Here’s Bitcoin.com’s Updated Stance on Specific Bitcoin Chain Symbols and Monikers

Bitcoin.com's Stance on Specific Bitcoin Chain Symbols and Monikers

A lot has changed in the cryptocurrency space, and things are entirely different than they were when bitcoin was launched by its anonymous creator back in 2009. One of these changes has affected the entire ecosystem, as the bitcoin scaling debate has caused significant strife between bitcoin proponents.

Also read: Bitcoin Cash is Bitcoin

This summer on August 1 the bitcoin cash fork took place, but fundamental differences between bitcoiners remain, and there is still a fierce debate concerning the upcoming hard fork(s). At Bitcoin.com we have decided to clarify our position on the naming of each chain associated with the original protocol design created by Satoshi Nakamoto based on technical associations.

At present, there are two blockchains that have derived from the original bitcoin protocol design released to the world in January of 2009. On August 1 the bitcoin cash blockchain split away from the network, due to a long and ongoing debate concerning the technology’s key principles. Since the bitcoin cash network started, the foundations of each chain have shown underlying differences. For instance, the bitcoin cash chain did not adopt the controversial Segregated Witness (Segwit) protocol. The protocol had also increased the base block size limit to 8MB, and the development team removed the tendentious Replace-by-Fee (RBF) protocol as well. The bitcoin cash chain operates now with significantly lower fees than its sister chain, and confirmation times are faster with more room for transactions.

Bitcoin.com's Stance on Specific Bitcoin Chain Symbols and Monikers
Segwit coins remove signature data from a transaction. Source: Peter Rizun, Segwit Coins are not Bitcoins.

The other chain which we will refer to as “Segwit Core” has adopted Segwit and continued to utilize RBF. Further, the chain still has problematic issues with fees and network congestion as the Segwit protocol change hasn’t shown much difference. At the moment this chain is called BTC, but the network is expecting another fork this November that may change that moniker, if “Segwit Core” survives. As stated above, the scaling debate’s flames did not stop when bitcoin cash split away. There is now escalated drama between Core supporters and Segwit2x supporters.

Bitcoin.com's Stance on Specific Bitcoin Chain Symbols and MonikersSegwit2x is a protocol that has also adopted Segwit and RBF but aims to raise the block size limit from 1MB to 2MB. Additionally, there is another fork this October called bitcoin gold that plans to change the consensus mechanism, proof-of-work, into a GPU mineable algorithm called Equihash. The bitcoin gold fork will also have Segwit implemented, and RBF as well, alongside a large pre-mine for the founding developers.

With all the chaos and confusion concerning this summer’s fork and the forks approaching in the next few weeks, Bitcoin.com has decided to clarify how we will respectively name each chain and price ticker. News.Bitcoin.com will be reverting to these symbols within our articles that mention price tickers, and certain bitcoin sister chains.   

  • The Bitcoin Cash Chain: Ticker symbol will be “BCC.”

  • The Segwit Chain/Segwit1x: Ticker symbol is currently “BTC,” but our suggested is symbol “SW1,” post Segwit2x split.

  • Segwit2x (Planned Fork): Ticker symbol could be “BTC” (planned), but we suggest potentially “SW2” as this is no longer perceived as Bitcoin.

  • SegwitGold (Planned Fork): Ticker symbol suggestion is “SWG.”

Bitcoin.com's Stance on Specific Bitcoin Chain Symbols and Monikers

Read this link here for more information concerning Bitcoin.com’s stance on this subject and why we decided to choose these specific names and symbols.


Images via Shutterstock and Bitcoin.com.


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AU: 0.5572 SDR = 1 AUD 2017-10-19 RBA 4.00 pm Eastern Australian time

AUD/SDR representative rate as at 4.00 pm Eastern Australian time on 19 Oct 2017. The value of the Special Drawing Right is calculated by the International Monetary Fund on the basis of a weighted basket of four currencies – US dollar, European euro, Japanese yen and UK pound. The Fund publishes the value of the SDR each day in terms of US dollars; the latest available rate is crossed with the 4 pm A$/US$ rate.

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Global Stocks

European stocks finished with gains Wednesday, as falls in the euro and the pound helped exporters and offset disappointing financial updates from companies such as Zalando. Where indexes are trading: The Stoxx Europe 600 index SXXP, +0.29% posted a 0.3% rise to end at 391.56. On Tuesday, the pan-European benchmark fell 0.3%.

The Dow Jones Industrial Average punched firmly higher on Wednesday to a historic close above 23,000. It took 54 trading days for the gauge to close above the next round-number milestone, representing the third fastest 1,000-point advance in history. However, the record-setting climb for the more than 120-year old stock-market average might hint at some softness.

Asian stocks inched up to near decade highs on Thursday, continuing to ride on a global equities rally, while the dollar resumed its rise on the back of a spike in U.S. yields.

Elliott wave analysis of EUR/NZD for October 19, 2017

analytics59e83578ad1ab.png

Wave summary:

We were looking for a b-wave rally to 1.6584, this target has been spiked as the high has been seen at 1.6662. The high at 1.6662 likely was the top for wave b and wave c to below 1.6298 closer to 1.6150 is now expected. To confirm wave c lower has taken over, we need a break below 1.6500 and more importantly a break below 1.6441.

R3: 1.6715

R2: 1.6687

R1: 1.6662

Pivot: 1.6530

S1: 1.6500

S2: 1.6441

S3: 1.6390

Trading recommendation:

Unfortunately, our stop at 1.6635 was hit for a loss. We will sell EUR again here at 1.6635 with the stop placed at 1.6675.

The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/JPY for October 19, 2017

analytics59e8336075cab.png

Wave summary

Make it or Break it - EUR/JPY is now sitting just below important resistance at 133.49, this resistance will need to cap the upside to confirm more downside pressure towards 127.80. Short-term a break below minor support at 133.05 will be the first good indication that the corrective rally from 131.64 has completed and a new decline to here and below should be expected.

If, however important resistance at 133.49 is cleared then more upside to 133.83 should be expected, but it could revive wave D for a move closer to 137.37.

R3: 134.41

R2: 134.24

R1: 133.83

Pivot: 133.49

S1: 133.05

S2: 132.69

S3: 132.20

Trading recommendation:

Our short position from 132.65 was closed at break-even. We will sell EUR here at 133.35 and place stop+revers at 133.55.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for Oct 19, 2017

EURUSD.jpg

When the European market opens, some Economic Data will be released, such as Spanish 10-y Bond Auction. The US will release the Economic Data, too, such as Natural Gas Storage, CB Leading Index m/m, Philly Fed Manufacturing Index, and Unemployment Claims, so, amid the reports, EUR/USD will move in a ... volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1849.

Strong Resistance:1.1842.

Original Resistance: 1.1831.

Inner Sell Area: 1.1820.

Target Inner Area: 1.1792.

Inner Buy Area: 1.1764.

Original Support: 1.1753.

Strong Support: 1.1742.

Breakout SELL Level: 1.1735.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com