On Friday, Bitcoin.com’s YouTube channel uploaded a video that discussed the developments in the crypto space. The video featured Cameron Lee, a BCH proponent. Hosted by Corbin Fraser, Lee discussed BCH’s upgrade. They also talked about news of BCH being accepted in more than 30,000 new stores.
Bitcoin Cash Fork
On May 15, the BCH network underwent an upgrade. This fork added Schnorr signatures and the Segwit recovery exemption. These features would help developers create payment channels and atomic swaps disguised as normal payments. These changes would also let them develop lightning-style payments channels.
However, this upgrade did not go smoothly. According to a report, the BCH network had to fight an attack. The publication notes that the hacker manipulated a block template creation bug and added 10 empty blocks to the BCH blockchain.
Emin Gun Sirer, a renowned BCH advocate noted,
BCH came under attack today, due to an old bug in block template creation. Attack led to empty blocks for a short while, until patched, otherwise had little effect.
— Emin Gün Sirer (@el33th4xor) May 15, 2019
30k Stores Begin Accepting BCH
According to a blog post, Flexa and Gemini and a custodial wallet dubbed “Spedn” had joined hands to create a new wallet. These partners set up this wallet in retail stores such as Whole Foods, Barnes & Noble, Petco, and Lowe’s among others. In so doing, they enabled crypto adopters to spend their BCH and other select coins in 30,476 new stores.
Instead of bolting cryptocurrency payments on top of debit cards, we took the opposite approach. Over the past year, we’ve built new connections with tens of thousands of merchant point-of-sale terminals nationwide, to bypass the existing payments infrastructure and push cryptocurrency-based payment authorizations directly to merchants on your behalf.
Tyler Winklevoss stated that leading merchants pay billions of dollars each year when processing costs. He believes that with Flexa, the retailers can get cost-effective and fraud-resistant transactions. He added that integrating crypto payments would be easy as the traders would not have to change the hardware they use. Also, they would receive cash as Gemini would handle the crypto-to-cash conversions.
Alliance Cargo Direct, a subsidiary of Japan’s ANA Airline Group recently launched its native crypto token dubbed “ACD” on the Bitcoin Cash network. This move will see Alliance Cargo Direct’s clients use the ACD token and BCH to make payments in select retail stores. The customers will also be in a position to pay for the firm’s services worldwide using ACD or BCH. This move is set to increase BCH adoption across the world.
Local Bitcoin is also set to launch Local.Bitcoin.com, a P2P BCH exchange on June 4. Although the platform is not live yet, it allows users to create accounts and open sell orders.
Do you think news of the Bitcoin Cash upgrade will help BCH register significant gains? Let us know in the comments below.