and Dai using bank transfers. The new capability for US customers is supported by over 1,700 US banks enabled by a new partnership with Wyre, a leading payments provider for the blockchain industry.     The new partnership will enable BRD to extend its product roadmap to fulfill its long-term vision of being the leading mobile financial services hub for crypto assets. "With over $6B USD worth in crypto assets under protection with the BRD brand, we've proven to be the most trusted service in the industry," said Adam Traidman, CEO and Co-founder of BRD. "We remain singularly focused on integrating the best payment partners with the lowest fees, such as Wyre." "BRD is one of the top teams in the space. They prioritize user security and privacy while still adding meaningful value," said Michael Dunworth, CEO and Co-founder of Wyre. "Both BRD and Wyre have a huge amount of experience, and I couldn't be more excited for what we'll deliver to the community over time." By using BRD for buying BTC, ETH, or Dai, US consumers will now have the ability to directly link their bank account in less than five minutes. Besides allowing ...Full story available on Benzinga.com
Benzinga

Binance Coin (BNB) Price Breaks Its All Time High of $36.3, Lowers Its Fee Structure

Coinspeaker Binance Coin (BNB) Price Breaks Its All Time High of $36.3, Lowers Its Fee StructureBinance Сoin price continued its rising trend as the exchange accelerates its pace of developments. BNB has outperformed the majority of the top cryptocurrencies in the market and if the bulls continue above the ATH, higher resistance is found at $36.22 and $37. Above $37, further resistance is located at $38.53 and at $40.After a steady increase in the market valuation of the coin, Binance DEX announced it would lower its fee structure.Binance is already actively testing margin trading and opening more fiat on-ramps for the BNB token. This will further attract users and liquidity to the exchange which should have a positive effect on its token price. From the exchange they said:“Due to the recent BNB price rise, the validators have proposed and voted on lowering the fee structure on Binance Chain, most of which are reduced by 50%.”#Binance Chain Mainnet Lowering Fee Structurehttps://t.co/xnEfGiO8We pic.twitter.com/n4xnbngyS5— Binance DEX (@Binance_DEX) June 12, 2019The update can be observed on the proposed transaction and will include: cancel, order expire, IOC, transfer, multi-send, issue asset, burn asset, freeze and unfreeze asset, mint asset, proposal, add deposit, and list fees.The thing users are complaining to is an existence of a “Cancel fee”( that is now 0.00005 BNB (previously 0.0001 BNB)). However, we think that this is a natural thing to have since there is a certain cost of making a smart contract. Also, other exchanges have it as well. OKEx, for example, has “withdrawing fee” that is not fixed, but calculated specially for each token.Since the December low, when BNB was trading at $4.12, it has experienced a massive bull rally that has taken its market valuation up 760 percent to reach its previous record of $35.16 on May 25th.It’s nothing strange in being optimistic since this, one of the biggest cryptocurrency exchanges by trading volume, has the ability to continue adding value to the industry despite the 2018 cryptocurrency market downturn. This includes Binance Launchpad, Bittorrent IEO and Binance Chain mainnet.Following this announcement, BNB price surged approximately 6.72 percent to its all-time high of $36.3.While writing this text, Changpeng Zhao released another tweet:$BNB price went up more, more fees go down.Let's see it brings more users. Virtuous cycle. https://t.co/GMHG4054od— CZ Binance (@cz_binance) June 13, 2019Be it as it may, Binance is going towards breaking $5 billion market cap and it doesn’t seem to end. At the time of writing, Binance Coin was ranked in 7th place among the largest cryptocurrencies with a total market capitalization of around $4.99 billion.Binance Coin (BNB) Price Breaks Its All Time High of $36.3, Lowers Its Fee Structure
Coinspeaker

Binance takes the high road as network validators vote for fee restructure on the main chain

