Cryptocurrency News November 14th, 2018
There were not as many news stories as there normally are this week in crypto but there is a major developing story with Bitcoin Cash that we included in this news update.
Bitcoin Cash is scheduled to fork on November 15th. The two leading chains that may break off in this fork are called Bitcoin ABC and Bitcoin SV (Satoshi’s Vision). Bitcoin ABC is led by leaders such as Roger Ver (popular Bitcoin Cash advocate) and Jihan Wu (Co-Founder of Bitmain). ABC believers think that Bitcoin Cash should remain the same for the most part. SV is led by Craig Wright (self proclaimed Satoshi). SV will change the block size of Bitcoin Cash from 32 MB to 128 MB.
Takeaway: Do not be surprised if major exchanges like Coinbase freeze Bitcoin Cash trading near the time of the fork. It is hard to say what will happen as a result of the fork, as we do not know how major miners and the overall community will react. However, we can see the number of blocks mined per mining pool in the last 24 hours. CoinGeek and SVPool are two pools that support SV, so if they have over 51% of the most recent blocks, that suggests that SV will receive more hash-power in the upcoming days, but it is still hard to say.
There are YouTube videos of Roger Ver and Craig Wright expressing their thoughts on the fork. Most of their thoughts mentioned the greater issues at hand and not so much the specifics of which blockchain is best.
A new top cryptocurrency that incorporates the name “Bitcoin” could confuse newcomers to the space. If 4 of the top 10 cryptocurrencies are Bitcoin, Bitcoin Cash ABC, Bitcoin SV, new people to the space may be deterred just because they may be overwhelmed by the number of choices that seem very similar. The newly forked coins may look the industry look bad.
Binance posted on their Medium account saying that it has created the infrastructure to welcome institutional investors to their trading platform. Specifically, it has security, reliability, liquidity, and a wide selection of cryptocurrencies. It has reduced fees for high volume traders, support for corporate account holders, an easy set up for corporate accounts, and an API system that makes it easy for businesses to directly access the platform.
Takeaway: This seems like a preemptive response to Bakkt, an exchange for institutional investors backed by the Intercontinental Exchange scheduled to open on December 12th. It will be interesting to see which investors choose Bakkt over other options like Binance.