OpenBazaar Now Accepts Bitcoin Cash

Decentralized marketplace OpenBazaar added support for Bitcoin Cash Zcash (Beta) payments
08 February 2018   322

OpenBazaar is a free online marketplace and a peer to peer application that doesn’t require middlemen, has no fees and no restrictions.

The platform announced on Wednesday that it had integrated Bitcoin Cash, the cryptocurrency that forked from the main Bitcoin blockchain last year. It has also added a beta release for Zcash support.

Both currencies are added as part of the project's version-2.1 release.

With this update, users will have the option to create new nodes for processing Bitcoin Cash and Zcash (Beta) payments, respectively.

It is worth noting that the startup has raised more than $4 million to date. The investments are coming from Andreessen Horowitz and Union Square Ventures as well as industry investors like Digital Currency Group and Berlin-based BlueYard.

According to the release, more currencies and multiple currency support are on its roadmap for future releases.

SegWit Transactions Are More Popular Than BCH

According to BitMEX reseach, there are more SegWit transactions in Bitcoin network than Bitcoin Cash transactions
23 March 2018   117

The volume of SegWit transactions in the bitcoin network exceeded the aggregate number of Bitcoin Cash transactions since the launch of it in August of last year. This is reported in the blog of the BitMEX exchange.

As the researchers remind, activation of the Segregated Witness protocol was carried out in the same month as the Bitcoin Cash hardfork. It was promoted by his supporters as an alternative to the solutions for scaling the bitcoin network, suggesting significant savings on transaction fees.

Since the implementation of Segregated Witness, the volume of SegWit-transactions has exceeded the aggregate number of transactions performed on the Bitcoin Cash (BCH) network by 20.1%. Also, the researchers concluded that if the appearance of BCH occurred simultaneously with the activation of SegWit, then this separation would be much larger and would be 31.5% (the gray line on the graph).

Cumulative transaction volume since the launch of Bitcoin Cash
Cumulative transaction volume since the launch of Bitcoin Cash

The graph shows that in the first days after the appearance of Bitcoin Cash, there was a rapid growth in the volume of transactions in this network. At the same time, the increase of the  SegWit transactions in the bitcoin network occurred gradually. Nevertheless, in just three months, the volume of BTC transactions with SegWit exceeded the total volume of BCH-transactions.

The graph below shows how gradually the popularity of legacy transactions in the bitcoin network is declining in favor of SegWit.

Daily transaction volume
Daily transaction volume

The chart below shows the continued growth of SegWit transactions, mainly due to the activation of support for this solution by the major players of the bitcoin industry:

Percentage of transactions that use SegWit
Percentage of transactions that use SegWit

Currently, the share of SegWit-transactions in the bitcoin network is about 30%. At the same time, the average share of such transactions in the bitcoin blockchain is about 22%.

According to the researchers, Segregated Witness significantly influences the performance of bitcoin blocking and benefits in the form of a reduction in commissions even for users who prefer to use the old transaction format. Also, according to the BitMEX team, the results of their research show that large-scale innovations should be introduced gradually and in the most secure way.