Bitcoin Will ‘Totally Collapse,” Even if it Takes 100 Years: Nobel Prize Winner

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Nobel laureate Robert Shiller is fairly confident bitcoin will collapse, but he’s not quite sure when that collapse will occur.

Shiller, a Yale University professor who won the Nobel Prize for Economics in 2013, told CNBC that bitcoin will likely “totally collapse and be forgotten,” although it could linger for as long as 100 years.

“It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. (Bitcoin) might totally collapse and be forgotten and I think that’s a good likely outcome but it could linger on for a good long time, it could be here in 100 years,” Shiller said.

Citing a well-worn comparison to the so-called “tulip bubble,” Shiller said that bitcoin has no value outside of the “common consensus that it has value,” which makes it different from gold and other commodities.

“It has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn’t see it as an investment,” he said, adding that he “doesn’t know what to make of bitcoin ultimately.”

This is not the first time that Shiller has given bitcoin a bearish forecast. In 2014, he called bitcoin an “amazing example of a bubble,” adding that currency-wise it is a return “to the dark ages.” Last month, he opined that bitcoin’s mythology would be a “wonderful story — if only it were true” and predicted that although it may not immediately crash to zero, it will definitely “come down” considerably.

Nor is Shiller the first Nobel winner to throw cold water on the lunar aspirations of bitcoin investors. Joseph Stiglitz, who won the award in 2001, has argued that cryptocurrency “ought to be outlawed” because — in his view — it “doesn’t serve any socially useful function.”

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Bitconnect Ponzi Scheme – No Sympathy From Crypto Community

What looked too good to be true ended up being just that, as Bitconnect has all but closed its doors.

Long accused of being a Ponzi-scheme, Bitconnect shut down its cryptocurrency exchange and lending service this week. As stated on their website, Bitconnect had received cease and desist letters from two American securities regulators – leading to the closure of their lending and exchange platforms. Still, Bitconnect will continue to run its website and wallet service.

Sketchy ‘Ponzi’ offerings

Since its inception in January 2017, many were skeptical about Bitconnect services. In essence, one needed to send Bitconnect Bitcoin in exchange for Bitconnect Coin (BCC) on their exchange.

Once you had BCC, you were guaranteed “up to 120 percent return per year.” Users were told they were earning interest by holding their coin “for helping maintain the security of the network.”

Ponzi

Source: Bitconnect.co

Lending platform

Bitconnect’s lending platform is what really led to accusations of a Ponzi scheme, as well as cease and desist orders from regulators.

Lending

Source: Bitconnect.co

As the above illustration explains, users bought BCC with Bitcoin and then lent out their BCC on the Bitconnect lending software.

Users would receive varying percentages of interest depending on the amount of BCC they had lent.

Lending

Source: Bitconnect.co

Add in the referral system seen in many other Ponzi schemes and the fact that the operation was run anonymously; it’s hardly surprising that this whole endeavor has ended in tears.

The lending scheme was the main draw card of Bitconnect because of its huge promise of returns. In order to participate in the scheme, you had to buy BCC – which saw the token hit an all-time high of $437.31 per BCC before it plummeted in value following the closure this week.

That being said, the cryptocurrency is still alive and trading at around $35 at the time of writing.

BitConnect

Social media burns Bitconnect

Following Bitconnect’s closure, social media was abuzz with sentiments of ‘I told you so.’

TenX co-founder Julian Hosp highlighted the fact that BCC was still trading as a real head-scratcher.

Francis Pouliot shared a hilarious video of a Bitconnect meet which had been slightly dubbed over.

American cartoonist Spike Trotman shared one of the most entertaining and eerily accurate predictions back in September 2017, postulating that Bitconnect was indeed a Ponzi scheme.

Her latest tweet is a screenshot of the Bitconnect Reddit page, with subreddits for a suicide hotline as well as a massive legal action megathread. Do yourself a favor and take a look at Iron Spike’s full threat on Bitconnect – it’s brilliant.

