Bitcoin Cash Users Have Mixed Millions of Dollars Since Cashshuffle’s Launch

Since the launch of bitcoin cash (BCH) mixer Cashshuffle a fortnight ago, the platform has accrued a lot of attention and users. A total of 8,625 BCH …

Since the launch of bitcoin cash (BCH) mixer Cashshuffle a fortnight ago, the platform has accrued a lot of attention and users. A total of 8,625 BCH shuffled outputs have been recorded since March 27 and close to 2,000 Cashshuffle transactions.

Also Read: Liberland’s Merit Token Built on Bitcoin Cash Captures $1M Market Cap

‘Every Day I’m Shuffling’

The Cashshuffle platform is gaining traction. Since the initial launch, and aided by support from the Electron Cash wallet, there’s been 8,625 BCH ($2.6 million) shuffled outputs processed so far. A BCH developer also noted on Twitter that there’s been a total of 1,917 Cashshuffle transactions since March 27 and the sum of all outputs is 20,766 BCH as of April 10.

Bitcoin Cash Users Have Mixed Millions of Dollars Since Cashshuffle's Launch

Cashshuffle is a shuffling protocol which is quite different to most cryptocurrency shuffling services where users have to trust the operator or pay a substantial fee. The biggest difference is the Cashshuffle protocol is significantly cheaper than any other service of its kind. Cashshuffle is also open source and there’s no counterparty risk as the server and individual participants never have access to knowledge of which input corresponds to which output. Initially, an alpha or experimental version was released as an Electron Cash (EC) plugin extension, and now the protocol is a standard feature in EC.

Bitcoin Cash Users Have Mixed Millions of Dollars Since Cashshuffle's Launch

Additionally, the software was diligently reviewed by security and code analysis firm Kudelski. The security report was quite positive, and Kudelski checked the protocol for any known vulnerabilities, bugs, and general code safety. “We did not find any critical shortcoming in these components,” Kudelski Security detailed in its recently published Cashshuffle audit. Kudelski’s audit added:

It seems that the Coinshuffle protocol and the Cashshuffle implementation provide a practical solution to the problem of mixing transactions without the risk of funds being stolen in the process.

Bitcoin Cash Users Have Mixed Millions of Dollars Since Cashshuffle's Launch

Bitcoin Cash Community Helped Make Cashshuffle Possible

The Cashshuffle developers have also been receiving donations in order to continue funding, maintaining, and improving the protocol going forward. In the last 24 hours, Cashshuffle has raised close to $14,000 in donations from the community. The Bitcoin Unlimited development team donated 15 BCH ($4,500) to the project yesterday as well. Further, last week Electron Cash lead developer Jonald Fyookball announced the launch of EC version 4.0.0 with Cashshuffle which is now available for Windows, Mac OSX, and Linux.

Bitcoin Cash Users Have Mixed Millions of Dollars Since Cashshuffle's Launch

Fyookball also thanked the community who helped bolster the protocol and the developers and those that helped pay for the security audit. In the EC 4.0.0 version, developers added coin control and other logic in order to make the wallet more privacy-centric. EC developer Nilic the Grim specifically thanked the programmers Calin Culianu, Clifford, Josh Ellithorpe, Mark Lundeberg, Imaginary Username, Emergent Reasons, Acidsploit, and others for assisting with the latest release. The EC programmer stressed that it was the BCH community that helped the most, stating:

This community is the MVP — Really I swear, so many people helped out from suggestions to testing to finding esoteric bugs, to organizing stuff like the audit and finding funds for it — It was a community effort beyond the devs 100%.

The BCH community has been thrilled with the Cashshuffle development which brings greater privacy to the BCH ecosystem. Bitcoin ABC lead developer Amaury Sechet thanked the EC developers for their hard work and told them to be sure that this is only the first step in the journey. “There is more to do before that thing is as secure as it could be given the auditability of the chain,” explained Sechet. Another BCH proponent stated that “[The Bitcoin Cash network] is right on the sharp edge of the most interesting technology of our time — A true pioneer.” With over $2.6 million BCH shuffled since the protocol’s inception and the $14,000 worth of BCH donated to the project in the last 24 hours, it seems many people agree with that sentiment.

What do you think about the traction Cashshuffle has been seeing lately and all the donations sent over the last 24 hours? Let us know what you think about this project in the comments section below.


