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   1984

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.

Court to Dismiss BCH 'Hijack' Lawsuit

UnitedCorp claimed that it incurred significant losses due to the actions of the defendants, which are Kraken, Bitmain and Roger Ver
06 February 2020   588

The court dismissed the lawsuit of the mining company United American Corp. against the Kraken exchange, its founder Jesse Powell, Bitmain, its co-founder Jihan Wu and Roger Ver, who accused them of manipulating the Bitcoin Cash market and claimed $ 4 billion in compensation. As a reason for refusal, the court pointed to the lack of jurisdiction of the case and insufficient grounds.

UnitedCorp claimed that it incurred significant losses due to the actions of the defendants, who, after the emergence of Bitcoin SV in 2018, organized the so-called “hash war” and competed for 11 days to form the longest chain. The role of the Kraken exchange in these events was due to the fact that it was the first to decide to award a ticker for the BCH chain, also called Bitcoin ABC.

The simultaneous decrease in the price of Bitcoin Cash from $ 400 to $ 200 led to a significant drop in mining revenue of UnitedCorp. The firm claimed that the defendants violated the Sherman Act (the first US antitrust law proclaiming a crime to impede free trade by creating a trust and conspiring for such a purpose), Clayton's law, which also regulates the activities of trusts, demonstrated negligence, unintentional misrepresentation, improper enrichment and treatment property in their favor.

During hash wars, the amount of computing power in the Bitcoin Cash network reached 7.88 EH / s, whereas now it is 3.99 EH / s. Due to the actions of other miners, UnitedCorp could receive a significant part of the awards it had hoped for before, and the depreciation only worsened its position.

The court dismissed the claim without further restrictions. Thus, UnitedCorp is allowed to submit its revised version again until February 28th.