Rodolfo Novak shared a photo of the monumental collapse in price of Bitconnect from Coinmarketcap, highlight the moment the Ponzi scheme hits ‘exit time.’

What is Ripple?

By Shawn Gordon

What is Ripple? Technically speaking, is Ripple a cryptocurrency in the mold of Bitcoin? The short answer is probably “no,” but that doesn’t stop it from often being lumped into that same category.

What is Ripple?

Originally released in 2012 as a subsequent iteration of Ripplepay, Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network. Using a common ledger that is managed by a network of independently validating servers that constantly compare transaction records, Ripple doesn’t rely on the energy and computing intensive proof-of-work used by Bitcoin. Ripple is based on a shared public database that makes use of a consensus process between those validating servers to ensure integrity. Those validating servers can belong to anyone, from individuals to banks.

The Ripple protocol (token represented as XRP) is meant to enable the near instant and direct transfer of money between two parties. Any type of currency can be exchanged, from fiat currency to gold to even airline miles. They claim to avoid the fees and wait times of traditional banking and even cryptocurrency transactions through exchanges.

How Is It Fundamentally Different From Bitcoin?

It is the validating servers and consensus mechanism that tends to lead people to just assume that Ripple is a blockchain-based technology. While it is consensus oriented, Ripple is not a blockchain. Ripple uses a HashTree to summarize the data into a single value that is compared across its validating servers to provide consensus.

Banks seem to like Ripple, and payment providers are coming on board more and more. It is built for enterprise and, while it can be used person to person, that really isn’t its primary focus. The main purpose of the Ripple platform is to move lots of money around the world as rapidly as possible.

Thus far, Ripple has been stable since its release with over 35 million transactions processed without issue. It is able to handle 1,500 transactions per second (tps) and has been updated to be able to scale to Visa levels of 50,000 transactions per second. By comparison, Bitcoin can handle 3-6 tps (not including scaling layers) and Ethereum 15 tps.

Ripple’s token, XRP, isn’t mined like Bitcoin, Ethereum, Litecoin and many other cryptocurrencies. Instead, it was issued at its inception, similar in fashion to the way a company issues stocks when it incorporates: It essentially just picked a number (100 billion) and issued that many XRP coins.

What is XRP and What’s It Used For?

As a technology, the Ripple platform may have real value and real history that validate the claims they make for its efficacy. The XRP token itself, however, seems to have negligible use cases. In fact, Ripple had planned to phase it out — at least, until fevered interest in cryptocurrencies began to take off in 2016. Nevertheless, as CNBC noted today, if Ripple hits $6.57, its market capitalization will be bigger than Bitcoin’s.

There are 100 billion XRP tokens that were issued by the Ripple company. At the moment, the company promises that this is the total number of XRP that there will ever be (though, technically, there is nothing to stop them from issuing more tokens in the future). Ripple’s hub-and-spoke design positions XRP in the middle as a tool that is fungible with any currency or digital asset, such as frequent flyer miles. Ripple can settle a payment in 3.5 seconds through XRP and have it available and spendable. The use of XRP is totally independent of the Ripple network in general; that is, banks don’t actually need XRP to transfer dollars, euros, etcetera which is what many small investors might be missing when they are buying the token.

What Is Ripple’s Value Proposition?

The value here is the Ripple network itself and its ability to move assets around the world quickly, rather than in the XRP token.

Banks are able to use the Ripple software to shift money between different foreign currencies. Currently, this is typically accomplished using SWIFT, a system that is cumbersome and relies on the banks having separate accounts in every country they work in. Ripple says it has signed up more than 100 banks (compared to SWIFTs 11,000 financial institutions) including American Express.

So Why All the Hype?

While Bitcoin has seen a dramatic rise in price over the course of 2017, the end of the year saw the cryptocurrency almost breaking $20,000. As the price drove higher, we saw a massive increase in price for a large number of altcoins, with Litecoin jumping from $50 to nearly $400, Ethereum doubling, NEM and EOS going up by a factor of five, and the list goes on and on. The fear of missing out has driven many investors wild and “lower-priced” currencies are attractive to new investors who mistakenly think that the high price of an entire BTC puts the currency out of their reach.