Image credits: Shutterstock, Twitter, @Acidsploit, and Cashshuffle.


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, another original and free service from Bitcoin.com.

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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.

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Bitcoin Cash Advocate Roger Ver Criticizes Bitcoin Maximalists Who Silence Opinions

In his most recent tweet, Bitcoin Cash proponent Roger Ver attacked the so-called Bitcoin maximalists who try to silence different opinions.

In his most recent tweet, Bitcoin Cash proponent Roger Ver attacked the so-called Bitcoin maximalists who try to silence different opinions. He attached a link to a Reddit post whose creator was banned from r/Bitcoin for starting a conversation about Lightning Network (LN) and block size.

Bitcoin Maximalist’s attempts to silence ideas they cannot, or will not, debate are a confession of their intellectual bankruptcy.https://t.co/r1VbI8Jenk

— Roger Ver (@rogerkver) April 10, 2019

Avoiding sharp angles

Bitcoin maximalists are those who treat Bitcoin as the only legitimate cryptocurrency that deserves to exist. Case in point: Twitter CEO Jack Dorsey, who invests $10,000 in BTC on a weekly basis while rejecting other altcoins. As you probably know, ‘Bitcoin Jesus’ is not a fan of Bitcoin maximalists after the infamous hard fork.

It might seem like being a Bitcoin maximalist is pretty easy: all you have to do is to parrot about how Bitcoin, the king of crypto, is superior to ‘pleb coins’. However, that’s not the case when you mention such terms as ‘Lightning Network’, ‘block size’, and ‘scalability’.

The elephant in the room

Scalability is one of the main talking points of all Bitcoin critics since the number one coin is now capable of handling the sufficient amount of transactions in order to reach mainstream adoption. Bitcoin Cash was supposed to tackle that problem by increasing the block size.

However, LN, a protocol that is built on top of a Blockchain, is expected to sufficiently accelerate the speed of transactions. However, the ‘immaculate’ LN is far from being fully functional, and that issue was brought up by the aforementioned Reddit user.

“Btw I am a bit worried that all our hopes now are a concentrated bet on how well LN will be working in the future. In a sense, everybody is betting on its existence as the only way to achieve scalability,” he states.

Are Bitcoin maximalists keen on censorship?

The post, which went viral and generated plenty of comments, earned that user a ban. The moderator’s comment was very succinct: a lying troll. As reported by U.Today, that censorship problem was earlier highlighted by Ver, who claimed that those who are in favor of increasing the coin’s block size are silenced by large Bitcoin communities.

The moderator’s

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Bitcoin Just Crossed A Huge Adoption Milestone

Bitcoin has once more stepped into the investment and trading limelight after the bitcoin price suddenly jumped last week, adding almost 30% and …

Bitcoin has once more stepped into the investment and trading limelight after the bitcoin price suddenly jumped last week, adding almost 30% and climbing back above the psychologically significant $5,000 mark—but leaving investors uncertain whether bitcoin (and other major cryptocurrencies) will be able to maintain the price.

The bitcoin price, which has been languishing around $3,500 per bitcoin for months, took the market by surprise last week when the price surged higher, leaving many analysts and traders unsure what exactly triggered the uptick, with little changed for bitcoin’s fundamentals.

Now, bitcoin has crossed a significant adoption and usage milestone with its 400 millionth transaction since bitcoin was created in early 2009, as recorded by bitcoin’s public blockchain.

Bitcoin investors are eagerly looking for evidence the bitcoin price will be able to hold on to its recent gains.

Getty

Bitcoin is now averaging 350,000 transactions per day at around 15,000 transactions every hour, which is about four a second.

Though the record for the most daily bitcoin transactions was set back in the midst of bitcoin’s epic late 2017 bull run (at 490,000) the number of daily transactions has been steadily rising since mid-2018 after falling under 200,000 per day at the beginning of the year.

Meanwhile, the average number of bitcoin transactions per block hit an all-time high of over 2,700 transactions late last month, meaning the bitcoin network is processing more transactions each time a new block is mined.

The number of daily bitcoin transactions has been rising steadily since around 2016.

blockchain.com

The cost of each bitcoin transaction has also increased, however, with bitcoin fees doubling during the first week of April, to an average of a little over $2 per transaction, as the price surged and media attention around bitcoin and cryptocurrencies picked up. That average bitcoin transaction fee, which goes to the miner that “finds” the blockchain block the transaction is added to, has though now fallen back under the $2 mark.

