Bitcoin Cash Jumps as Kraken Disables BSV Trading

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Bitcoin Cash is up by more than 10% from circa $230 to not far off from $270 with the crypto gaining more than bitcoin, eth, or any other for today.

Its trading volumes are up to about $2 billion with the coin making a second big higher low since December.

Bitcoin Cash price on 45 minute candles, May 1st 2019.

One reason for this price jump might be the delisting of BSV, a coin that chain-split from BCH in November 2018.

“Bitcoin SV (BSV) trading is now disabled. Open orders will be canceled shortly. Please withdraw all BSV by May 31st, 2019,” Kraken said on Monday after they added last week:

“Bitcoin SV (BSV) deposits are now disabled. Deposits currently pending will be credited shortly. If you send funds in now, you may not be credited until after trading is disabled on April 29th. Please withdraw all BSV by May 31st, 2019.”

That may have sent some BSV holders to BCH, which is closer to their view of on-chain capacity, after Binance too delisted BSV on April 22nd.

Another win for Bitcoin Cash is Bitfinex’s decision to change the ticker to BCH. They previously called it BAB for some reason, put perhaps to not attract more criticism by cashers regarding Tether and all the rest, they’ve now given it the proper ticker.

Then there’s the hardfork upgrade due on May 15th which implements Schnorr Signatures way before Bitcoin Core.

In addition, there’s actually some innovation going on in BCH. Openswap, for example, allows for atomic swaps of bitcoin and BCH.

The openswap protocol is a fork of the Electron Cash light client with atomic swaps added as well as onchain private messaging (BCH messages that use encrypted OP_RETURN payloads) and also BTC wallet support.

There’s also the Bitcoin File Protocol which is quite interesting because this allows for files to be uploaded on-chain. They say:

“Files are uploaded to the blockchain in a series of data chunks encapsulated within OP_RETURN messages located at vout=0 (i.e. the first output) in each data chunk’s respective transaction.

The file chunks reference each other using the vout=1 output as a pointer to the location of the next data chunk. The file can be shared with anyone by sharing the transaction hash of the last uploaded data chunk containing optional file metadata.”

They then give instructions on how to download the file by putting together these chunks that form the document and say that “larger files (~100KB) may be stored on-chain” too.

100 Kb can probably fit a fairly long PDF with it impossible to censor. Something which could in part explain a continuous rise in Bitcoin Cash transactions.

Bitcoin Cash transactions, May 2019.

Bitcoin Cash has also tokens running on top of it, has Memo – which is sort of a blockchain twitter – and other dapps that give it some use cases.

It may also be benefiting from a slight rise in BTC fees following some recent congestion in addition to the Lightning Network turning out to need a lot more work for it to be usable at scale.

Finally, Bitcoin Cash remains the only coin with the biggest infrastructure for merchant acceptance after bitcoin because BitPay still only has BTC and BCH.

The latter is as a back-up of sorts if congestions and fees get out of hand again, with BCH continuing to work on reducing propagation times and on improving the protocol to handle more capacity as needed.

Copyrights Trustnodes.com

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