Add to all the hype the rumors that had been swirling on social media through December 2017, that Coinbase was going to list Ripple, which caused the price to surge, which in turn prompted Coinbase to address the rumors in a more generic fashion in this blog post on January 4, 2018:

“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”

ripple chart jan19

The Coinbase announcement caused a big drop in Ripple, back to around the same levels as before the rumors began. SInce then, Ripple has both dipped dramatically and recovered, as have many other volatile cryptocurrencies. While Coinbase doesn’t support Ripple, there are a number of ways for people to acquire Ripple, should they still want to.

Words of Caution

There has been a lot of ink used on criticizing Ripple as well. The complaint from Bitcoin and other blockchain enthusiasts is that Ripple’s centralized control is in direct contrast to the ideals and advantages of decentralized blockchains like Bitcoin.

Ripple also maintains a trusted Unique Node List (UNL) that is meant to protect against potentially malicious or insecure validating servers. It is the UNL that controls the network rules, presenting a conundrum: On the one hand, it protects against problematic validators, but, in theory, a regulating body or government could come in and force a change that isn’t necessarily desirable or is downright invasive. Furthermore, because of a FinCEN violation and fine in 2013, Ripple has updated its policies and will only recognize and recommend gateways that are in compliance with financial regulations.

New York Times reporter Nathaniel Popper commented on Twitter that he has yet to find a bank that anticipates using the XRP token in any meaningful way. Ripple’s CEO, Brad Garlinghouse, has denied Popper’s claims stating, “Over the last few months I’ve spoken with ACTUAL banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way.” However, as Popper points out, even the banks that he contacted at Ripple’s suggestion were non-committal in their plans to implement Ripple anytime soon.

According to the Financial Times, of the 18 banks and financial services companies publicly linked to Ripple, most of them stated that they “had not yet gone beyond testing” while a few had moved on to using Ripple’s systems “for moving real money.” However,  not one of the 16 companies that responded had used the XRP token.

Could the Fishbank Game be a Safe Shelter for Crypto Assets during Storm?

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This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.

As the number of ICOs collected millions of dollars previous year had gone to develop their products it became quite obvious that the only practical implementation of blockchain technology nowadays is… collecting digital kittens.

Priced at 0.01 ETH on the very start some CryptoKittie’s tokens were sold later for up to 200 ETH — couple of dozen thousands Xs for game asset without any particular purpose or even a kind of gameplay. If breeding and adoring digital cuties have resulted in congestion of the whole Ethereum network it is hard even to predict what impact may a full-featured blockchain game produce.

There will be a chance to figure it out with 175 000 users already registered for the Fishbank Alpha — the massively multiplayer battle game on Ethereum smart contracts. The core idea of the game is to grow the biggest fish on “decentralized deep blue ocean” to dominate the “food chain”. Players use their “fish” tokens to attack each other. Winner gets the part of opponent’s weight that represents the core value of the token. The more weight the “fish” has, the more powerful it is and so the bigger price it may ask on the market.

Every Fishbank game asset is an ERC-721 token that can be traded between players using Ether. Every game action requires running smart contracts thought MetaMask browser extension. Actions may consume some gas to complete transaction in blockchain network, so every attack will cost a penny creating some additional value for achieved weight.

Before the game starts there is a chance to obtain a certain “fish” token (Common, Rare, Epic or Legendary). Prices starting from 0.015 ETH for Common, 0.35 ETH for Epic and 1.5 ETH for Legendary (that includes 25% discount valid until 20th January).

After stable game release there will be only two ways to get a Fish Token: buy it from other players on the Market or try to catch one in Aquarium for a small fee in Ether. Idea is that catching a fish in Aquarium is almost like real fishing — you never know what you’ll get. Chance is based on random numbers created from seeds received both from “player” and “game” side with math as follows:

  • Legendary  – 1:1000
  • Epic – 1:50
  • Rare – 1:5


Every run of Aquarium smart contract will require a 0.03 Eth fee in Alpha. Developers said that values may be adjusted for Stable release. They have already revealed some smart contracts running in ropsten testnet on Telegram Group earlier.

The team behind Fishbank is “Chatrobotic” studio founded in 2014 that is famous for its chat bot games running on the messengers platforms (Telegram, Kik and Facebook Messenger) with more than 500 000 players on board and 2.5 million messages served daily. “Chatrobotic” states its mission as creating a solid motivation to educate a wide range of users on how to use cryptocurrency and digital wallets in fun and convenient way.

It’s quite obvious that a lot of crypto cuties clones will evolve on the market this year and it is a good challenge for Ethereum network to stay under the crypto animals invasion!

More Info

Website: https://fishbank.io

Telegram Group: https://t.me/fishbank_en

Telegram News: https://t.me/fishbank

Twitter: https://twitter.com/chatrobotic

Facebook: https://fb.me/fishbank.io

Discord: https://discord.gg/p8QsbZD

Bitcointalk: https://bitcointalk.org/index.php?topic=2644644.0

QQ: 599754294

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Former FDIC Chair Says ‘We Don’t Ban Assets,’ Bitcoin Just Needs To Be Regulated

Sheila Bair, former US Federal Deposit Insurance Corporation (FDIC) chair, told CNBC’s “Fast Money” on Friday, Jan. 19 that there is no precedent to ban Bitcoin (BTC) as an asset, but there is a need for additional regulation of digital currencies.

Bair had previously written a December 2017 op-ed on Yahoo along the same theme of more regulation without any bans against BTC.

In the “Fast Money” interview Friday, Bair reiterated that while, “we don’t ban assets,” regulating crypto markets is necessary to prevent both money laundering and the potential for market manipulation.

Bair looks favorably on CBOE and CME’s recent releases of Bitcoin futures contracts, saying:

“I think that the fact that CME and CBOE launched futures actually could help because that will actually also give them [government regulatory bodies] a window into providing, getting more reporting from the underlying Bitcoin exchanges that are feeding prices into their futures products. It will give the CFDC a window and some information to make sure there’s no manipulation going on.”

Bair’s current main concern with Bitcoin is that the public may be attracted by the promise of high returns and begin investing in Bitcoin and other digital currencies without a clear understanding of what these products are.

In regards to the public’s overall understanding of cryptocurrencies, Bair says:

“I think there’s a lot of confusion between Bitcoin and blockchain technology.”

Bair currently serves on the board of Paxos, a fintech company working with Blockchain technology. She noted during the CNBC interview that she does not own Bitcoin.

Cornell IC3 Researchers Propose Solution to Bitcoin’s Multisig “Paralysis” Problem

Owning cryptocurrency comes with its own set of challenges. One of the biggest of those challenges is managing the private keys that enable you to spend funds. Lose your private keys, and your money is gone.

In a business environment, a common way to manage funds owned by multiple people is via what’s called a multisignature (multisig) address, a type of smart contract requiring two or more parties to sign off on a transaction to move the funds.  

This can be problematic, however. Let’s say you have a three-of-three multisig that requires you and two business partners to sign off on a transaction. If one person dies, disappears or becomes incapacitated, those assets become frozen — a risk some might feel uncomfortable with when dealing with tens of thousands of dollars or more.   

One way to ameliorate that risk might be to opt for a two-of-three multisig, where only two instead of all three individuals need to sign off on a transaction. But that’s not a complete solution either. Two players could conspire against the other one and run off with the money.

What now? If your funds are on the Ethereum blockchain, you could write a smart contract that would allow you to free the funds if one person in your trio disappeared.

However, Bitcoin with its limited scripting language makes things more difficult. “This seems like an unsolvable problem if you think about the traditional tools,” said Ari Juels, a professor at Cornell Tech and co-director of the Cornell Initiative for Cryptocurrencies and Contracts (IC3).

Paralysis Proofs

In a paper titled “Paralysis Proofs: How to Prevent Your Bitcoin from Vanishing,” researchers Fan Zhang, Phil Daian, Iddo Bentov and Ari Juels from the IC3 outline how to deal with what happens when a party is unable, or unwilling, to sign off on a multisig transaction in Bitcoin. The solution involves a combination of blockchain technology and trusted hardware — Intel SGX, in this case.   

Trusted hardware allows you to run code inside a protected enclave. Even a computer’s own operating system is unable to access data inside an enclave, so if your computer were to be hacked, the code in the enclave would remain secure.

IC3’s solution proposes replacing a trusted third party, such as a lawyer or a bank, who would put money in an escrow, with a trusted hardware solution that retains control of a master key to the funds.  

If one of the three people in the contract dies, the other two initiate a “paralysis proof.” That proof is based on a challenge sent to the missing third person. If the missing person responds to the challenge, the money stays put. If the missing person does not respond, the trusted hardware releases the funds to the remaining two players.  

Trusted hardware is only part of the solution, however. If the third person were to try and respond to the challenge request with an indication she is still alive, conceivably, the other players could intercept that message. To ensure that does not happen, the second half of IC3’s solution involves sending the message via the blockchain, which provides a tamper-proof and censorship-resistant medium.    

“By combining these two [methods], we can achieve the exact properties we’re after,” Juels explained to Bitcoin Magazine. “We can enable trusted hardware to determine whether or not somebody is alive, and there is no way to prevent a relevant message from getting transmitted if it is coming through the blockchain.”   

How It Works

Put simply, this is how to achieve a paralysis proof as outlined by the IC3 researchers:

  • Two players suspect a third is dead, so they post a challenge on the blockchain. The challenge consists of a tiny “dust” UTXO that the third person must spend within a certain period of time, say 24 hours, to prove she is alive.

  • The two players also get a “seize” transaction they may post to the blockchain later to collect the funds, if the third person does not respond to the challenge.

  • If the third person sends back a response by spending the UTXO, the game is over; the two others are not able to take control of the funds.  

  • Alternatively, if the third person does not return an “alive” signal by spending the UTXO before the time-out, then the two others can use the “seize” transaction to take control of the funds.  

This not the only use case for a paralysis-proof system. Juels thinks the solution would work well in any situation that called for a controlled access to private keys that could not otherwise be maintained on a blockchain. “It is actually a very general scheme you could use for lots of other purposes,” he said.   

For instance, a paralysis-proof system could be used as a dead man’s switch for control over the release (or decryption) of leaked information or a journalist’s raw materials. It could also be used in numerous ways to control daily spending limits from a common pool of money or as a conditioned expenditure based on an outside event (as reported by an oracle), like a student getting good grades or a salesperson meeting a sales quota.   

“Basically, you can a rich set of conditions around the expenditure of money using the fact that a trusted hardware kind of acts like a trusted third party,” said Juels.

Ripple Price Continues to Outperform Index as Market Recovers

Ripple price
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The ripple price continued to outperform other top-tier coins as the cryptocurrency markets made slight gains against their previous-day levels.

Cryptocurrency Market Cap Nears $600 Billion

Friday’s contribution to the recovery was not as pronounced as the one fate dealt the markets on Thursday, but the cryptocurrency market cap nevertheless climbed to $592 billion, a $21 billion gain that works out to an increase of about four percent.

ripple priceSource: CoinMarketCap

Bitcoin Price Trades Sideways

The bitcoin price spent the majority of the day fluctuating between $10,600 and $11,800 and is currently trading at $11,637, placing it toward the higher end of that spectrum. Bitcoin now has a market cap of $201.3 billion, which represents a 24-hour increase of two percent.

bitcoin priceBitcoin Price Chart

Ethereum Price Holds Above $1,000

Like bitcoin, ethereum traded sideways on Friday but ended the day on a slight incline. At present, the ethereum price is $1,060, which is an increase of about four percent from yesterday and translates into a $105.7 billion market cap.

ethereum priceEthereum Price Chart

Ripple Price Outperforms the Index

Ripple, meanwhile, outperformed the index for the second consecutive day. Since briefly falling below $0.90 on Wednesday, the ripple price has increased by nearly 100 percent.

Ripple’s strong showing is likely connected to investor optimism over the increasing number of financial institutions who are adopting Ripple’s blockchain technology. While only one major firm — MoneyGram — has implemented the XRP token itself, investors appear willing to bet that others will integrate it in the future.

ripple priceRipple Price Chart

At the time of writing, the ripple price was $1.64, which constitutes a single-day gain of 10 percent and provides XRP with a circulating market cap of $65.6 billion.

Altcoins Post Mixed Returns

Altcoins rose a combined $14 billion on Friday, but many coins and tokens made little movement or even dipped back into the red.

ripple price

Bitcoin cash and EOS each rose less than one percent, while cardano made a slight decrease to $0.64. Litecoin rose by about one-and-a-half percent, but its price continues to trade below $200.

NEO posted the worst performance among top 10-cryptocurrencies, but investors are unlikely to be concerned about this two percent decline as the “Chinese Ethereum” is still valued at $145.

Next to ripple, the day’s top return came from NEM, which rose just under 10 percent to lift its price back above dollar parity.

Stellar rounded out the top 10 with a one percent increase to $0.51.

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Gold Sales Spike During Crypto Market Crash, Highlighting Inverse Correlation

Daniel Marburger, Director of Europe-based online gold dealer CoinInvest, claimed the company sold about 30 kilograms of gold, worth over $1 mln, in just one day, Jan. 16, in an interview with Bloomberg Wednesday, Jan. 17.

This week has been very volatile for Bitcoin and several industry insiders cited by Bloomberg believe that investors are looking for more stable assets in the meantime. Bitcoin, along with most other cryptocurrencies, experienced a crash of over 40% this Tuesday, Jan. 16 that lasted until Jan. 18, potentially causing a spike in gold investment.

Marburger told Bloomberg that gold coin sales increased fivefold on Jan. 16, the same time cryptocurrencies were crashing.

“[Tuesday] was a hell of a crazy day,” Marburger said, adding that “emails and phones did not stand still with customers asking how they could turn their crypto into gold.”

A similar situation was described by the Ireland-based GoldCore LTD, where customers have been cashing out from cryptocurrencies and buying physical gold for the past three months.

GoldCore’s director Mark O’Byrne informed Bloomberg via email about the worried clients:

“They told us they were concerned that the massive price appreciation was unsustainable and they got nervous about it. We think increasingly people are realizing that these digital assets have much higher risk levels than the traditional safe haven asset [that is gold].”

Earlier in Dec. 2017 when cryptocurrency prices were achieving record highs, Larry McDonald, the head of US macro strategy at ACG Analytics, claimed in an interview with CNBC that investors were dumping gold to buy Bitcoin during November and December 2017.

“Cryptocurrencies are definitely eating into the gold play,” stated McDonald back then.

This inverse dynamic serves as another proof of a potential negative correlation between investors’ interest towards gold and cryptocurrencies.

Visa CEO: We Won’t Accept Bitcoin Directly

VISA Blockchain
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Visa will not directly accept bitcoin, according to company CEO Alfred Kelly in a recent CNBC interview during the National Retail Federation trade show in New York City.

“We at Visa won’t process transactions that are cryptocurrency-based,” he said. “We will only process fiat currency-based transactions.”

Kelly pointed to the problem posed by a currency like bitcoin with rapidly fluctuating value. “People want a fair exchange of value when they’re buying something, so if it costs $100, I want to pay $100,” he said.

If you are paying for something that is “bouncing around at the level bitcoin’s bouncing around, and think about ‘buy ahead’ kinds of transactions” – such as an airline ticket or a car – “If you’re using bitcoin, when is it valued?” he asked – when you buy it, when you use it?

Kelly said he currently views bitcoin as a speculative commodity as opposed to a method of payment.

A Commodity, Not A Payment System

“I don’t view it as payment system player,” he said.”My take is that bitcoin is much more today a commodity that somebody could invest in; and honestly, somewhat of a speculative commodity that people can invest in.”

Depending on when a person invested in bitcoin in the last three months of the currency’s intense volatility, someone could have earned a lot of money, he said.

One CNBC anchor pointed out that Visa does have a bitcoin payment card through BitPay.

Visa Terminates Bitcoin Credit Cards

However, Visa, recently terminated its partnership with Wave Crest, a Gibraltar-based digital payment processing company, effectively disabling bitcoin and cryptocurrency debit cards.

All of the bitcoin and cryptocurrency debit card service providers including TenX, Xapo, Coins.ph, Bitwala, BitPay and CryptoPay have been affected by the crackdown of Visa on Wave Crest. Cryptocurrency debit card service providers have been relying on Wave Crest and its Visa partnership to process cryptocurrency payments.

In 2016, BitPay introduced its bitcoin Visa debit card that enabled users to make payments at any Visa point-of-sale (POS) terminals and withdraw cash at Visa ATMs, anywhere across the United States.

The CNBC anchors said that Kelly’s input was one of the more direct answers they’ve gotten about bitcoin’s role in the mainstream economy.

Featured image from Shutterstock.

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Bitcoin Cash Trading Pairs Open at Cryptocurrency Exchange

KuCoin cryptocurrency exchange announced a launch of new BCH trading pairs. The trading started on Jan. 17, 2018 at 22 p.m. UTC+8, reports the company’s press release. The exchange management decided to open new trading pairs for BCH as a response to their community requests.

Six pairs to start with

The KuCoin, a multi-cryptocurrency exchange based in Hong Kong, recently revealed its plans to add Bitcoin Cash Market enabling users to trade using BCH pairs. All KuCoin traders will have access to the six trading pairs: KCS/BCH, ACT/BCH, DAT/BCH, XAS/BCH, UTK/BCH, DENT/BCH.

KuCoin states that it’s the first cryptocurrency exchange to offer this. In the first week of 2018 KuСoin’s traffic has tripled, currently at half a million users, as reported by Anything Crypto on Jan. 11.

Previously Bitstamp Bitcoin exchange based in Luxembourg started trading BCH/BTC, BCH/EUR and BCH/USD on Dec. 5, 2017. CoinEx exchange based in the UK announced similar plans in early December 2017.

The KuCoin exchange also revealed plans to launch the following trading pairs: BCH/RPX, BCH/QLC, BCH/DBC, BCH/BNTY, BCH/DRGN, BCH/LTC, BCH/PRL. The exact date of the start of trading is being specified.

Big promotion campaign

Along with the trading pairs launch, the KuCoin exchange announced a huge promotion for all traders with giveaways of more than $250,000 worth of tokens plus and five BTC in giveaways. Any trader has a chance to win a reward in relevant tokens. There are four kinds of competitions listed in the announcement text.

The exchange created a special telegram chat to support traders: https://t.me/Kucoin_Exchange.

About KuCoin

KuCoin was launched on Sept. 15, 2017, and it operates on a crypto-to-crypto basis, which means that no fiat currencies are supported. Its digital assets portfolio is pretty extensive and besides, the platform uses KuCoin Shares (KCS) in a similar way to Binance, says Capitancoin website in its review.  KuCoin does not offer margin trading and have not disclosed whether there is any minimum investment required. The exchange offers 24/7 customer service and it is known for posting coin pairs before they hit other major cryptocurrency exchanges.

The founding team of KuCoin Exchange has carried out research on Blockchain technology as early as in 2011 and achieved the technical architecture of KuCoin exchange platform in 2013, says the exchange’s official website.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.