As bitcoin, along with other major cryptocurrencies, continue to hit adoption and usage milestones investors and traders are likely to become more confident of bitcoin’s longevity and ability to hold on to higher valuations and prices.

“[Cryptocurrency] volumes have come down a bit from last week’s surge but are still about double what they were last month,” eToro senior market analyst Mati Greenspan wrote in a note to clients yesterday. “All eyes are currently on bitcoin, which is testing the upper end of its range.”

However, technical trading data suggests bitcoin could be heading for a sudden price fall despite adoption and usage milestones.

The bitcoin price loosely tracks the number of daily transactions on the bitcoin blockchain.

CoinDesk

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“Bitcoin and Friends” Launches Its Inaugural Webisode

While some of the main characters are fictional, like Jones (probably), others represent historical figures. Mitalik Butane is named after Vitalik Buterin.

Bitcoin and Friends may not be the crypto show we want, but it may be the crypto show we deserve. At first glance it looks like a family-friendly educational program but don’t watch it with the kids. While there are moments of inspirational or educational dialogue, this show is not for the young. Filled with strong language, drug references, graphic nudity and violence, Bitcoin and Friends is anything but what you’d expect.

Whether that’s what you like in a show or not, it’s worth taking a look at. Even if you don’t watch the first episode, take a glance at their business model.

A Breakdown of the First Episode

Bitcoin and Friends takes place in New Jersey USA, sometime during the throes of the 2008 financial crisis. It follows Bitcoin — personified as an orange disk with a face, hands, and feet. Bitcoin wakes up on a table as a shadowy figure, introducing himself as his father, gives a teary goodbye. The father is, of course, Satoshi Nakamoto.

Bitcoin starts wandering the streets of New Jersey, vomiting smaller versions of himself called Itty Bitties.

Bitcoin is eventually saved by the foul-mouthed ice cream man, Jones. Jones lost everything in the “Great Recession” and now sells drugs out of an ice cream truck.

Jones

He introduces Bitcoin to Harold and Mitalik, computer nerds who hang out in Harold’s mom’s basement. The pair discovers the nature of cryptocurrencies and blockchain, which they attempt to explain to Bitcoin and Jones. Promises would no longer need to be held by people in places of power, Mitalik explains.

The unlikely friends start looking for Nakamoto. They first find a character coincidentally named Nakamoto, but then later realise they should just follow the coins.

So, they eventually find Pal Fifty, a disabled computer scientist and early Bitcoin adopter. The episode ends with Pal Fifty explaining the potential of Bitcoin. Jones asks if this means that he could one day trade in the Itty Bitties for millions of dollars in cash. In an homage to The Matrix, Pal Fifty responds I’m telling you that when we’re ready, you won’t have to.

“Guest Appearances” and Historical Humour

If you’re deep into Bitcoin, the show has a few extra layers. Take the Itty Bitties, for example. These represent the actual bitcoin currency. Every time Bitcoin vomits them, his glove gives a notification that a block has been found.

While some of the main characters are fictional, like Jones (probably), others represent historical figures. Mitalik Butane is named after Vitalik Buterin. The real life Buterin was an early adopter of Bitcoin and a co-founder of Ethereum as well as Bitcoin Magazine.

As far as Pal Fifty goes, that’s the name the website gives him, but in the episode the characters clearly call him Hal Finney. Finney is another real-life computer programmer and was the first person to receive a Bitcoin transaction.

  • Pal Fifty
  • Mitalik
  • Harold

The character Harold, is probably a compilation of early adopters. The website describes him as a cautionary tale, the guy who bought the Bitcoin Pizza, the one who put all his coins in Mt. Gox and the one that invested in Bitconnect.

Most events from the show are also based on historical events. For example, the characters encountering a person coincidentally named Satoshi Nakamoto. The pen-name of Bitcoin’s creator, Satoshi Nakamoto, actually belongs to a real person. The real life Dorian Prentice Satoshi Nakamoto denies creating Bitcoin.

The Show’s Funding Model

As mentioned above, you don’t need to like the show to find the concept interesting. While Bitcoin and Friends is pretty low-brow, the creators partnered with CoinCube. CoinCube is a sort of cryptocurrency investment company. The show is made by Uncle Chris Productions. The executive producer is Robert William Allen, a founder of CoinCube.

