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Six Months Later Bitcoin Cash Support Continues to Grow

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Uploaded by Coin News Over the past few weeks, there’s a lot going on within the bitcoin cash (BCH) ecosystem.Just recently businesses and service providers have been working towards changing their infrastructure to the new BCH address format.Additionally, the bitcoin cash environment got more support from organizations like the Bitclub Network and the merchant Kimchi Socks.Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies The bitcoin cash blockchain is trucking along after close to six months since it forked from the bitcoin core blockchain.At the moment, the BCH markets are holding strong after most cryptocurrencies fell in value alongside bitcoin core markets.Currently, the price per BCH is around $2,750 and global markets are trading roughly $1.1Bn worth of 24-hour volume.Bitcoin cash has the sixth highest trade volume today, and the most traded currency with BCH is bitcoin core (BTC) by 53 percent.This metric is followed by the USD which commands 14 percent of the global volume.The BCH chain is operating at 15 percent of the core chain’s difficulty and is 0.1percent more profitable to mine.The median transaction fee for a typical 226-byte transaction is still only $0.02 for the miner’s fee.This week bitcoin cash supporters got some good news as a few more organizations have decided to support the BCH roadmap.For instance, earlier this week a team of developers announced they were creating a counterparty platform dedicated solely to the BCH chain.This means that in the future users could create ‘assets or colored coins’ that are backed by the security of the bitcoin cash blockchain.Another announcement made this week was revealed the Kimchi Socks company as the business announced it would be accepting bitcoin cash for purchases.Not only will the sock company be accepting BCH for goods the firm plans to have a bitcoin cash sock pre-sale.Kimchi Socks states to its fans on Twitter: Kimchi socks has started the BCH socks sale and pre-orders for socks are 50 percent off until January 31.The company details that only 1500 garments will be available for the pre-sale.Another announcement made this week concerning the BCH economy was made by the mining pool outfit the Bitclub Network.The pool explains that the bitcoin core blockchain has become a “huge burden to deal with” these days.According to the company, the chain has been extremely slow and expensive which is costing the business and its club members “tens of thousands of dollars each day in transaction fees.” “Since the start of the year the average cost for a new member paying their $99 USD sign up has been around $17 in fees — We have seen times with $25+ and even some as high as $40 just to send Bitcoin for an invoice,” explains the Bitclub Network.Bitclub will change its business model to BCH on February 1st the company explains.This means members will have to purchase BCH from an exchange to sign up for Bitclub’s pool contracts.At some point, the company could move back to the show more

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