Another week and another bout of news, whether it’s good or bad, we’ve covered it at Crypto Daily. Luckily we have some good news to tell you today so sit tight whilst we go through the new announcement from the banking giant JP Morgan, the new interesting development for Bitcoin Cash announcement and see how TRON overtook Ethereum for dApp gold medal.
So last week JP Morgan Chase, one of the biggest banking institutions in the world, announced that they were designing a new cryptocurrency. A few days later (February 18th) the market seemed to be making gains. Quite significant gains at that.
Bitcoin rose up near the $4,000 mark leaving many enthusiasts wanting more from this short-lived bull run. Many people thought that part of the reason for this surge was down to the announcement from JP Morgan announcing the JPM Coin.
The decision to launch their own cryptocurrency comes three years after the CEO of the firm, Jamie Dimon claimed that Bitcoin was a fraudulent asset.
Speaking on the drastic u-turn in the market was David Thomas from the Mayfair based crypto exchange GlobalBlock who said:
"The apparent U-Turn is interesting as it now means that wide audiences that have to date been distant from blockchain and cryptocurrency, are now sitting up and taking notice, with many feeling that this announcement will trigger many more like it.”
"When all is said and done, and irrespective of what it actually does or doesn't do, the simple act of announcing something like this is great for demonstrating that views are changing and big players are active in the space.”
In what seems to be a very good move for Bitcoin Cash adoption, one of the biggest cryptocurrency exchanges, Coinbase has recently announced that their Coinbase Wallet will now be able to support Bitcoin Cash. This is an update that will be sent out to all users of the Coinbase wallet on both iOS and Android over the next few weeks.
The product lead at Coinbase, Siddharth Coelho-Prabhu spoke on the update saying:
“Starting today, you can now store your bitcoin cash (BCH) directly in the Coinbase Wallet app. The new wallet update with bitcoin cash support will roll out to all users on iOS and Android over the next few weeks. BCH support is activated by default — all you need to do is tap ‘Receive’ on the main wallet tab and select bitcoin cash to send BCH to your Coinbase Wallet.”
Coelho-Prabhu also commented on the support of Cashaddr and Legacy addresses saying:
“The wallet supports both newer Cashaddr address formats, as well as legacy addresses for backwards compatibility in all applications. It also supports the Bitcoin Cash Testnet to aid developers and power users. The team also plans to add support for the JSON Payment Protocol in the future.”
During the bull run earlier this week, Bitcoin Cash seemed to see some significant gains but the cryptocurrency hasn’t really gone under much scrutiny from the volatile nature of crypto.
So should you spend your Bitcoin Cash and save your Bitcoin? Considering the withdrawal fee for Bitcoin Cash is significantly lower than Bitcoins, there is a way to save money with BCH.
There is a certain rivalry when it comes to TRON and Ethereum and especially in the dApp space where things can get a bit heated. Either way, TRON has now become the platform which has the total number of dApp users surpassing Ethereum once again!
The CEO of TRON, Justin Sun is a big member of the crypto community who is active through his Twitter on a daily basis.
Many people believe that the next big move for TRON is to take over the smart contract deployment space and beat Ethereum there too but only time will tell.