Bitcoin

The interesting thing about Bitcoin and Friends is that it is funded by cryptocurrency donations. They currently accept donations in a number of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Monero, and Ripple.

A season of the show has been planned but episodes are only released when a certain amount has been donated. They’re currently waiting on a donation of five BTC (st this point around AU$36,000) before they release episode two.

There are even special rewards for donors, beginning at US$15. Bitcoin and Friends is also hiring for pretty much any position.

According to a budget breakdown provided on the website, the bulk of funding goes to animation. Sound design and music licensing are also big expenses. Voice talent takes up a relatively small portion, partially because the same people are voicing several characters.

Episode descriptions are available on the site as well. However, descriptions for episodes beyond episode one are “locked.” For those interested in the plot, teasers include the names of future episodes and characters not in the first episode. Particularly taunting is the suggestion of an Ethereum character.

Bitcoin and Friends episode 1 characters

Where to Watch?

The first episode of Bitcoin and Friends launched on 28 March. At the time of writing, it has over 90,000 views. The link above is to the show’s website. There you can find casting information, episode plans, information on donating, and even a budget breakdown. To watch the actual episode, you need to go to YouTube, or you can watch it below. The channel doesn’t only post episodes. It also has a vlog, featuring the protagonist.

If Bitcoin and Friends sounds like something you would watch, go ahead and watch it, it’s free. But why not donate?

Even if Bitcoin and Friends doesn’t sound like it’s for you, it’s a neat idea. After all, it makes perfect sense for a show about Bitcoin to be crowd-funded with crypto.

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Bitcoin Rushes Past its 400 Millionth Transactions Milestone

While Satoshi Nakamoto celebrated a ‘birthday’ last Friday, and Bitcoin turned 10 earlier this year, the network itself is also breaking records. It keeps …

Bitcoin has surpassed a major milestone. The underlying blockchain powering the most popular crypto processed its 400,000,000th transaction overnight. At the moment, there have been over 400,255,000 transactions sent through bitcoin’s decentralized, censorship-resistant peer-to-peer electronic cash system. At the moment, BTC averages approximately 360,000 transactions daily. The underlying blockchain currently handles 14,904 transactions every hour with no holidays or downtime.

Bitcoin now fits more transactions into blocks than earlier

At the start of April, the crypto enthusiasts rejoiced as the entire cryptocurrency market showed signs of recovery. Bitcoin led the way breaking the $5,000 price level for the first time since last November. At the same time, the Bitcoin network made significant moves.

On March 31, the average amounts of transactions supported within Bitcoin blocks surged to 2,746 on a daily basis. That number exceeded previously recorded all-time highs twice in 10 days. The latest reposts reveal that 1,956,321 BTC ($10.2 billion) has changed hands through Bitcoin’s blockchain in the past day. That amount makes up at least 11% of its entire market capitalization.

With Bitcoin processing at least 360,000 transactions daily, it translates to 81,513 BTC ($424 million) shifted every hour. The average transaction value stands at 5.44 BTC ($28,316).

Bitcoin Transaction Fees Costs $2.60 on Average

Today, more Bitcoin transactions have already been processed than at any point in March. Data shows that the daily transactions in March were way below 300,000. Today it is projected to process around 357,000 transactions. The jump in activity came simultaneously with the abrupt surge in prices. Normally, traders flock to various exchanges to transact in Bitcoin when the price rises.

Thus, the average cost of using the Bitcoin network also increased slightly. During the first week of April, the bitcoin fees doubled to 0.00043553 BTC ($2.27) from approximately 0.000169 BTC ($0.88). But, the current transaction fees hovers below 0.0005 BTC ($2.60). The current users will pay about .00036217 BTC ($1.88) in transaction fees.

While Satoshi Nakamoto celebrated a ‘birthday’ last Friday, and Bitcoin turned 10 earlier this year, the network itself is also breaking records. It keeps setting new milestones on a daily basis.

John WangubaJohn Wanguba

John Wanguba

John is a content crafter and has experience in writing Forex and Crypto news for FXTimes for over a year. He is also an experienced creative and technical writer, and is usually one of the first ones to publish, discover or cover a scoop. e-mail: john@fxtimes.com

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