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Active addresses on Bitcoin Coin Cash Network is Less Than 33% of Dogecoin, Median Transaction Value Below $0.01

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Bitcoin Cash is currently the fourth largest cryptocurrency, well ahead of Litecoin and Dogecoin. However, the number of active addresses on the BCH network is less than 50 percent that of Litecoin and less than 33 percent of Dogecoin at 26,030 in the last 24 hours. Dogecoin has 78,641 while Litecoin has 54, 225 public addresses. Worse, the median transactional value on the network is meager at 0.000038 BCH ($0.0096), according to data from BitInfoCharts.

Bitcoin Cash BCH

These statistics did flare up debate amongst some cryptocurrency analysts and enthusiasts. According to a Twitter user, Melik Manukyan, a network engineer, Bitcoin Cash and Bitcoin SV are notorious for conducting network “stress tests.” He tweets that the two cryptocurrencies periodically spam their systems with bursts of millions of meaningless, small transactions.

The low number of Bitcoin Cash active addresses may lead to conclusions that the network has low usage. A level deeper and this reveals that instead of their demand for big blocks, on-chain blocks are small, averaging 95kb at the time of press. That is almost half of normal averages of 177kb revealing that despite the clamor, the network make use of less than 2 percent of the total block size of 8 MB it had proposed as a way of scaling the network. With these, there are claims now that the coin survives on marketing, misinformation, & noobs that give it a platform.

According to Dr. Hash, a cryptocurrency enthusiast and coder, the statistics behind Bitcoin Cash is worse than they expect. He tweeted that the median value of BCH being below a cent shows that nobody is using it despite the high number of payments the network claims to record.

Asides the transaction value being small, the Bitcoin Cash network also has a very low hash rate. At the moment, the network hash rate of BCH is 2.449 EH/s. This is relatively low compared to the 46.952 EH/s recorded on the Bitcoin network. The low hash rate of the Bitcoin Cash network means that some medium-sized Bitcoin miners launch a successful majority attack on the network, reversing transactions and causing havoc.

Bitcoin Cash BCH

Recently, the President of SBI Holdings revealed that he had plans to promote Bitcoin Cash but didn’t proceed with the idea following the hard fork that led to the creation of Bitcoin SV. The SBI president maintains that a cryptocurrency that frequently undergoes a hard fork is “ridiculous”.

“Coins that frequently hard fork are ridiculous. I was going to promote BCH, but Jihan and Craig ended up fighting, and ABC and SV were born. Jihan side won and inherited the name BCH, but I decided to quit both. This caused the market cap for both coins to fall.”

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Ethereum News

Hackers Focus On Inclusive Design At ETH New York

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May 20, 2019 4:07 PM

Along with holding talks aimed at introducing high school students to blockchain technology, hackers at ETH New York worked to develop dApps that tackle everything from issuing life insurance on the Ethereum blockchain to crypto wallets for the visually impaired.

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The media team is the collaborating entirety of the writing staff at ETHNews.

ETHNews is committed to its Editorial Policy

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Accept USD Coin with Coinbase Commerce

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Today we’re excited to announce that businesses can now accept USD Coin with Coinbase Commerce. USD Coin (USDC) is a US dollar-backed stablecoin brought to you by Circle and Coinbase. Accepting USD Coin gives our merchants many of the benefits of accepting cryptocurrency but at a stable price: no transaction fees, no chargebacks, and full control over funds.

Coinbase Commerce is a service launched early last year that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Coinbase Commerce can be directly integrated into a merchant’s checkout flow or added as a payment option on all popular e-commerce platforms such as Shopify or WooCommerce. It’s easier than ever to start accepting cryptocurrency and setup takes just a few minutes.

Adding USD Coin to Coinbase Commerce enables businesses to accept payments online in the same way they’re able to accept cash in-store. Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account. Merchants can accept payment in USDC from customers around the globe in minutes with zero transaction fees.

How to Get Started

If you’re new to Coinbase Commerce, simply sign up to start accepting USD Coin. If you’re an existing user, then there’s no action required.

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Blockchain

Accept USD Coin with Coinbase Commerce

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on

Today we’re excited to announce that businesses can now accept USD Coin with Coinbase Commerce. USD Coin (USDC) is a US dollar-backed stablecoin brought to you by Circle and Coinbase. Accepting USD Coin gives our merchants many of the benefits of accepting cryptocurrency but at a stable price: no transaction fees, no chargebacks, and full control over funds.

Coinbase Commerce is a service launched early last year that enables merchants to accept multiple cryptocurrencies directly into a user-controlled wallet. Coinbase Commerce can be directly integrated into a merchant’s checkout flow or added as a payment option on all popular e-commerce platforms such as Shopify or WooCommerce. It’s easier than ever to start accepting cryptocurrency and setup takes just a few minutes.

Adding USD Coin to Coinbase Commerce enables businesses to accept payments online in the same way they’re able to accept cash in-store. Unlike accepting credit card payments, merchants can accept USD Coin without geographical limitations or the need for a traditional bank account. Merchants can accept payment in USDC from customers around the globe in minutes with zero transaction fees.

How to Get Started

If you’re new to Coinbase Commerce, simply sign up to start accepting USD Coin. If you’re an existing user, then there’s no action required.

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Ethereum News

NY Judge Grants Motion To Modify Preliminary Injunction Against Bitfinex

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May 17, 2019 6:01 PM

Bitfinex is calling it a victory, but the exchange is still barred from using Tether as a line of credit.

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The media team is the collaborating entirety of the writing staff at ETHNews.

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Ethereum News

Gab’s New Strategy: Fork Open-Source Software And Add Bitcoin

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May 16, 2019 4:34 PM

After Keybase announced integration of Stellar on its platform, Gab has threatened to fork the open-source chat software and swap its XLM wallet for a Bitcoin Lightning Wallet. The famously anti-censorship social network previously forked the Brave browser. It’s all part of Gab’s evolution into what CEO Andrew Torba calls a “free speech software company.”

Read the full article here.

The media team is the collaborating entirety of the writing staff at ETHNews.

ETHNews is committed to its Editorial Policy

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