Antpool Ups the Native BCH Block Size to 4MB, Upgrade to 8MB may Follow Soon

It has become evident good things are happening in the Bitcoin Cash ecosystem. We see more transactions than ever before. Although this may be s spam attack, the network handles things relatively well. However, Antpool noticed now is a good time to start increasing their block size. Whereas the pool mined 2MB blocks, they have now shifted to twice that block size. An interesting step forward, which may indicate 8MB blocks are a possibility in the near future.

A lot has changed for Bitcoin Cash over the past few months. Some people doubted this altcoin would stick around long enough to see January 1st of 2018. Contrary to those expectations, BCH has done remarkably well. The value is holding steady, the network grows, and more services want to support BCH. Additionally, we also see an increase in network transactions over the past few weeks. This increase also brings some minor complications with it, but nothing that can’t be solved.

AntPool Increases its Bitcoin Cash Block Size

Even though BCH allows for 8MB blocks, not all mining pools use this limit to the fullest. In fact, most of them don’t, as it would tax their infrastructure. Until there is a demand for the maximum size, mining pools will maintain smaller sizes. Antpool, for example, has stuck to 2MB blocks for some time now. BTC.com was seemingly stuck on 1MB, but some of their nodes are shifting to a bigger size. It is evident something will need to change in this regard before things get out of hand.

Antpool is leading this charge as we speak. The popular mining pool increased their “default” BCH block size to 4MB. Although only a few blocks were found so far, things will get very interesting moving forward. More block capacity will eventually mean less mempool problems like this weekend. Even those problems were cleared up pretty quickly, though. The public interest in Bitcoin Cash appears to be growing at a steady rate. Right now, it is superior to Bitcoin in terms of transaction processing capacity.

It will be interesting to see if other BCH pools increase their native block size as well. It seems to be a good time to warrant such a change as we speak. Changing to 4MB as the network’s default size would certainly make things a lot easier. It’s evident Antpool may even switch to 8MB in the very near future. This recent increase appears to be a “test”. After all, the company needs to make sure their infrastructure doesn’t get clogged up due to these larger blocks. An interesting situation well worth keeping an eye on in the future.

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Source: newsbtc
Antpool Ups the Native BCH Block Size to 4MB, Upgrade to 8MB may Follow Soon

South Korean Banks Reverse Decisions on Cryptocurrency Accounts

South Korean Banks Reverse Decisions on Cryptocurrency Accounts

South Korean banks have backtracked from their decisions to stop servicing cryptocurrency accounts as crypto investors protested and the government re-discussed its policy. The country’s 6 major banks have been told that they must follow through with the original plan and install the system that would end the anonymous trading of cryptocurrencies.

Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading

Banks U-Turned

South Korean Banks Reverse Decisions on Cryptocurrency AccountsSouth Korean banks have reportedly reversed their decisions to stop servicing cryptocurrency accounts. “They will stick to their initial plans to allow clients to open accounts for cryptocurrency transactions using their real names within the month,” Korea Joongang Daily reported.

The original plan has been for banks to stop issuing virtual accounts and install the new government-mandated, real-name identification system. From that point on, they would only issue real name accounts. This new system is expected to be introduced around January 20.

The news outlet detailed:

The country’s financial regulator has pushed banks to stop opening new accounts until they establish a way to verify that the accounts bear the real name of the customer, to prevent money laundering.

Last week, the regulators began inspecting the country’s 6 major banks to ensure they have fulfilled their anti-money laundering (AML) obligations with regard to virtual account services, as news.Bitcoin.com reported.

South Korean Banks Reverse Decisions on Cryptocurrency AccountsWhile the inspections will not conclude until January 16, some banks decided to pull out of servicing cryptocurrency accounts “due to strong pressure from financial authorities” and criticism that “banks are supporting virtual currency transactions,” Money Today described.

The regulators then informed the 6 banks that their decisions regarding whether to service crypto accounts do not have any bearing on their obligations to install the new real-name system. As such, banks agreed to install the new system as planned. The Korean Financial Services Commission (FSC) said Sunday, as reported by Korea Joongang Daily:

Banks will open new accounts after it [FSC] releases guidelines about avoiding money laundering.

Shinhan Bows to Investor Complaints

South Korean Banks Reverse Decisions on Cryptocurrency AccountsAmong the banks that decided to stop servicing cryptocurrency accounts was Shinhan Bank. A letter regarding this decision was immediately sent to the crypto exchanges currently using the bank’s virtual account services, including the country’s largest exchange Bithumb.

Following the bank’s announcement, “some Shinhan users – possibly bitcoin traders – threatened a boycott of the bank,” the publication noted. Yonhap elaborated:

After the news was announced, investors rebelled and the financial authorities decided to re-discuss the policy when they asked for a real-name confirmation service.

Shinhan Bank subsequently reversed its decision, stating that the bank will review its virtual account opening policy and “will allow deposits to existing virtual accounts for the time being,” the news outlet detailed.

Korea Joongang Daily added, “Shinhan Bank notified major local cryptocurrency exchanges such as Bithumb and Korbit that they should come up with measures to get rid of existing anonymous accounts.”

While it remains possible for Shinhan Bank users to deposit into existing virtual accounts, the government announced on Sunday that anyone doing so would face a fine once the real-name system is implemented.

