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Is Bitcoin already out of the woods? ’Bitcoin Cash’ coming...

Summary:

  • Bitcoin’s (BTCUSD on xStation5) split scenario comes back anew
  • Bitcoin laundering scheme takes place in Greece
  • Ethereum (ETHUSD) stays above an important support area

We’ve reported recently that a possible split scenario of Bitcoin has been already set aside, however the jury is still out as an ultimate deadline (31st July) is oncoming. The BTC price has moved up of late mainly on the back of a fading division’s risk, the digital currency has given back all but a half of its gains though. What could be even more striking, a new plan to split the virtual currency into two version on August 1 has emerged lately. This news has come in just days after the price’s rally on a solution designed to avoid such a split.

The new version of bitcoin, which supporters are calling "Bitcoin Cash," is being pitched as a refuge for bitcoiners who want the virtual currency to scale up to worldwide adoption but who don’t agree with some of the more popular proposals to do so.

So, what is Bitcoin Cash, exactly? The main difference is that while the main chain will likely support 2 megabyte blocks, Bitcoin Cash would support up to 8 megabytes. The "cash" part is a nudge-and-a-wink to people who believe that bitcoin should be a low-cost payment network for everybody, and that big blocks are the solution. It’s important to note that Bitcoin Cash doesn’t actually exist yet.

An interesting case has taken place in Greece lately as local police have arrested a man wanted in the United States for allegedly running a massive Bitcoin-based money laundering operation. Authorities say the 38-year-old Russian man was responsible for converting $4 billion in illicit, conventional cash into virtual currency. The news is a reminder that—like ordinary cash—Bitcoin has a wide variety of uses, both legitimate and illicit.

link do file download linkEthereum’s moves remain fettered as the price has tested a support at $190 but has failed to break a 50% retracement of a recent swing as of yet. Source: xStation5

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