As more cryptocurrencies develop and grow, providing direct access and insight across networks is crucial. Blockchain Explorer is the most trusted source for blockchain data. Our focus has always been on providing the most up to date and accurate information available. Today, we’re excited to introduce Bitcoin Cash to the existing lineup of supported cryptocurrencies on our Explorer. You can now search for BTC/ETH/BCH transaction hashes, blocks and addresses in a single search bar.
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Bitcoinist spoke with Bitcoin Cash advocate and owner of Bitcoin.com, Roger Ver, about the BCH ‘hash war,’ his controversial website branding of Bitcoin (BTC) as ‘Bitcoin Core,’ and why he believes Bitcoin developers are “economically illiterate.”
Bitcoinist: Bitcoin Cash just went thru a ‘hash war’ with Craig Wright/Ayre splitting off to a new chain called Bitcoin Cash SV. Can you share your reflections on the recent hard fork?
Roger Ver: Craig and I don’t have any disagreement. It seems strange that the media is trying to frame it that way.
What developments does Bitcoin Cash have in the pipeline now? What are you most excited about?
I’m most excited about oracle.bitcoin.com that will be launching in full soon. It will result in censorship resistant exchanges, sports betting and much more. I’m also very excited about our Coin Shuffle privacy tool coming to the Bitcoin.com wallet very soon.
Is Bitcoin Cash open to a Lightning Network type of scaling solution, sidechains etc. in the future?
I’ve never been opposed to any of those things. In fact, I’ve provided more funding for both Lightning and Side Chains than just about anyone else. I’m only opposed to the insane BTC block space production quota still being advocated for by a bunch of economically ignorant software engineers who need to pick up an economics book.
Given your commerce adoption focus, how interested are merchants in accepting BCH right now? Why? How many currently accept BCH worldwide?
Obviously, they are very interested as shown by the fact that Bitpay has provided full support for BCH on their platform. More than 100,000 websites are currently accepting BCH, and likely more physical shops are accepting BCH than BTC now.
Many Bitcoin proponents argue that Satoshi’s anonymity and disappearance give it an advantage over other coins that have known founders or de facto community leaders. Do you agree? In this sense, is Bitcoin Cash at a disadvantage since many would consider Roger Ver a leader of sorts given your popularity?
I reject the premise. I didn’t start BCH, and I’m not the leader. I’m just one of many users although I may be louder than most.
Bitcoin Core believes that Bitcoin’s goal is to become digital gold.
Bitcoin Cash believes that Bitcoin’s goal is to become a global currency.
You recently stated that “Bitcoin Core believes that Bitcoin’s goal is to become digital gold. Bitcoin Cash believes that Bitcoin’s goal is to become a global currency.“ But Satoshi wrote that Bitcoin is “more typical of a precious metal.” Why do you prioritize adoption in commerce over SoV? Doesn’t this also run counter to the evolution of money stages as a collectible->store of value->currency->unit of account?
I reject the evolution of money cycle that you have laid out. Money is simply the most commonly accepted barter good. The dollar is the world’s most popular store of value because you can spend it anywhere. If Bitcoin had been allowed to continue to be spendable anywhere, it could have become the world’s most popular store of value.
Instead, the economically ignorant BTC camp have intentionally undermined BTC’s usefulness in commerce and unwittingly undermined its usefulness as a store of value.
I laid it out in detail very clearly in this video that has aged very well.
Your website Bitcoin dot com states: “Buy Bitcoin Cash (BCH) and Bitcoin Core (BTC) with a credit card.” Critics say you are intentionally mislabeling BTC as Bitcoin Core, the name of the Bitcoin software client, to get new users to buy BCH. There have also been reports of people wanting to buy BTC but mistakenly buying BCH instead. How do you respond?
BCH has more Bitcoin-ness about it than BTC, so it doesn’t make sense to call BTC Bitcoin. The website is labeled very clearly, and we have never had a single report from an actual customer making a mistake.
BTC fees have been at the lowest in years this year. Moreover, on October 16, a Bitcoin user moved 29,999 BTC worth $194 million with a $0.1 fee. Why do you state, based on your recent tweets, that Bitcoin (BTC) has “full blocks” and “high fees”?
By intentional design of the “Core Developers”, they want Bitcoin to have high fees and full blocks. If the fees are currently low, then they are failing at what they have set out to accomplish. Either way, they are incompetent.
BCH price is currently at record-lows in USD and BTC terms and down over 96% from all-time highs. What’s the reason? Hash war? Lack of adoption? Overall bearish crypto market? A combination of factors?
Obviously, it is a combination of factors. The market is made up of millions of participants with their own needs, desires, and goals.
Do you hold more BCH than BTC?
Of course. BTC’s future is dim with the misguided economic code being promoted.
What’s your BCH price prediction for 2019?
I don’t know, and neither does anyone else.
What are your thoughts on Roger Ver’s comments? Share them below!
All eyes are on the bitcoin cash (BCH) blockchain ahead of a scheduled technical upgrade tomorrow.
While it’s a process that the world’s fourth-largest blockchain by market capitalization undergoes every six months, at which point it asks all users operating the software to upgrade to a newer version, there’s a twist this time around. Specifically, a deep contention over the cryptocurrency’s technical direction.
While previous forks have been supported en masse by bitcoin cash developers and miners, there are now marked differences of opinion between supporters of two main versions of the software – Bitcoin ABC and Bitcoin SV – over the future the direction of the code’s specific features (Bitcoin SV, most notably, would continue boosting the software’s block size).
This is significant for those who own or trade BCH because, if neither side has majority backing, then the bitcoin cash chain will undergo a split into separate blockchains, each with its own cryptocurrency.
This raises questions for investors and potentially brings opportunities into play.