What do you think of banks reversing their decisions on crypto accounts? Let us know in the comments section below.


Images courtesy of Shutterstock and Shinhan Bank.


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The post South Korean Banks Reverse Decisions on Cryptocurrency Accounts appeared first on Bitcoin News.


Source: bitcoin.com
South Korean Banks Reverse Decisions on Cryptocurrency Accounts

DASH and Litecoin Analysis January 15, 2018

DASH/USD

DASH continues to drift around, bouncing from the $1000 level on Friday. The market looks a bit limp, and quite frankly I think you can take your time before jumping in with both feet. However, if you are a short-term trader, you may be able to trade back and forth. I think we will probably go looking towards the $1100 level if we get any momentum at all, as it is obvious that there is massive support at the $1000 level, extending down to the $950 level. If we do breakout to the upside, expect a lot of resistance at $1200.

LTC/USD

Litecoin has bounced a bit during the trading session on Friday, reaching towards the $250 level. I believe that we can go beyond there and find even more resistance at the $260 level. The $220 level underneath is offering support, and although I think we will see a move higher, I don’t necessarily feel that there is any compelling reason to put money to work though.

Thanks for watching, I’ll be back tomorrow.

The post DASH and Litecoin Analysis January 15, 2018 appeared first on NewsBTC.


Source: newsbtc
DASH and Litecoin Analysis January 15, 2018

Ethereum Analysis January 15, 2018

ETH/USD

Ethereum markets rally during the Friday session, as it looks like we are trying to break above the $1300 level again. With this bounce it looks likely that we will not only reach that level, but perhaps reach towards the fresh, new high. The volume is drifting a bit lower though, so I think that pullbacks will happen. Keep in mind that Monday as Martin Luther King Jr. day in America, so once the Americans take over, things probably get quiet.

ETH/BTC

Ethereum has rallied slightly against Bitcoin, looking likely to continue to reach towards the 0.10 level as we have formed a bit of an ascending triangle. The 20 SMA looks to be supportive as well, so I believe that the buyers will get involved. It will be a grind to the 0.10 level though, which of course will be rather resistive.

Thanks for watching, I’ll be back tomorrow.

The post Ethereum Analysis January 15, 2018 appeared first on NewsBTC.


Source: newsbtc
Ethereum Analysis January 15, 2018

South Korea Won’t Ban Bitcoin Trading as Price Chart Turns Bullish

Bitcoin pundits are forecasting a fresh bull run as news from South Korea and the cryptocurrency’s price turn markets increasingly optimistic.


Seoul To Regulate After ‘Sufficient Consultation’

After the South Korean justice minister caused “confusion and anger” last week by saying the government would ban cryptocurrency exchanges, local news media report, the latest statements from Seoul indicate a significant U-turn.

“The proposed shutdown of exchanges that the justice minister recently mentioned is one of the measures suggested by the justice ministry to curb speculation,” Yonhap News Agency quotes a statement from the Government Office of Policy Coordination today.

A governmentwide decision will be made in the future after sufficient consultation and coordination of opinions.

Politicians had previously sought to impose strict controls on Bitcoin and cryptocurrency trading activities within a seemingly very short timeframe.

South Korean Prime Minister Warns Youth That Bitcoin is a Gateway to Illegal Activities

In December, new laws were passed which would have significantly limited exchange activities from as early as January 20.

After mass public uproar and most recently accusations lawmakers were “ridiculing the Korean people,” the outlook for cryptocurrency regulation in South Korea has suddenly begun to look notably more constructive.

“Monday’s announcement suggests that a shutdown is not likely in the near future,” Yonhap concludes.

Bitcoin 50-Day Moving Average Dip Excites Investors

Across global markets, Bitcoin prices are already reacting in kind to the new hope, with one analyst noting Monday’s dip below the 50-day moving average is characteristic of an impending move upwards.

Korea had been the most active trading community in the world for Bitcoin, its influence still conspicuous; a petition even calling for senior ministers to be fired over legislation mismanagement accrued over 130,000 signatures in days, Bitcoinist reported last week.

Meanwhile, details of the style of regulation that could take hold in the coming months remain sketchy.

Across the water in Japan, a more advanced model of permissioned exchange trading appears to be delivering positive economic results. Analysts have even said that Bitcoin investors alone could already be contributing as much as 0.3% to the country’s GDP.

What do you think about the latest developments from South Korea and their impact on Bitcoin? Let us know in the comments below!


Images courtesy of Shutterstock, Twitter

The post South Korea Won’t Ban Bitcoin Trading as Price Chart Turns Bullish appeared first on Bitcoinist.com.


Source: bitcoinist
South Korea Won’t Ban Bitcoin Trading as Price Chart Turns Bullish

Why Crypto Regulation Should Not Mean Prohibition

Blockchains and cryptocurrencies are here to stay, and banks and governments are concerned. With the momentum that the budding markets have built in recent months, digital assets like Bitcoin, Ethereum, Litecoin, and Ripple have become household names. However, crypto regulation does not necessarily have to mean prevention if it can be approached in the right way. In recent weeks, news has emerged of steps concerning crypto regulation taking place across the world, most significantly in<br />Read More<br />The post Why Crypto Regulation Should Not Mean Prohibition appeared first on Bitcoinist.com.
Source: worldnewsoffice
Why Crypto Regulation Should Not Mean Prohibition