Binance to Add Bitcoin Cash to Its Decentralized Exchange

Binance to Add Bitcoin Cash to Its Decentralized Exchange

Binance Adds Bitcoin Cash to Its Decentralized Exchange

Already widely available for trading across the world, bitcoin cash continues to expand into new markets and platforms. The latest venue where users can soon exchange the cryptocurrency is Binance’s decentralized exchange. The system will feature a token pegged to BCH issued on Binance Chain.

Also Read: Binance Launches Peer-to-Peer Trading in China

Binance DEX to List Bitcoin Cash Pegged Token

The head of the world’s largest crypto exchange by volume, Changpeng Zhao, has proposed adding support for trading bitcoin cash on the decentralized exchange developed on top of Binance Chain. This will be done by listing a new token on the DEX (BCH-1FD), which is backed by real BCH assets and issued on Binance Chain. Bitcoin cash will thus become only the third cryptocurrency chosen to be added to the platform, following a BTC-pegged token which was issued in June and another tracking the price of Ripple’s XRP which was launched last Thursday.

The BCH-1FD is a token pegged to the BCH value and will be available for trading on the DEX, designed to allow users to exchange coins and tokens with full custody over their funds and wallets. The exchange’s plan is to issue about $2 million worth of the BCH-pegged tokens to be traded at first and it will continue to mint more in response to market demands. Users can swap native DEX tokens for the assets they are pegged to without slippage on the company’s main exchange.

Binance to Add Bitcoin Cash to Its Decentralized Exchange

“The BCH community is one of the strongest crypto communities, and we’re excited to collaborate with them on migrating BCH token onto Binance Chain.” said Binance CEO Changpeng Zhao. “The BEP-2 BCH token will be pegged to the native BCH. BCH holders can enjoy the seamless token swap experience on Binance.com and non-custodian trading on Binance DEX after the listing proposal is approved by the Binance Chain community.”

Decentralized Crypto Trading Is on the Rise

Centralized exchanges currently dominate the crypto ecosystem in terms of trading volumes, but many would like to see a transition to decentralized alternatives to eliminate third party custody. So far DEXs have suffered from low liquidity and long onchain order execution times as well as poor UX. Binance DEX is meant to change that, with an interface that resembles the company’s popular main exchange, and short block times ensuring trades are settled rapidly. Already many crypto projects have chosen to join Binance Chain and want to have their tokens listed on its DEX.

Binance to Add Bitcoin Cash to Its Decentralized Exchange
Another trend away from centralized exchanges that Binance supports is peer-to-peer trading. The company recently launched P2P trading functionality in China with BTC, ETH and USDT for trading against CNY (Chinese Yuan). The feature reportedly supports traders making transactions between themselves while using the widely-used Chinese payment apps Alipay and Wechat Pay.

What do you think about Binance listing a bitcoin cash pegged token on its decentralized exchange? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.

The post Binance to Add Bitcoin Cash to Its Decentralized Exchange appeared first on Bitcoin News.

Venezuelan Migrants Are Using Bitcoin for Remittances, But There’s a Catch

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‘Why Are You Afraid?’ – Watch Roger Ver Debate Nouriel Roubini on Cryptocurrency

'Why Are You Afraid?' - Watch Roger Ver Debate Nouriel Roubini on Crypto

Starting a debate by calling nearly everyone in the room “economically illiterate” doesn’t usually end well for someone attempting to persuade an audience, but that’s just what American economist Nouriel Roubini did on Tuesday, in his debate with Bitcoin.com Executive Chairman Roger Ver. The 40-minute, high-energy volley of arguments and ad homs is as entertaining to watch as it is enlightening.

Also Read: Street Artist Pascal Boyart Helps Venezuelan Creators Earn Crypto

The Fate of Crypto

The debate, which took place at London’s CC Forum, was an informal style back and forth with loose moderation provided by Eric Van der Kleij, entitled “Will Cryptocurrencies Fail or Succeed?” From the starting gun the discourse takes on a life of its own, with American economist and professor Nouriel Roubini refusing Ver’s offer to receive some free BCH, saying “These are not currencies, so I don’t accept them.” He then notes:

Most people in this space don’t know anything about money, about monetary policy, about banking, about central banking, about finance, about financial institutions. There’s a massive amount of financial illiteracy.

