Skip to main content

MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Post a Comment

Bitcoin Cash hits new lows vs. Bitcoin after Tesla snubs 'fork products'

The car maker subsequently deletes a warning not to send Bitcoin Cash or Bitcoin SV as payment for orders, but for BCH/BTC, the damage was done.

Controversial Bitcoin (BTC) spin-off Bitcoin Cash (BCH) has hit new all-time lows against its parent after Tesla publicly rejected using it for payments.

In a series of tweets on March 24, CEO and "Technoking" Elon Musk confirmed that U.S. customers could now buy a Tesla using BTC — but his company shunned "fork products" such as BCH.

Tesla: Don't send us anything but BTC

Bitcoin Cash spun off from the Bitcoin blockchain in August 2017 and has since remained a controversial entity within cryptocurrency. 

Proponents claim supremacy over Bitcoin thanks to BCH fees being far lower while transactions also tend to take less time to clear and require fewer resources.

The narrative has taken various forms over the years, with advocacy ranging from passive to belligerent as BCH/BTC continues to plug new lows. On Wednesday, BCH holders received less than 1% of a Bitcoin — 0.089 BTC — per 1 BCH for the first time.

BCH/BTC 1-week candle chart. Source: Tradingview

Tesla's Bitcoin acceptance move appeared to drive the downturn. Support documentation originally singled out BCH and fellow Bitcoin Cash hard fork Bitcoin SV (BSV) as being unsuitable for payment.

"You may not make purchases with us using any other digital asset, including Bitcoin fork products, such as Bitcoin Cash and Bitcoin SV," the company stated.

"Our Bitcoin digital wallet is not configured to detect or receive digital assets other than Bitcoin."

Dotcom rubbishes Lightning Network

The phrasing jarred with BCH holders, who frequently tout the altcoin as being the "real" Bitcoin. Among them was entrepreneur Kim Dotcom, who took Musk to task about the snub.

"Try and buy a Soda with Bitcoin," he tweeted indignantly.

Tesla had already removed the content, simply warning buyers not to send any other cryptocurrency to a BTC address other than Bitcoin itself. This was not enough to extinguish the heated debate, however, as rival supporters sparred over what is a perennial source of anguish.

"Satoshi didn't envision Bitcoin as a new class of bank controlled by the same corrupt power structures as our current financial system," Dotcom continued.

"Custodial solutions like Lightning are not changing our broken system. Users must control the keys to their digital money, not third parties."

Musk responded with characteristic nonchalance, saying Dotcom had a "fair point" regarding transaction fees while also taking note of a proposal to accept Dogecoin (DOGE).

Bitcoiners argue that BCH is all but worthless versus Bitcoin despite its lower fees. This is due to the latter surviving multiple tests of its blockchain while still maintaining an unblemished 12-year history of Proof-of-Work.

BCH, by contrast, has yet to do the same, and with its hash rate steadily falling against BTC, its cheap usage costs increasingly come at the expense of both security and usefulness as a store-of-value.

Bitcoin, Bitcoin Cash and Bitcoin SV PoW comparison. Source: Coin Dance

As Cointelegraph reported, so-called "Layer 2" solutions such as the Lightning Network, while criticized by Dotcom, are designed to move the majority of BTC transactions off-chain, reducing fees and transaction times to near zero.

BCH meanwhile faces other problems, its declining price pushing it out of the top ten cryptocurrencies by market cap this year.

https://ift.tt/3sn4Jhl
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Legal Tender in 3 Days but Survey Shows 7 Out of 10 Salvadorans Want Bitcoin Law Repealed

Bitcoin is becoming legal tender in El Salvador in three days. However, a nationwide survey conducted by the University Institute of Public Opinion (Iudop) shows that seven out of 10 Salvadorans want the government to repeal the Bitcoin Law. El Salvador’s Bitcoin Law Goes Into Effect in 3 Days The University Institute of Public Opinion (Iudop) in El Salvador conducted a study between Aug. 13 and Aug. 20 of how the public views the country’s upcoming Bitcoin Law. The institute is a research center of the José Simeón Cañas Central American University (UCA). El Salvador’s Bitcoin Law is set to go into effect on Sept. 7 , when BTC will be legal tender in the country alongside the U.S. dollar. A total of 1,281 respondents ages 18 and over participated in this national survey that “represents the entire adult population residing in the country,” according to the institute. Out of all the respondents, 62.4% said they were aware of the approval of the Bitcoin Law by the deputies of the ...
Post a Comment
Read more

Bitcoin breaking new highs in Q4 will ‘temporarily turn alts to dust’ — Analyst

Things will get exciting in quarter four, but not before a convincing floor is put in across crypto, analysts say this week. Bitcoin ( BTC ) was busy losing its overnight gains on Sept. 27 as resistance continued to prove too much for bulls.  BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analyst on Bitcoin: “Right now, we’re stuck” Data from Cointelegraph Markets Pro and TradingView  showed BTC/USD dropping to around $1,000 below overnight highs of $44,400 on Bitstamp on Sept. 27.  The move constitutes a rejection at a “critical” zone to break, Cointelegraph contributor Michaël van de Poppe explained, with $42,000 now the key level to hold for a higher low. Bitcoin is acting in an increasingly narrow range, he summarized in his latest YouTube update. “Right now, we’re stuck,” he said, pointing to $47,000 as next should the $44,600 zone be reclaimed. On the downside, the zone between $38,000 and $40,000 remains valid for a bounce, while a co...
Post a Comment
Read more

Blockchain Software Firm Consensys Acquires Mycrypto Ethereum Wallet

On February 1, the blockchain infrastructure firm Consensys has revealed it has acquired the Ethereum-based wallet Mycrypto and plans to merge the wallet into Metamask. The price Consensys paid for Mycrypto was not disclosed but the announcement notes that the acquisition will “further improve the security of all the products.” Consensys Obtains Mycrypto Ethereum Wallet, Plans to Merge With Metamask in the Future Consensys has acquired the Ethereum-based wallet Mycrypto for an undisclosed sum according to an announcement released on Tuesday. The deal aims to strengthen the company’s Ethereum wallet Metamask and “enhance Web3 experiences.” The eventual merger between the two Ethereum interfaces will “provide users with a heightened experience that is even more extensive and secure,” according to Consensys. Consensys is an Ethereum software company led by one of the Ethereum co-founders Joseph Lubin. The Web3 wallet Metamask, with 21 million monthly active users (MAUs) is owned by C...
Post a Comment
Read more