Wikileaks Shop Now Accepts Bitcoin Cash, Price Jumps – Trustnodes

Wikileaks Shop Now Accepts Bitcoin Cash, Price Jumps

0

The official Wikileaks Shop now accepts Bitcoin Cash according to a public announcement by the entity made earlier today.

It is the latest cryptocurrency to be accepted by the semi-commercial arm of Wikileaks, which intends to support the operations of the main publishing aspects of the project.

Bitcoin Cash tweet by Wikileaks.

Wikileaks itself does not accept Bitcoin Cash for donations. Nor, strangely, ethereum, which currently has a market cap of some $30 billion while Bitcoin Cash stands at near $10 billion.

But Wikileaks did tweet about the newest, and yet the oldest, digital currency to their five million followers, thus significantly raising awareness of the cash in bitcoin.

Price jumped soon after the announcement, returning to above $500, currently settled just under it at around $485 at the time of writing.

While its trading volumes have grown considerably standing at near $1 billion in the past 24 hours as the currency jumped some 12% today.

Bitcoin Cash’s recent price action.

Bitcoin Cash has seen an increase in adoption as its supporters promote its use for ordinary commerce, including buying coffee.

Towards that end, they are to adjust difficulty on or around November 13th so that blocks average 10 minutes, making zero confirmed transactions viable.

There appears to be some disagreement between the different Bitcoin Cash client developers over the algorithm, with three being on the table.

However, they seem to have settled on an algorithm that adjusts difficulty every block, a bit like ethereum. With the adjustment based on the proof of work done during the past 24 hours, i.e. 144 blocks.

Miners seem to be backing it, while users most likely don’t care as long as it gets its job done of making confirmation times somewhat predictable rather than swinging hugely by the hour.

The fork therefore will probably go smoothly and might not really be controversial. The fork client is already out, so everyone that runs a node will have to upgrade now if they wish to remain on the main chain.

Once it all goes through, then the currency will operate no differently than bitcoin used to before full blocks. Transactions will be as good as instant due to no Replace by Fee (RBF), thus making double spending of even zero confirmed transactions impractical.

Fees will also be at pennies or so, with the network able to handle considerable demand of up to 2.4 million transactions a day in its current state, far higher than bitcoin’s 300,000.

Thus providing commercial uses of public blockchain technology in its simplest form: peer to peer, permissionless, global, as good as free and as good as instant, value exchange.

 

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments