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Bitcoin forked into Bitcoin and Bitcoin Cash; Coinify stops trading - thoughts ?
As of yesterday the blockchain has forked due to disagreement in the scaling debate between developers and miners, and a new crypto currency was born - Bitcoin cash. See: https://www.reddit.com/r/Bitcoin/comments/6r05nm/megathread_on_august_1_2017_at_612pm_utc_block/?st=J5UNZXQ3&sh=a6154899 Bitcoin has dipped in value but since recovered most of its losses, the new altcoin however trades significantly lower.
Coinify stopped trading temporarily and any merchant using it, including us, cannot take payments right now https://www.coinify.com/status.
What are your thoughts on the situation?
If you use Coinify, do you plan to change or wait for them to resume trading ?
If changing, who would you recommend as a merchant gateway, that preferably converts to currency immediately as Coinify do (which simplifies accounting significantly).
Do you plan to take Bitcoin cash now too ? If so, what merchant gateway would you recommend for that ?
Comments
Didn't know you take Bitcoin (coinify), see your terms:
20.5 Fees must be paid by Credit Cards, Debit Cards, Direct Debit, PayPal, Bank transfer, Cheque (using such payment details as are notified by Clouvider to the Customer from time to time).
For Bitcoin payments I very much prefer bitpay, automatic conversion and low fees.
Greetings Kevin
Honestly I didn't think the split would have went as smoothly as it did, quite surprised.
A number of my bitcoin exchanges have resumed trading, I know Kraken will be supporting with Bitcoin and Bcash but I don't think Coinbase will. I'd wait for Coinify to let you know what they're going to support and make a decision from there.
I got an email a few days ago from @DavidGestionDBI where they announced that they were temporarily suspending bitcoin payments during this fork. Makes sense, honestly, from the little Ive read it seems its not 100% sure which of the two bitcoins is actually the one that is going to be used in the future, so coinify needs to wait and see which is the one coming out on top. At least thats how I understood it.
BCH is definitely a lot better than BTC at the moment. If a decent amount of miners accept BCH, both of them would be increasing well.
At the moment, it's pretty unpredictable to jump in. We should wait at least 1 month imho.
@Kevinjoa IIRC they store Bitcoin until they pay out, which makes it impossible to properly account for currency gains and losses in the UK - could backfire depending what definition is adopted by HMRC.
I have been trying to wrap my head around this as well. If this is a new currency then.
All current bitcoins still exist. Value of bitcoin is total market cap / number of bitcoins in existence.
Bitcoin cash is new and had zero market cap and zero bitcoin cash units. Until people started trading cash or bitcoins for bitcoin cash it had no market cap. How can people buy bitcoin cash if the units don't exist yet, as they have not been mined. If folks can buy bitcoin cash units beyond what actually exists, how can this happen.
This kind of looks like a Mexican devaluation. Same market cap, more units of currency then before. Please tell me where I am off here.
You automatically get BCH shares equal to however much BTC you had in your wallet at the time of the fork, that's where the units are coming from.
They didn't start their own chain from scratch.
Francisco
Yea @Tom ("But I don't think Coinbase will")
I already read a statement from coinbase that they will assess it. They said atm it's too much work to code and integrate etc while not even knowing if Bcash will be a real thing. So perhaps in a couple months they'll support it.
Forked at block 478,558 and now two separate blockchains. The old units still exist (16,483,462 BTC) and new units are old units and new units after the fork. (units:16,482,113 BCH)
I am still confusedEdit: I get it.
Edit 2: This helped.
“There are many misconceptions about Bitcoin Cash and what it represents. To be clear, Bitcoin is not forking. Rather, some developers have created a new digital currency and formulated an effective means of distributing it, by giving it to everyone with an existing Bitcoin balance.”
https://cointelegraph.com/news/bitcoin-forks-into-two-new-era-dawns-for-bitcoin
Boring cash! Hopefully all the drama will end soon.
You should be accepting payments without any third party who increase price and eats a % here and there.
Yea. You should also accept credit cards directly without a merchant account, and build your own data center so you don't have to pay those pesky middle man fees. In fact, why are you shopping for consumer goods at a supermarket? Third parties keep marking that stuff up. You should go grow all your own food and live on a self sustaining farm. Wait a second.. I hope you're not paying for internet from an ISP... They mark up their pricing you know? You should probably peer directly with all the tier 1 networks and be your own ISP so that you can avoid more markups.
You could see it the other way around: some people decided to create a fork to keep bitcoin as it was (100% on chain, no segwit) while other people did take over BTC to make it move (slowly though) to segwit and later on LN / offchain transactions AKA paypal 2.0.
Anyway. Saying that bitcoin cash is just 'yet another altcoin' is far from the truth, from what I did read...
2 different visions. Saying that one of those is not "bitcoin" is misleading: they are both bitcoin, and they both aren't...
I don't know what will become of both though, but would be curious to know, even if I think that this cryptocurrency thing is kinda absurd (what a waste of energy! ecological cost of each transaction is huge: PoW can't really scale IMO)...
edit: https://news.bitcoin.com/core-think-bitcoin-cash/
LOL! Thanks for the laughs.
Dude, they have like under <10% of the original BTC hashing power. Even less than ETH! If they aren't an altcoin than what are they... Altcoins are nice and I actually mine some. BCC fits the criteria for an altcoin perfectly. They just share the same parent chain as BTC.
Stripe converts bitcoins to currency upon receiving payment.
That was my first thought, but unfortunately that works in the US only, they won't activate it on a UK account.
I don't understand why companies like Bitpay restrict it to certain countries, I mean they could just do a international bank transfer and let the receiving bank exchange the funds from US dollars to your local money. But than it'll cost a lot on fees.
Based on hashpower as well as longest blockchain they are indeed not BTC. But aren't they closer to the initial whitepaper? Hard to tell as it's subject to interpretation.
See, i knew my investment in potatoes instead will pay off. I am not hungry and if in peril I can use the potatoes as a weapon - instead of stones. What other currency can do that? Even better than gold, because potato put into earth multiplies.
Do you mine ?
Mine Potatoes? Of course every year why wouldn't I?
Bitcoin? No, not worth it at all. I mine a little bit of Monero, not much though.
Please don't invite the reddit flamewar people here. scared
lol just lol
Just got this.
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Happy to see Coinify enabled again
Such magic internet money.
Anyone wants to sell 200EUR~ BTC? Paypal/Skrill/Bank. PM.
Honestly I stopped my antminers s9's
I stopped all trading and now only do cash. Upfront I don't care what color it is, it all spends some place. Cold hard cash by unmarked envelope is the way of the future.
Well they changed their mind quickly.
Sadly Coinbase will only be supporting bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.
January 1, 2018 is too late. A few days of delay is acceptable but now they say customers need to wait for 4 months.