These Bitcoin Exchanges and Wallets Are Supporting Bitcoin Cash

bch places

“Bitcoin Cash” (BCH), a proposal initially proposed by bitcoin mining equipment manufacturer Bitmain, activated on August 1, 2017. Hours after the activation of Bitcoin Cash, ViaBTC mined the first Bitcoin Cash block.

Also on August 1, Bitcoin Magazine’s Aaron Van Wirdum released an extensive guide for bitcoin holders on claiming and selling Bitcoin Cash that has been credited to them. Essentially, the process involves private keys of bitcoin wallets that are held by users on non-custodial platforms. For users that have full control over their private keys, there is a manual process to undergo when attempting to retrieve Bitcoin Cash (BCH).

Centralized bitcoin exchanges and trading platforms hold private keys for their users and thus, through exchanges, the process of claiming Bitcoin Cash is much simpler.

Two out of Five Major Bitcoin Exchanges in the U.S. Support Bitcoin Cash

The U.S. is the world’s second largest bitcoin exchange market with a daily trading volume of $97 million with China taking the top spot. Only two of the top five bitcoin exchanges and trading platforms in the U.S., however, are supporting Bitcoin Cash crediting and withdrawals. Bitfinex and Kraken announced on July 27, 2017, that all accounts will be credited with BCH in the near future while Bitstamp, Gemini and GDAX have no plans on supporting BCH anytime soon.

At 6:35 PM GMT on August 1, Kraken announced that all of its accounts have been successfully credited with BCH. Around the same time, Bitfinex stated that its development team is also in the process of crediting BCH to all accounts but that no account had been credited yet.

In contrast, Bitstamp, Gemini and GDAX explicitly stated that the three exchanges will not support BCH. Both GDAX and Bitstamp addressed the issue by describing BCH as an alternative cryptocurrency (altcoin) and that they are not in a position to support the digital currency.

“It is important to clarify that Bitstamp would not be in a position to support Bitcoin Cash [BCH], the coin associated with the Bitcoin Cash proposal. In Bitstamp’s view, [BCH] is an alt-coin and the decision to list BCC tokens remains at our sole discretion at all times,” said the Bitstamp team.

In an interview with bitcoin analyst Tone Vays, Jimmy Song, principal architect at Paxos, suggested  that, in terms of security, it is not safe to immediately withdraw or credit BCH right after the fork.

Hence, it is still possible that exchanges like GDAX, Gemini and Bitstamp could decide to credit accounts with BCH in the future, rather than rushing into the development of a specific system to enable BCH withdrawals immediately after the fork.

All Bitcoin Exchanges in China Support BCH Withdrawal, Majority to List BTC/BCH Trading Pair

Earlier this week, local Chinese cryptocurrency news agency CnLedger offered a chart demonstrating the decision of all Chinese bitcoin exchanges in regard to crediting and supporting Bitcoin Cash. All bitcoin exchanges in China will allocate BCH to users; in fact, the three largest bitcoin exchanges in the country, including OKCoin, Huobi and BTCChina, have already announced that they will list the BCH/BTC trading pair on their trading platforms.

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Two of Three Major South Korean Bitcoin Exchanges Will Support Bitcoin Cash

Bithumb, South Korea’s largest exchange with over 57 percent of the South Korean bitcoin exchange market share, and Korbit, the country’s second largest bitcoin exchange, will support Bitcoin Cash. Interestingly, similar to major exchanges in China, Bithumb and Korbit aim to enable BCH trading if it gains traction among cryptocurrency investors and traders.

More importantly, South Korean bitcoin exchanges will credit their clients and all accounts with Bitcoin Cash at a 1:1 ratio based on the balance of bitcoin holders during the time of the fork.

“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 (~August 1st at 9:20pm KST),” said the Korbit team on July 26, 2017.

In the upcoming months, as leading bitcoin exchanges in the Chinese and South Korean bitcoin exchange markets add support for BCH trading, interest in BCH will likely be concentrated in Asian markets.

Full List of Bitcoin Exchanges and Wallets That Will Support Bitcoin Cash

A full list of bitcoin exchanges and bitcoin wallets that have announced plans to support Bitcoin Cash that were not mentioned above can be seen below:

Wallets:
  • Ledger Nano S

  • Trezor

  • Jaxx

  • Coinomi

  • Bitcoin Unlimited

  • Bitcoin Classic

  • BitcoinABC

Exchanges:
  • Bittrex

  • Kraken

  • Bitfinex

  • Bitcoins Norway

  • Mercury Cash

  • QuadrigaCX

  • BTCBox

  • Bithumb

  • Korbit

  • QuoineEX

Got any more to add to the list? Let us know here.

The post These Bitcoin Exchanges and Wallets Are Supporting Bitcoin Cash appeared first on Bitcoin Magazine.

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Interview: Vitalik Buterin on Scaling Ethereum, Its Popularity in Asia and ICOs

Interview: Vitalik Buterin on Ethereum Scaling Issues, Popularity in Asia and ICOs

In an interview with Bitcoin Magazine, Ethereum co-founder Vitalik Buterin discussed some of the scaling issues Ethereum is currently dealing with, the rising interest in Ethereum in Asia and his thoughts on the ICO ecosystem in general.

In late May, developers from the Ethereum-based job market platform Ethlance introduced an issue its freelancers were struggling to deal with. Twelve months ago, when the price of Ethereum’s token Ether was around $14, a smart contract to set up a freelancer profile on Ethlance cost less than $1.

