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GDAX Announce Full SegWit Support, Network Fees Continue to Fall
GDAX, the trading arm of cryptocurrency brokerage Coinbase, announced today that they will implement full SegWit support for Bitcoin transactions in the coming days. The protocol upgrade aims to make transactions quicker and cheaper for users of BTC.
GDAX Joins Coinbase and Bitfinex
GDAX are the latest of the cryptocurrency industry’s major players to offer support for SegWit. They follow their parent-company Coinbase and Hong Kong-based exchange Bitfinex in rolling out the upgrade. GDAX made the announcement earlier today via their blog:
“We are excited to announce that GDAX now supports Segregated Witness (SegWit) transactions on the Bitcoin network. Over the coming days, full support for SegWit transactions will be rolling out to 100% of our customers. SegWit is a critical step forward in the development of Bitcoin and we are thrilled to support it on GDAX.”
The post went on to explain how the SegWit (or Segregated Witness) upgrade works. Put simply, the transaction data is split using SegWit. This makes it possible to only store necessary transaction data on the blockchain. With transactions requiring less information be included on-chain, more of them can fit into each block. This, in turn, reduces the need for users to increase their transaction fees. Previously, when the blockchain was full, users would be required to use a large fee if they wanted the network to validate their transaction before others also waiting. This forced users to continually increase their fees until they reached the point where some declared the network as “broken“.
Later in GDAX’s post, they state that the address format that they will use will be compatible with all existing BTC addresses. All withdrawals from GDAX will, therefore, be sent using SegWit.
The company are careful to point out that the new format will no longer be the same as Bitcoin Cash (BCH) addresses, however. This means that if BCH is sent to GDAX’s BTC address, the funds will be lost forever. To reduce the likelihood of this occurring, an additional warning will be displayed when making deposits to the exchange. It will read:
“Only send Bitcoin (BTC) to this address.
Sending any other digital asset including Bitcoin Cash (BCH) or Tether will result in permanent loss of funds.”
GDAX go on to state their commitment to providing customers with the latest Bitcoin upgrades. They claim to be currently working on additional scalability improvements to help further reduce fees and increase the network’s capacity. These include “transaction batching and UTXO management.”
Finally, GDAX are appealing to anyone interested in working on scalability protocols such as the Lightning Network to contact them. They are currently hiring staff in New York, London, and San Francisco.
Since the announcement earlier this week that both Coinbase and Bitfinex have also implemented SegWit transactions, transaction fees on the Bitcoin network have fallen to historic lows.
We've reached a major milestone!
$BTC tx fees are now at an ALL TIME LOW. We are now seeing transactions below 1 sat / byte for the first time ever. You can send #bitcoin for ~0.1 cents ( ~100 satoshis ) per transaction.
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#bitcoinisscaling #segwit pic.twitter.com/DZy7h5yYJK
— Armin van Bitcoin
(@ArminVanBitcoin) February 22, 2018
Evidently, SegWit is helping to ease congestion on the Bitcoin network and this in turn is restoring the original cryptocurrency’s usability. As additional companies and wallet providers begin to integrate the upgrade, and more scaling techniques become available, the utility of the Bitcoin network is only set to grow.
The post GDAX Announce Full SegWit Support, Network Fees Continue to Fall appeared first on NewsBTC.
Coinbase’s GDAX Links Up With Trading Software Provider
CoinBase has partnered with Trading Technologies to integrate bitcoin spot and bitcoin derivatives trading.
CoinDesk
Insider Trading Is a Non-Crime Roger Ver Bites Back as GDAX Re-Opens Bitcoin Cash Trading
The post Insider Trading Is a Non-Crime Roger Ver Bites Back as GDAX Re-Opens Bitcoin Cash Trading appeared first on CCNnOutspoken bitcoin cash proponent Roger Ver downplayed accusations that Coinbase employees had engaged in insider trading prior to the public revelation that the company was adding full support for bitcoin cash. &8216Insider Trading Is a Non-Crime&8217 Roger Ver Speaking with CNBC on Wednesday, the early cryptocurrency investor and entrepreneur &8212 once known as B
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False Start Coinbases GDAX Halts BCH Trading Hours After Starting
n Just hours after it first opened order books for BCH, Coinbases exchange GDAX halts trading, citing significant volatilityn
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GDAX Halts Bitcoin Cash Trading due to “Suspicious” Orders
It has been a pretty interesting day for cryptocurrencies. More specifically, the Bitcoin Cash price is going bonkers right now. This is mainly due to GDAX and Coinbase enabling Bitcoin Cash support. As was to be expected, this momentum caused some sort of issue. The company decided to suspend all BCH trades for a while after mysterious riders showed up on the site. Buying Bitcoin Cash for over ,000 is rather odd.
It was a matter of time until Coinbase decided to add Bitcoin Cash. Support for this altcoin has been rumored for some time now. With GDAX enabling BCH trades too, things will get very interesting moving forward. That is, assuming the company can keep their trading operation going. Trading across both platforms has been halted temporarily as we speak. It is a bit unclear as to why this has happened. According to GDAX, trading will be resumed later today at 9 AM PST. A brief reprise may be a good thing for markets to calm down.
Bitcoin Cash Trading Momentum Causes Some Issues
More specifically, there has been some interesting trading momentum for BCH. It became evident some people might attempt to manipulate the order book. Buying Bitcoin Cash for ,000 and more is well over the market price. Several of such orders were created and filled. It is possible Coinbase and GDAX may reverse some of these trades moving forward, though. After all, a lot of people made and lost money in a very suspicious manner.
Although none of these orders went through for vast amounts of money, it is evident something doesn’t add up. While the initial excitement was to be expected, so was the attempt to manipulate things. It only took just over an hour before things got out of hand. No one can deny cryptocurrency users are always looking for ways to make money in one way or another. Â This incident is unfortunate, but it seems the situation will be rectified pretty soon. Significant volatility is always normal, but such wild swings are rather uncommon.
For now, none of this affects the Bitcoin Cash price in any way. The popular altcoin has set another new all-time high even before trading began. Full support for BCH is still the plan for both Coinbase and GDAX. The big question is whether or not they will add other currencies in the near future. It is evident there are plenty of other currencies which could benefit from such exchange support in the future.
The post GDAX Halts Bitcoin Cash Trading due to “Suspicious” Orders appeared first on NEWSBTC.
Bitcoin Price Frenzy GDAX Goes Down After Price Clips $19,000
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