One way to begin to assess options ahead is to look at how other traders are already responding. Over the course of four days from Nov. 2–6, the price of bitcoin cash surged 49 percent to reach a two-month high.
Perhaps not coincidentally, the jump occurred within hours of major cryptocurrency exchanges Binance and Coinbase announcing their support for the upcoming hard fork.
That’s likely because, if the major exchanges are accommodating the fork, potentially millions of traders will have access to BCH buying and will just need to wait a little for their wait for the free coins, and, as such, a wave of demand was triggered by the news.
Cryptocurrency trader Josh Rager described the sudden surge in bitcoin cash’s recent performance as an anomaly when compared to the broader market, suggesting the price rise must be a result of hype surrounding the fork.
Rager told CoinDesk:
“With current price action of BCH, it’s 100 percent related to the fork and support from exchanges. No other major cryptocurrency is seeing a notable price change.”
A technical analyst would argue though that all known information is reflected in the price of an asset and, by that logic, the sudden rise could have been foreseen. A trader going by the handle “Crypto Rand” did, in fact, suspect bitcoin cash was due for a big move anyway, although the fork news likely was the catalyst.
“Definitely the move was pushed by the news, but not only because of it. Technical analysis wise, it was also looking interesting. The current range proved solid for a long time having some good accumulation over there,” he said.
Since many notable cryptocurrency exchanges announced support for the fork, a few have even launched futures contract-like trading for future blockchains that could be created as a result of the split, which essentially act as placeholders until the fork is complete.
Poloniex’s ‘pre-fork trading’ has been live since Nov. 8 but will come to a close at 15:00 on Nov. 15, and at the time of writing, BCHABC and BCHSV are trading at $250 and $175 respectively. Earlier today the gap between the two prices was much narrower, indicating favor towards a particular fork is not as one-sided as many first thought.
Indeed, it’s an innovative way to gauge support for the fork, but a poll conducted by CoinDesk suggested the interest among causal traders was minimal.
When asked what their trading plans were ahead of the fork, a combined 76 percent of the 2,669 users answered they either plan to “wait and see” or are simply “not interested.”
Philakone, a prominent crypto analyst, also conducted a poll asking his audiences’ opinion on the upcoming fork.
So far, 41 percent have stated they felt BTCSV is likely to fail, with 36 percent believing it will succeed. By Thursday evening, we will know who guessed right.
When looking at the price performance of past forks like zclassic or bitcoin private and their 90+ percent price declines, there’s merit in using caution when considering holding onto a forked coin long-term.
This sentiment does not seem to be lost among the traders who all agree entering a trade now would contradict their risk management practices. “I would sell half instantly and trade the other half during the next week,” Rand said.
A trader going by the tag “Credible Crypto” agreed, speaking to the short-term outlook that cryptocurrency traders tend to abide by:
“Most are in this for a quick profit and are not aiming to hold the newly forked coin for price appreciation. Those that sell first will win, the rest will be left behind (at least until the price for this coin stabilizes).“
Popular Twitter crypto analyst Nick Cote offered some final wisdom.
“I wouldn’t be buying here. Buying in hope of something is a sure way to lose money over the long-term,” he concluded.
Disclosure:The authors hold BTC, AST, REQ, OMG, FUEL, 1st, USDT and AMP at the time of writing.
Bitcoin cash price traded as high as $637 and later corrected lower against the US Dollar.
There was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is currently trading near a major support at $575 and the 100 hourly simple moving average.
Bitcoin cash price started a downside correction from the $640 swing high against the US Dollar. BCH/USD is currently consolidating near $575 and it could bounce back.
Bitcoin Cash Price Analysis
Yesterday, there were extended gains above the $600 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $620 resistance and settled above the 100 hourly simple moving average. The price traded as high as $637 before sellers appeared. As a result, there was a downside correction and the price moved below the $600 level.
During the decline, the price broke the 50% Fib retracement level of the last leg from the $534 low to $637 high. Moreover, there was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair. The pair extended losses and it is currently trading near a major support at $575 and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last leg from the $534 low to $637 high is also near $575. Therefore, the price is likely to bounce back towards $600 and $620.
Looking at the chart, BCH price showing positive signs above the $575 support. There could be a fresh bearish move, but the price is likely to stay above the $540-550 zone. On the upside, a break above the $620 resistance may push the price above $650.
Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.
The price of bitcoin cash rose more than 11 percent on Tuesday, pushing its price to a new two-month high.
Market data shows that the cryptocurrency’s price has risen 30 percent since Sunday, and is currently trading at roughly $623. Bitcoin cash is the fourth-largest cryptocurrency by market capitalization, CoinMarketCap data shows.
The price of BCH was trading hands at $425 before surging 32.5 percent, where it reached a then-peak of $588 on Nov. 5, clocking a 5-week high in the process when it was later confirmed, according to Coinbase exchange data.
The market developments come as bitcoin cash prepares for a hard fork – or backward-incompatible code change – on November 15, this time involving two different implementations: Bitcoin ABC and Bitcoin SV. The cryptocurrency was originally created by way of a hard fork off of the original bitcoin network after the scaling debate boiled over last year.
BCH’s price boost makes it one of the top-performing cryptocurrencies of the day, based on information from crypto-data sources OnChainFX and CoinMarketCap.
Other top performers for Tuesday include XRP, which hit a one-month high earlier in the day (it has since risen above $0.50 apiece as of press time) and Stellar lumens, which has climbed more than 8 percent in the past 24 hours. On Tuesday, wallet service provider Blockchain announced that it would give away $125 million in XLM as part of an airdrop for its customer base.
As of the time of writing, the total market capitalization of all cryptocurrencies is up more than $6 billion on a 24-hour basis, reaching a 22-day high of roughly $218 billion.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
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