As the price of Ether started to surge beyond $250, Ethlance freelancers were required to pay around $8 to set up their profiles. Issues of Ethereum-based decentralized applications (DApps) and the rising fees on Ethereum led the community and supporters of Ethereum to express their concerns over the platform’s scalability.

Discussions on Etheruem’s scaling issues intensified as Buterin’s interview with Epicenter, conducted in December of 2014, resurfaced, during which he characterized Bitcoin’s $0.05 fee as “absurd.” Currently, Ethereum’s average fee is over $1 and its median fee is around $0.05, close to the level Buterin described as absurd.

Bitcoin Magazine spoke to Buterin to address some of these scaling issues Ethereum applications are currently dealing with, the rising transaction fees on Ethereum and the ICO ecosystem.

Scaling Issues of Decentralized Applications and How They Can Be Resolved

In regards to the issues that Ethlance and other DApp developers are facing, Buterin explained, “There are a lot of applications and contracts even now that are being built inefficiently. One major example is that there are a lot of applications that make one separate contract for each user which means that for every single user, it adds several kilobytes of data that cost a few million gas.”

Instead, Buterin explained that the same logic or contract is not required to be copied onto each other and replicated tens of thousands of times. There are more efficient ways to process smart contracts that can significantly reduce gas costs for users. He noted that by implementing efficient smart contracts, users can save anywhere from 50 to 90 percent in gas costs.

According to Buterin, the Ethereum Foundation and its development team recently asked writers to reduce their gas prices and some of them have agreed to do so to ensure that users are not required to spend upwards of $8 per smart contract. However, these solutions can only last for the short and midterm. Buterin explained that, in the long run, the only way to maintain low gas or transaction fees is to scale the entire Ethereum network and blockchain proportionally as it grows in size.

Another long-term solution or development plan the Ethereum Foundation is looking into is the possibility of switching the consensus protocol of Ethereum from Proof of Work (PoW) to Proof of Stake (PoS).

As it did after the execution of the DAO hard fork, which resulted in the creation of Ethereum Classic, another major hard fork could lead to another network split. Ethereum Classic is currently the fifth largest cryptocurrency in the world.

Buterin recognized that there are some members of the community that are concerned over the possibility of a split chain.

“I feel like recently, most of the people that are really against PoS have moved over to Ethereum Classic, so I’m not really sure if that substantial of a community will want to make another fork or split of Ethereum once the Casper switch happens. That’s just my instinct,” said Buterin.

In terms of development of the overall Ethereum ecosystem, progress has been slow but steady. “A lot of the things that we’ve wanted to do around Metropolis, privacy, proof of stake, Serenity, scaling, sharding, all of those things have been taking more time that we had expected,” Buterin admitted, “but I also think that the results that we’ve been moving towards are much better than we thought that we would get.”

He mentioned, as an example, that over the past two or three years, there have been improvements in protocol security that they hadn’t foreseen and that are of great benefit. “I think the end result of a lot of our work and a lot of our research is much stronger than it would have been two years ago.”

Ethereum Demand on the Rise in Asia

South Korea has become the largest Ethereum exchange market in the world with a 19 percent market share, surpassing the U.S. and China in terms of daily trading volume. China, within a few days of its exchanges adding support for Ethereum, became a contender for top spot in market share.

Ethereum is being actively developed by educational institutions such as universities and government agencies including the Chinese Royal Mint. Recently, the People’s Bank of China stated that Ethereum is heading in the right direction, validating the network and project. As Bitcoin Magazine’s China-based journalist Bradley Fink previously reported, some of the largest companies in China, including Alipay and Peking University, are actively investing in the potential of the Ethereum protocol.

Furthermore, the Enterprise Ethereum Alliance (EEA), connecting Fortune 500 enterprises, startups, academics and technology vendors with Ethereum, recently announced its expansion into China with a new office in Hangzhou. It will focus on providing Ethereum-based infrastructure to ensure Chinese enterprise can meet domestic market needs.

“There definitely is a fairly large Chinese Ethereum community and there are several companies based in Shanghai and Hangzhou that have been working on Ethereum applications for a couple of years. There has been increasing amount of interest in the technology and the platform. In general, it is continuing to grow,” said Buterin.

He noted that while the Chinese community used to concentrate its interest solely on Bitcoin, that has changed. “But more recently, it does seem like more people are starting to look at both Bitcoin and Ethereum. The one thing that’s made me feel optimistic over the last year is that there is a lot of interest, not just on the cryptocurrency side and buying ether and holding it, but actually using it to build applications.”

Buterin also explained that developers of Ethereum are trying to match the rising demands and expectations from its investors. In the past week, Ethereum has surged exponentially in market cap, accounting for around 50 percent of Bitcoin’s market cap. He noted that the Ethereum Foundation and its developers are working to live up to the expectations of investors and rising demand in regions such as Asia.

“I think the success that Ethereum has seen is definitely putting a lot of pressure on the core developers of the actual protocol of the platform to step up and deliver on the admittedly high expectations that the community has of us,” he said. “That’s an expectation that we’re eager to see if we can match.”

Ethereum-based companies are also coming to the forefront at a time when the ICO market is growing at a rapid rate, creating new opportunities for startups and investors alike.

“I’m definitely very interested in all these applications, particularly the semi-financial ones with some components of finance and monetary value but also some components outside of it” said Buterin. “The general idea that we can create this economy where we micro-tokenize and let people have their own micro-ownership, I think that is definitely a very interesting and promising idea.” 


Hong kong photo credit: By Diliff – Own work, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=3963125

Vitalik Buterin photo credit: By Romanpoet – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=49232633

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