TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto update from your favorite reporter, Linzerd. Coinbase BCH deep dive. No one uses bitcoin core (BTC) according to Chainalysis. Cryptocurrency tickers readability important for currency performance, study claims. Bitcoin Cash developers’ fund. SBI Group tests Ripple-powered MoneyTap payments, and insurance claims between State Farm and USAA to be processed on blockchains.
Cryptocurrency Tickers are Really Important, Study Claims
While cryptocurrency tickers have been largely rendered unimportant for the price performance of cryptocurrencies, this might not be right. A new study by Cryptodatum.io, Gerard Martinez, claims cryptocurrencies with easily readable tickers have better performance than others who have strange ticker symbols. Martinez concluded that “stocks with pronounceable trading symbols (like KAR or LUNMOO) outperform those with tongue-twisting tickers like PXG or RDO — and they appear to retain a small advantage over some time.”
Coinbase BCH Deep Dive on Recent Hard Fork
Cryptocurrency exchange Coinbase published a deep dive, detailing and lengthy what really happened with the post hard fork incident that caused the whole network to mine empty blocks. After this vulnerability was patched by a Bitcoin Cash dev team, there was a hash struggle to recover the BCH sent to Segwit addresses. However, most of these transactions were caught by mining pool BTC.top and sent to their original recipients. The Coinbase study ultimately shows the integrity of BCH miners and the speed and efficiency of devs when troubleshooting.
Bull Market Shows BTC’s True Face: No One Uses It
Although there is a bull market, the details of using bitcoin as it was meant have not changed at all in the recent years. A new report from Chainalysis, a blockchain audit firm, revealed BTC’s first use case is still tied to speculative trading. This is nothing new, but the numbers are abysmally low for adoption in the real world. The firm has found that even with all the buzz regarding BTC, only 1.3 percent of transactions in the blockchain are coming from merchants during the four first months of the present year.
Bitcoin.com is Fundraising for BCH Development
Cryptocurrency development is a costly and a not very well paid hobby for many developers out there. Even known developers can have a hard time getting funds to dedicate themselves to fully support a cryptocurrency without having a side job. Bitcoin.com understands this and has started a fundraising campaign to support development on the Bitcoin Cash blockchain. They state “100% of your donation will go to support Bitcoin Cash development, enabling sustainable development and innovation.” The goal is to raise 800 BCH before August 1st.
SBI to Use Ripple Powered Payments with MoneyTap App
SBI, a financial conglomerate in Japan, is launching their Ripple-powered MoneyTap app soon. They are starting a demonstration service period for the app, to show the functionality and real payments. This test will be carried out by affiliated merchants at the service who have not yet been announced. The app is slated to be released “within the year,” according to CoinDesk’s article.
Insurance Claims Between State Farm and USAA Will be Paid on Blockchain
State Farm and USAA started a joint experiment to get insurance claim payments to be made on blockchains for the year 2020. The main reason behind this is to save money and reduce complexity in making payments on a claim-by-claim basis. With the proposed solution, running on Ethereum based blockchain Quorum, payments will be made automatically between clients of the two companies, evading complex arrangements and paperwork.
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