Bitcoin Cash Addresses to be accepted on Trezor

Well-known hardware cold storage wallet company Trezor confirmed the integration of Cashaddr for Bitcoin Cash
02 April 2018   891

Jason Elliott, Twitter BSH advocate, started tweeting to hardware, cold storage wallet markets as to when their users could suppose Cashaddr implementation,  a bitcoin cash (BCH) ecosystem accepted standard for addresses to help limit disorder. Bach N. of Trezor replied, affirming Cashaddr to be in drafting for Trezor. He also completed his answer with a a Github link, which appeared to prove the tweet.

The Github refers a Trezor MCU started the beginning of this year. The creator of Cashaddr #285 is Jochen Hoenicke. There are also 3 commits, including Satoshi Labs’ repository participant Pavol Rusnak.

This needs to be done outside the firmware for cashaddr support. Webwallet: compute cashaddr addresses from xpub. Note that only the last step from hashed public key to address needs to be changed. The webwallet checks that the address the Trezor returns is as expected. This check should also allow 1.. addresses so that it works with older firmware (so we don’t have to deploy both at the same time); allow cashaddr as send to address. The firmware supports both and both use SPENDADDRESS. The only difference is the confirmation message given to the user; the transaction format did not change at all.

 

Jochen Hoenicke 

Developer, Github

 

Amaury Séchet, the lead developer of bitcoin cash, considers though such changes may be expensive, it is necessary to study different other options then changing only the prefix before settling on something.

Two weeks ago Trezor answered to long time Reddit user about how the company was just outright refusing to add the address change. They explained that the mess had been caused by inconvenient architectural decision of [BCH] team. Despite the team had been  alerted by Trezor about the problem, the programmers decided to ignore the warning.Cashaddr support is in common development process and it’ll be ready when done.

Supplemented with the even more recent confirmation and Github activity, Bitcoin Cash users can stay hopeful about the coin`s future development prospects.

Bitcoin Cash Payments to Have Low Popularity

According to the Chainalysis team, one of the reasons of this is concentrated ownership of tokens
21 August 2018   93

Analysts from the Chainalysis conducted an analysis of the trade turnover of the largest crypto payment services and found a significant decrease in the volume of payments in the Bitcoin Cash. This is reported by Bloomberg.

There are fewer users of Bitcoin Cash, fewer holders.
 

Kim Grauer

Senior economist at Chainalysis

Since the beginning of this year, the price of Bitcoin Cash has fallen by about 75%. However, this cryptocurrency remains one of the largest. So, according to CoinMarketCap, it occupies the fourth line of the rating, and the market capitalization of BCH is $ 9 billion. The weighted average price of the coin at the time of publication is approximately $ 520.

After analyzing the turnover of the 17 largest crypto payment services, including BitPay, Coinify and GoCoin, it became clear that Bitcoin Cash (BCH) payments in this digital currency significantly decreased. If in March Bitcoin Cash turnover was $ 10.5 million, in May it decreased to $ 3.7 million.

According to Grauer, another reason for the low adoption of Bitcoin Cash in e-commerce is concentrated ownership of tokens. It is reported that more than half of the offer of this crypto currency is on 67 wallets. At the same time, only two wallets store from 10 to 100 thousand BCH.