Binance, one of the largest cryptocurrency exchanges in the world, has been rapidly improving its stock as a prominent organization handling various virtual assets. The company has also been launching several new projects such as the launch of the new Binance DEX. The launch of Binance Launchpad laid down the way for other crypto-projects, most recently the harmonyprotocol project, which was received positively after its introduction. Changpeng Zhao, CEO of Binance, recently announced that Binance DEX had re-adjusted its fees and lowered them. According to a Binance community blog, after the recent surge recorded by BNB, validators of the network proposed and collectively voted that the fee structure should be lowered and at press time, most of the fees were slashed by almost 50%. The changes were implemented on the first block that would be active after 13th June 00:00 [UTC]. One of the major benefits of the current development is the fact that the company will attain a higher user-friendly customer base since lowered fees will incentivize more people to join crypto and spur faster crypto-adoption. According to the report, the transfer fee was reduced to 0.000375 BNB from 0.000625 BNB. The burn asset fee was around 1 BNB and after the restructure, it was at 0.5 BNB. The listing fee also drastically dropped to 1000 BNB, which was at 2000 tokens before. Other transaction fees such as IOC fee, Multi-send fee and Freeze/unfreeze fee also plummeted by 50% on the Binance Chain. The current development should attract customers doing their business on other exchanges, where the fees are relatively higher. A lot of flak was recently directed at Hitbtc exchange after many in the Twitter community highlighted its high fees. Twitter user, @cryptocoinsclub, had commented, “HitBTC fees are insanely ridiculous. Also… HitBTC is a SCAM!” Another user, @friendsRcrappy, said, “Yup. hitbtc your fees are asinine. I no longer trade there. Another Cryptopia waiting to happen.” The post Binance takes the high road as network validators vote for fee restructure on the main chain appeared first on AMBCrypto.
AMBCrypto

Binance lowers its fee structure as BNB prices surge

After a steady increase in the market valuation of Binance Coin, Binance DEX announced it would lower its fee structure. #Binance Chain Mainnet Lowering Fee Structurehttps://t.co/xnEfGiO8We pic.twitter.com/n4xnbngyS5 — Binance DEX (@Binance_DEX) June 12, 2019 Success leads to lower fees Since the low of Dec. 7, 2018, when Binance Coin was trading at $4.12, it has experienced a massive bull rally that has taken its market valuation up 760 percent to reach a high of $35.50 on May 25, 2019. The optimism surrounding Binance, one of the biggest cryptocurrency exchanges by trading volume, stems from its ability to continue adding value to the industry despite the 2018 cryptocurrency market downturn. In early January, the firm announced Binance Launchpad, which is an exclusive token launch platform to help entrepreneurs raise funds for new crypto projects with the support of its user base. #Binance Launchpad Will Feature New Projects in 2019https://t.co/vso8jm6iOf pic.twitter.com/YWqNILxsV9 — Binance (@binance) January 3, 2019 Shortly after the announcement, on Jan. 28, Binance Launchpad conducted its first initial exchange offering (IEO) of 59.8 billion BitTorrent tokens (BTT), worth roughly $7.2 million. The offering sold out in a matter of minutes, validating the success of the platform. Changpeng Zhao, CEO and founder of Binance, suggested the sale could have ended in just seconds if it were not for technical issues caused by the “user agreement confirmation” button in Launchpad. Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical. — CZ Binance (@cz_binance) January 28, 2019 Binance also made headlines at the end of April when it launched its own mainnet, Binance Chain. As a result, it went on to execute a swap of Binance Coin off the Ethereum blockchain while also introducing a decentralized exchange, Binance DEX. .@Binance Chain launches its mainnet and plans to execute Mainnet Swap on Apr 23, 2019. Please see the below link for further details on the actions that will occur along with the planned timings for them to do so. 👇👇👇https://t.co/32hjBwkUcX pic.twitter.com/X9qAoXxYmc — Binance DEX (@Binance_DEX) April 18, 2019 Even though the cryptocurrency exchanged experienced a security breach on May 7 involving 7,000 BTC valued at around $40 million, the transparency it has maintained with its users allowed it to receive a vote of confidence by investors—which is still reflected in the price of Binance Coin. Not the best of days, but we will stay transparent. Thank you for your support!https://t.co/Y1CQOatEpi — CZ Binance (@cz_binance) May 7, 2019 Now, due to the significant market valuation increase that BNB has experienced in the last couple of months, the chain validators approved to lower the fee structure on Binance Chain by 50 percent. The update can be observed on the proposal transaction and will include: cancel, order expire, IOC, transfer, multi-send, issue asset, burn asset, freeze and unfreeze asset, mint asset, proposal, add deposit, and list fees. Following the announcement, Binance Coin surged approximately 6.50 percent from $31.80 to $33.90. BNB has outperformed the majority of the top cryptocurrencies in the market and is only $2 away from reaching an all-time high, at the time of writing. As Bob Loukas, a technical analyst, pointed out it tends to move higher every time it consolidates. #Binance – An uptrend of beauty. Hard to bet against that. Each time it consolidated, the bands tightened and the next move higher began. Well done @cz_binance pic.twitter.com/x3zwiK1U2e — Bob Loukas (@BobLoukas) June 12, 2019 The post Binance lowers its fee structure as BNB prices surge appeared first on CryptoSlate.
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Digital tokens resurrect with value addition after crypto winter

