bitcoin Cash [BCH]’s push into the realm of mainstream adoption has been something that has caught the eye of several proponents and users in the crypto space. This movement was mainly spearheaded by bitcoin [BTC].com’s CEO and founder, Roger Ver, who has made it a point to make cryptocurrencies available for day-to-day transactions.
In a recent video uploaded by bitcoin [BTC].com, Ver touched upon some of the updates on the bitcoin [BTC] Cash network and the different ways it can benefit the community. The one major update pointed out by the CEO was the addition of bitcoin [BTC] Cash on Kraken for margin trading. The announcement made by the second oldest cryptocurrency exchange also included the addition of XRP for margin trading. The exchange tweeted:
“Please note that BCH and XRP are not collateral currencies. This means you cannot open margin positions against the value of your BCH or XRP balances. For this reason, you should always maintain adequate balances of other collateral currencies to maintain your margin positions.”
In other news, Ver also touched upon reports that showed that bitcoin [BTC] Cash was the most used cryptocurrency in real life cases. This was judged based on the on and off ratio which counts the number of transactions conducted on the exchanges to the number of transactions conducted using the cryptocurrency in real life. In Ver’s words:
“We don’t mind any cryptocurrency that works to increase the financial freedom in the ecosystem. The only thing that the people need to curb is the sheer amount of speculations spiraling in the space.”
The BCH proponent went on to inform users about a new statistic that showed that 14% of all Chinese citizens had invested in cryptocurrencies with a steady incline in user awareness. Another update touched upon by Roger Ver was the topic of Proof-of Keys. The bitcoin [BTC].com panel stated:
“The concept of Proof of Keys is to keep the private keys away from exchanges and in private wallets. This was majorly done because some shady exchanges do not have the required liquidity within themselves to warrant a good user return.”
One prime example of the lack of liquidity was brought to notice when HitBTC, a cryptocurrency exchange displayed the message “Withdrawals are temporarily disabled on your account”.
Post this incident, John McAfee had said:
“I warned everyone more than a dozen times. Don’t sign up. Don’t use it. Withdraw your funds. I was trashed for calling out HitBTC as a corrupt company. Tough shit. You had six months warning from me to withdraw your funds. Do not ask me to help you now.”
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Published at Tue, 08 Jan 2019 02:03:45 +0000