Roubini argues that cryptocurrencies are not true currencies, claiming “bitcoin or any other shit coin” is “absolutely not” a unit of account or means of payment. He cites the relatively small amount of users worldwide and volatile prices. Ver counters what will become Roubini’s mantra throughout the event, that cryptocurrencies have lost most of their value (when looking at peak prices), by producing a ¥10,000 note and detailing the inflation that has already decimated fiat currencies around the globe.

Ver retorts:

This piece of paper in my hand that’s today worth around $90 … used to be worth over $200,000 not all that long ago. How is that a stable store of value?

Roubini rises to the defense of central bankers, claiming “there is low inflation in all advanced economies,” and adding “the idea that central banks are debasing money with high inflation may have been the story for Venezuela or a couple other countries, but it’s not the story for most advanced economies.”

'Why Are You Afraid?' - Ver vs. Roubini on Crypto

Terrorists, Tax Evaders and Criminals

Things really kick off around the 11:47 mark of the debate video, when Roubini raises his voice and proclaims in southern baptist preacher-like cadence:

No government in the world can allow criminals, terrorists, tax evaders, crooks to move money … without AML and without KYC … you don’t give a shit about them, but they’re gonna crack down on you.

For all his logical flaws throughout the discourse, Roubini does finally manage to ask (or at least to imply) a pertinent question as to how regulation of violent crime could be managed in the context of the financial freedom advocated by Ver, but fails to address Ver’s question about his own personal preference. As the Bitcoin evangelist repeatedly tries to ask Roubini if he personally prefers control over his own funds, and the ability to freely send them, the New York professor shouts him down each time.

Ad Homs and Good Questions

The rest of the debate plays similar, with Roubini falling back on the mantra of bitcoin cash’s loss of value since “the peak” and the presupposition in a room full of crypto users that “nobody uses it.” That notwithstanding, the preponderance of engaging moments and quotable gems makes this debate worth watching all the way through. Ver’s promotion of “a level playing field” for all humans inspires regardless of one’s philosophical biases. Roubini’s uncompromising stance on regulation is thought-provoking.

'Why Are You Afraid?' - Ver vs. Roubini on Crypto

For all the ad hominem assertions that all of crypto is a shitcoin, and Roubini refusing to yield the floor when he’s hammering a point home, a real highlight occurs during the Q & A period, when a veteran of asset management poses a question. The audience member addresses Roubini, saying:

“Professor, I’m just amazed, having been in the asset management industry for nearly 30 years, the continual lies that I hear from people like you. The $320 billion that so-called safe banks have been fined in the last 10 years because of money laundering … I’m off to California in two days’ time, I’ll go to an ATM. I’ll pull out some U.S. dollars, 90% of which have trace cocaine. Does that make me a money laundering drug dealer?”

After asking why criminals would want to leave a digital footprint and choose crypto over dollars, he goes on to implore the American economist to be a bit more open-minded about the future of finance.

A Thought-Provoking Exchange

The debate ends no less amusingly, the two contenders ramping up the battle in a close-to-the-net series of attempted game-winning spikes, as someone shouts from the audience: “willful ignorance.” The small pandemonium inspires the moderator to call it, and Ver implores sharply over the din of Roubini’s wooden, anti-crypto monologue, “Why are you afraid to try it?” Whatever one’s view of the contenders, or of BCH as a currency, the debate can be seen as a thought-provoking resource for learning why some people may be hesitant to use crypto, and understanding why so many are becoming excited about this new permissionless money that is borderless, decentralized, and censorship-resistant.

What are your thoughts on the debate? Let us know in the comments section below.


Image credits: Shutterstock, fair use.


Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post ‘Why Are You Afraid?’ – Watch Roger Ver Debate Nouriel Roubini on Cryptocurrency appeared first on Bitcoin News.

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CNBC Mad Money host Jim Cramer proved that the Warren Buffett effect is alive and kicking on Wednesday evening. The bombastic money manager cited billionaire Buffett’s plans to increase his investment in Bank of America (NYSE: BAC) as one of a multitude of reasons to buy big banking stocks. Cramer Backs Warren Buffett On BoA […]

The post The Warren Buffett Effect: Jim Cramer Joins Billionaire’s BoA Bandwagon appeared first on CCN.com

Bitcoin Price Collapses Under $8,000 Again as Traders Fear Bigger Fall

The bitcoin price has dropped below $8,000 once again and traders are preparing for a larger pullback in the cryptocurrency market. On October 11, when the bitcoin price spiked to $8,800, the probability of a short term trend reversal to the upside initially increased. However, following a hard rejection down to $8,200 within a span […]

The post Bitcoin Price Collapses Under $8,000 Again as Traders Fear Bigger Fall appeared first on CCN.com

Samsung SDS Pilots Blockchain-Based Medical Insurance Network

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Meet Be.cash: An Offline Bitcoin Cash Sending Tool

Meet Be.cash: An Offline Bitcoin Cash Sending Tool

On October 13, software developer Tobias Ruck showed off a demo of an offline bitcoin cash (BCH) wallet tool called Be.cash. The concept provides individuals with the ability to send and sign a BCH transaction without internet service.