According to OnChainFX, the top 1o legitimate exchanges deliver the trading volume for measuring the real trading volume of the digital assets. Data collected from the LONG HASH website revealed that the majority of tokens had declined to half of their value since attaining the ATH. The most shocking results came out for ETHLend, based on the Ethereum blockchain that used the digital tokens in the form of collateral for transactions. LONG HASH quoted that ETHLend offered a decentralized peer-to-peer smart contract lending in the crypto-ecosystem. The ETH-based token was trending as the investors were constantly using ETH for transactions, which led to its surge before the bear attacks on the market. Tokens such as Holo and Ravencoin maintained their value equivalent to 50% of their ATH as they were initiated after the 2017 bull run. It came as a surprise for crypto users after tokens like Binance Coin and ChainLink underwent resurgence to achieve their ATH, that was higher than the previous ATH mark. Source: LONG HASH As per the graph, tokens achieved their ATHs from December 2017 to January 2018 and then plummeted. Many of the investors missed out on this bull rush in the crypto market. As the market conditions did not remain the same for a longer duration, tokens slipped into the phase, commonly known as the crypto winter, among the digital asset enthusiasts. LONG HASH shared growth rate of ChainLink and tweeted, “Chainlink (LINK) is having a pretty good day”. Some tokens like BNB and LINK have been performing well and the community can take comfort from this. The post Digital tokens resurrect with value addition after crypto winter appeared first on AMBCrypto.
AMBCrypto

Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th

TEL AVIV, Israel, June 17th, 2019– Stellerro, an alternative investment banking platform, automated, in-scale, determined to bring liquidity to the digital era will launch its STO on Monday, June 17th, 2019 at noon ET. Stellerro, a Spanish-Israeli based alternative investment banking platform is pleased to announce the launch of its new Security Token Offering public sale. Self-founded in mid-2018 by an experienced group of entrepreneurs from the Israeli capital markets & fintech industries, all are Blockchain veterans: Aviad Gindi – CEO, Dror Medalion – GM, Elad Kofman -CSO, Noam Barnea -CTO & Liron Rose – Advisory lead. Stellerro was created to assist asset owners, funds, entrepreneurs & startups in taking part in an alternative method of fundraising. Stellerro believes that as the blockchain ecosystem matures, digital offerings will become easier to access and invest in. The ever-advancing secured technology, transparent approach, the inclusion of new financial titans and a strong blockchain congregation are all unified to create the most important thing Investors seek for — Liquidation & Tradability. Stellerro’s funding goal is €5 Million which it plans to utilize for R&D and business development expansion. The company is expected to generate revenue for investors starting Q4 2019, based on its financial projections. The public offering starts on June 17th, 2019 and will last for 2 months until August 16th, 2019. STRO tokens will grant the investors economic rights and dividend from the firm quarterly revenues. To ensure a fully regulated environment, investors will go through KYC & AML procedures in order to acquire STRO security tokens.  Join the public sale today at www.stellerro.com or contact the team for any inquiry at: info@stellerro.com.   Stay tuned for more: Site · Facebook · Twitter · Linkedin · Instagram · Reddit · Telegram The post Stellerro is set to issue tokenized equity through Spanish-regulated Security Token Offering (STO); Public sale opens June 17th appeared first on ZyCrypto.
ZyCrypto

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report

Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report Social media giant Facebook will unveil the Libra Association, which will operate its bespoke cryptocurrency Libra, on June 18, cryptocurrency news outlet The Block reported on June 14. Per the report, Facebook and dozens of its partners will unveil the Libra Association — which […] Cet article Facebook to Unveil ‘Libra Association’ and Launch Testnet Next Week: Report est apparu en premier sur Bitcoin Central.
Bitcoin Central
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