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Bitcoin Cash walked the walk
Bitcoin Cash Completes Stress Test With No Surge in Fees
COMMUNITY STRESS TEST
- According to the website, the Bitcoin Cash (BCH) stress test is a community-driven event
- During this event, millions of minimum fee transactions are processed to prove Bitcoin Cash has a high capacity and is scalable
- The stress test also provides data for developers and businesses who are looking to use the digital currency
THE RESULTS ARE IN
- As a result of the stress test, on September 1st, Bitcoin Cash transactions amounted to 63% of all cryptocurrency transactions
- During the stress test, the Bitcoin Cash network experienced up to 14,300 transactions per block while the usual average rate is only 90 to 150 transactions per block
- In addition, transaction fees did not seem to increase significantly during the stress test and fees currently stand around $0.002
HOLD YOUR BREATH
- Despite a successful stress test completion, Bitcoin Cash has seen payments drop from $10.5 million in March to $3.7 million in May, according to Chainalysis
- Also, Satis Group recently forecasted that Bitcoin Cash will drop as low as $268 due to "minimal technological advantage to incumbents"
- However, following the successful stress test, Bitcoin Cash was among the top 20 performers in the cryptocurrency market with a 3% bump in 24 hours and a 19% increase in the last week
Bitcoin ATM Market Will Be Worth $145 Million By 2023, According to Report
- A study conducted by business-to-business research firm MarketsandMarkets predicts that the global Bitcoin ATM market will be worth an upwards of $145 million by 2023
- MarketsandMarkets study attributes the growth in Bitcoin ATMs to increasing adoption of the cryptocurrency
- A value of $145 million by 2023 represents a 54.7% compounding annual growth rate over the next five years
- Currently, there are 3,650 Bitcoin ATMs across the globe which are estimated to be worth $16.3 million
NORTH AMERICA DOMINATING
- North America is home to a majority of existing Bitcoin ATMs with 73% of the global market share
- The report suggests that North America will continue to lead the way over the next five years, with the US leading the way
The report discusses North America:
“The US is expected to continue to dominate the crypto ATM market during the forecast period owing to the presence of a large number of crypto ATM hardware and software providers and favorable investment environment (without any legal barriers). In 2017, the Government of Mexico declared bitcoin legal, and it would be regulated by the Fintech Law. In addition, Canada has recorded extensive start-up activity, especially for cryptocurrency.”
Indiegogo Founder Says Security Tokens Will Become the Norm
Slava Rubin, founder of the crowd-funding platform Indiegogo recently spoke with CCN, here are some of his comments related to the cryptocurrency market:
Rubin spoke about how the regulatory landscape will change and how security token offerings will become more prevalent than initial coin offerings:
“In 2018, we’ve seen regulators, especially here in the US, take a more proactive approach toward understanding and regulating these offerings to make sure interests between investors and companies are aligned. As guidance has become clearer around how to do these offerings legally, there’s been a real shift in the desire for security tokens, as they offer a natural bridge between the crowdfunding element of an ICO and the regulatory clarity of a securities offering. We predict a rise in the potential and demand for tokenized securities, because digital ownership on the blockchain provides so many advantages over legacy investments, and tech-savvy investors are seeing the value proposition in real time. This addition to our business is just a natural extension of our vision for a crowd-financed world.”
WALL STREET PRESENCE
- Rubin explained that Wall Street entering the market will only bring further legitimacy to the industry
When asked about the initiatives to create a Bitcoin ETF, Rubin responded:
“It’s not for us to say whether they are good or bad, but we are supportive of many different projects that are aimed at helping bring new and outside interest to our budding industry.”
Alibaba and IBM Have Filed the Most Blockchain-Related Patents in the World
MAKING THEIR MARK
- New reports released Friday by iPR Daily show that Alibaba is leading the world with 90 blockchain-related patents
- IBM was a close second with 89 blockchain-related patents filed, Mastercard was third with 80 blockchain-related patents, and Bank of America took fourth with 53 blockchain-related patents
- Perhaps the most notable contender on the list is China's central bank the People's Bank of China (PBoC) with a total of 44 blockchain-related patents
- Though the number of patents filed shows significant interest in blockchain technology, it doesn't show the full story of blockchain integration plans
- Recently, Alibaba used one of its patents to launch a payment corridor for Hong Kong and Philippines residents that will settle transactions on a distributed network
- Next, Tencent recently piloted a program on its WeChat messaging app using blockchain to make the process of reimbursing employee expenses more efficient
- Western Union might be exploring settlement using Ripple in its new pilot program.
- Bitcoin short positions have been ranging near their all-time highs during the past month as traders take caution for another drop.
- Internet search giant Google has added ethereum to its big data analytics platform BigQuery.
Today in Crypto is powered by coinmarketcal.com
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