Category Archives: BCH

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Reddit Founder Claims Crypto Market Needs a Crash Before Take Off

Reddit founder Alexis Ohanian has remarked in an interview with CNBC that he believes that a crash in the cryptocurrency market as seen over the past few days is needed in order for the market to stabilize and mature over time.

The Reddit entrepreneur feels that focus on software development and infrastructure within the cryptocurrency industry are important factors in building a stable future. He also suggested that the falls in cryptocurrency prices would have the effect of sifting out the undesirables in the industry from the genuine contributors, and those in for making quick money.

The Reddit founder feels that innovations being created now will have longevity and although blockchain pitches he has received may be fewer in number, Ohanian claims that they have more potential than those he was receiving in 2017.

Over the last few days, Bitcoin has suffered its biggest losses in over eight months. Although, after falling to USD 5,202 on 15 November, after a little price correction, trading picked up today at $5552.17 (time of writing). The newly hard forked BCH has fallen by 15% and is trading at $387.41. Brian Kelly, the founder, and chief executive officer of BKCM, has blamed the hard fork for the crypto market crash. Mati Greenspan from eToro says he saw it coming:

“The movement we saw today seemed to be the run-of-the-mill volatility surrounding Bitcoin and a breakout that’s been weeks coming….It’s difficult to say where it ends. No one can really predict.”

Forbes contributor Clem Chambers noted a correlation to the spike in the bond market:

“The obvious culprit causing this dump is Bitcoin Cash, the ‘wannabe’ Bitcoin usurper, which forked from Bitcoin last year. It is forking again and there are competing forks and all sorts of conniptions are expected. It sounds plausible this is causing the move but the fact the bond market spiked at the same time suggests something else is going on to me.”

Stephen Innes who heads up trading at Asia Pacific of Oanda Corporation suggested that the crash was an even worse scenario than he had anticipated and that pre-BCH online chat had the effect of creating doubt and uncertainty among investors.

Ohanian sticks with his view that the crash is necessary, arguing that during hard times people start to focus on the essentials.

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UNICEF France Now Accepting Multiple Crypto Coin Donations

The United Nations Children’s Fund (UNICEF) has announced that its French office now accepts cryptocurrency donations.

UNICEF France has followed up on other cryptocurrency related initiatives it adopted this year, to add 9 popular digital currencies to its website donation portal. The donation option features most of the popular coins including BCH and BTC.

The United Nations Children’s Fund is a United Nations program headquartered in New York City that provides humanitarian and developmental assistance to children and mothers in developing countries. It is a member of the United Nations Development Group. UNICEF currently works in 190 countries and territories around the globe.

This is not the first case of UNICEF using cryptocurrency to facilitate and fund their projects around the world. Earlier this year the organization announced a program designed to use donors’ computers to raise fiat currency through cryptocurrency mining.

The website, the nucleus of the new project, is called The Hope Page and is able to mine the cryptocurrency Monero using donors’ computer processing power through Coinhive, a crypto-mining service. In February, it launched a similar program to support children in Syria, affected by the lengthy civil war in that country, using donors’ computers to mine Ether. Talking about the latest of the fund’s humanitarian projects to support children around the globe, director of UNICEF France, Sébastien Lyon stated:

“Cryptocurrency and blockchain technology used for charitable purposes offers a new opportunity to appeal to the generosity of the public and continue to develop our operations with children in the countries of intervention.”

Recently, there’s been a significant increase in charity events related to crypto. Some of these have joined a growing establishment of charities accepting Bitcoin donations such as Electronic Frontier Foundation, Multidisciplinary Association for Psychedelic Studies, WikiLeaks, Antiwar.com, Watsi, Water Project, Code to Inspire, Bitgive and Epic Change.

Despite the trend, charities claim they are still underfunded, and opening up to numerous cryptocurrencies is one way of opening up other channels for donors to support essential projects.

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