Also read: 80% of Crypto Trade Volume Tracked by Blockchain Surveillance

Be.cash: A Tool for Sending and Signing Bitcoin Cash Offline

Since the inception of cryptocurrencies, detractors have always said that not being able to send funds offline is a weakness. The fact is that most digital currency transactions are internet-dependent but throughout some areas in the world getting connected is difficult. Over the last ten years, people have created methods for sending digital currencies like BTC offline. For instance, individuals have created applications that send crypto via SMS messaging, satellite, sneakernet, and mesh networking. On Sunday, Tobias Ruck introduced another alternative so people can send and sign BCH transactions offline. The project is called Be.cash and Ruck has produced a Be.cash contract, video, code repository, and a merchant and customer demo.

Meet Be.cash: An Offline Bitcoin Cash Sending Tool
Tobias Ruck presenting Be.cash.

Ruck is well known for developing applications like SLPDEX, Nimbus, Cryptopandas, and an onchain game of chess using the opcode OP_Checkdatasig. During the 10-minute introduction video, Ruck demonstrates the merchant and the customer side of a transaction. Ruck showed how the 10,000 satoshi transaction can be signed offline and insured by the smart contract. The engineer emphasized that the customer can also be sure the merchant can only redeem the signed funds once. On social media and forums, BCH supporters seemed to like the Be.cash offline wallet concept. The payment processor Anypay’s founder Derrick J Freeman thanked Ruck for his creation. “This will help us use bitcoin in space,” Freeman said. Cointext CTO, Vin Armani asked Ruck to write a formal paper and a spec for the Be.cash concept. Armani continued:

If you can get a microprocessor smart card to do this and interact with a point-of-sale via NFC or chip, you have a billion-dollar company on your hands.

Meet Be.cash: An Offline Bitcoin Cash Sending Tool
The Be.cash contract.

Since 2011 Crypto Advocates Have Wanted a Reliable Offline Wallet Application

Armani said that if Be.cash can be made to work on microprocessor smart cards and coupled with a USD or EUR stablecoin leveraging SLP, Ruck would have a global competitor to Visa on his hands. “One that is noncustodial but which can generate the same amount in fees/transaction — Billions per year,” Armani stressed.

Meet Be.cash: An Offline Bitcoin Cash Sending Tool
Signing a transaction using Be.cash.

The Be.cash tool comes at a time when people have been interested in figuring out the best way to transact with crypto offline. Individuals have been attempting to create a solid and reliable application for offline transactions since 2011. Last year a tool called ba.net/offline-bch/ was developed so people can send BCH UTXOs without the internet. The code is open source but the creator advises people only use it for small fractions of BCH. “Nothing is sent to our server, all code is run locally in your browser,” explains the website’s home page.

In Ruck’s demo video comment section, the web portal Bitcoinbch.com told Ruck that his idea “will be game-changing for certain businesses.” Another individual commented: “Super cool — I use a ‘never online’ computer for making wallets, if I could make a QR code using the offline computer and broadcast from my phone it’d be super easy and my keys would never go online.”

What do you think about Tobia Ruck’s offline BCH wallet concept? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or as a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the Bitcoin.com or the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Image credits: Shutterstock, Youtube, Tobias Ruck, and Pixabay.


Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

The post Meet Be.cash: An Offline Bitcoin Cash Sending Tool appeared first on Bitcoin News.

Breaking: Pound Collapses as Brexit Deal Crumbles in Flames

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The post Breaking: Pound Collapses as Brexit Deal Crumbles in Flames appeared first on CCN.com

Nintendo & Blizzard Feud Amid Bizarre Overwatch Switch Launch

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The post Nintendo & Blizzard Feud Amid Bizarre Overwatch Switch Launch appeared first on CCN.com


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