The Bits PH – Bitcoin and Cryptocurrency News (10/25/2017)

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BitPinasWelcome to the 4th edition of  Bits – Bitcoin and Cryptocurrency News – 10/25/2017. As you can see, we’re changing the title of this feature to better reflect our posting frequency!

In this article, we will be posting relevant news and happenings about the current state of Bitcoin and Cryptocurrency in the country and abroad. Are there new shops accepting bitcoin in the Philippines? Any announcements from BTC sites in the Philippines? What’s happening elsewhere?

Bitcoin and Cryptocurrency News – 10/25/2017

Bitcoin Gold Site went offline

We went to sleep last Monday and woke up yesterday with a new Bitcoin – Bitcoin Gold. So now there are three coins sharing the name – Bitcoin, Bitcoin Cash, and Bitcoin Gold.

Bitcoin Gold’s aim is to make sure everyone with a decent gaming pc can mine it. However, the code is private and perhaps that is one of the reasons why a “denial of service attack” was initiated on their website. This made the Bitcoin Gold Website offline for some hours. Bitcoin Gold Team Tweets:

Massive DDoS attack on our cloud site. 10M requests per minute. We are working with the providers to ban all the IPs. We will be up soon! – BTG Twitter

More Segwit2X Plans Revealed

As the Segwit2x fork is fast approaching, more companies are detailing their plans about it.

Coinbase

Coinbase revealed the naming conventions they plan to use once the fork takes place.

Following the fork, we will continue referring to the current bitcoin blockchain as Bitcoin with the symbol ‘BTC’.  We will refer to the new blockchain resulting from the fork as Bitcoin2x with the symbol ‘B2X’. If the Segwit2x change is accepted by most users, we may choose to rename these blockchains at a later date.

Gatecoin

Gatecoin, a Hong Kong-based exchange mentioned that they will not support Segwit2x. Referring to the new upcoming coin as B2X, Gatecoin claims the primary reason for their decision is the coin’s lack of 2-way replay protection.

Gatecoin clients hoping to claim newly minted B2X coins equivalent to their bitcoin holdings at the time of the hard fork, will need to withdraw their bitcoin from our exchange at least 12 hours before the hard fork occurs at block 494,784 (expected sometime in November, exact date TBC).

Bitcoin Stories

Noteworthy stories in the world of cryptocurrency:

Spending a day to pay for things using bitcoin

Just how useful is bitcoin on your daily life? In this video from the Business Insider, they tried to use only bitcoin when paying for things in the real world.

How did they fare? Check it out here.

Bitcoin Forecast and Quotes

Forecasting Bitcoin is tough. The industry has a number of voices that sit on opposite sides. One thinks Bitcoin will surge, the other side thinks Bitcoin is a bubble. We will always share these 2 voices on this section of our Bits.

Quote: Bitcoin is better than Gold – Steve Wozniak

For Apple Co-Founder Steve Wozniak, bitcoin is actually better than gold. Speaking at a conference, he spoke about the finite amount of bitcoin that can ever exist, which is 21 million. This is different since the government can just print more paper money, and that, perhaps, we will find more gold to mine.

There is a certain finite amount of bitcoin that can ever exist — And gold continues to get mined and mined and mined. Maybe there’s a finite amount of gold in the world — But Bitcoin is even more mathematical and regulated and nobody can change mathematics. – Steve Wozniak

Forecast: Bitcoin Will Crash

Writing for the Hindu, writer Prashanth Perumal J has this to say:

It has proved many of its critics wrong over the years, but its long-term prospects may not be too bright

Prashant noted the two challenges it is facing: its volatility and political risk. As for political risk, we now know that China has banned cryptocurrency exchanges, effectively making Japan as the biggest bitcoin market right now, an accolade that China had before the ban.

Bitcoin and the Philippines

BSP reiterates position on cryptocurrency

Speaking at a conference, the Philippine Central Bank governor reiterates that the BSP’s stance is to engage rather than prohibit cryptocurrency:

Bitcoin to PHP:

That’s it for today’s Bits – Bitcoin and Cryptocurrency News – 10/25/2017. Check back again tomorrow for another post in this series!

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]