This Week in Bitcoin: Smooth Bitcoin Cash Upgrade, BCH and BTC Tax Payments in Florida

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A notable week for Bitcoin Cash (BCH) – the network successfully upgraded the blockchain protocol by extending the block size to 32MB. The change will allow a greater number of transactions to be processed with inexpensive and consistent transaction fees. Also, Seminole County in Florida will accept tax payments in both Bitcoin Cash (BCH) and Bitcoin Core (BTC) thanks to a partnership with Bitpay.

Also read: Bitcoin in Brief Saturday: Warren Warned by Billboards, Coinbase Tempted by Banking

Bitcoin Cash Upgrades Blockchain Protocol

The Bitcoin Cash network has smoothly and successfully upgraded the blockchain protocol this Tuesday by extending the block size from 8MB to 32MB. The implementation of the new consensus rules went into effect at block height 530356.

The change represents one of the largest block size increases in blockchain history. The upgrade also includes an increased default data-carrier-size, from 80-bytes to 220-bytes, and re-enabling previously disabled Satoshi OP_Codes, which could add the ability to code colored coins and binary contracts.

The fourfold block size increase will allow vast amounts of transactions to pass through the network with consistent and inexpensive transaction fees. It also gives developers plenty of breathing room to adjust the size if it starts getting closer to its limit and paves a path for mass adoption. The block size limits are currently set by the miner, and developers are able to set the capacity so that blocks cannot get full in the immediate future. This means that the fees will remain low for quite some time and also reliable, even when transaction usage becomes as extreme as in the last quarter of 2017.

Bitpay Enables BCH and BTC for Tax Payments in Florida County

US-based crypto payment processor Bitpay has announced a formal agreement with Florida’s Seminole County Tax Collector, Joel M. Greenberg. Both Bitcoin Cash (BCH) and Bitcoin Core (BTC) can be used for tax payments starting this summer. County residents will be able to pay in crypto for driver licenses, ID cards, and even property taxes.

“We live in a world where technology has made access to services on demand, with same-day delivery and the expectation of highly efficient customer service, and we should expect the same from our government,” Greenberg said. He added that the aim of his tenure in office is to make customer experience faster, smarter, and more efficient, and to bring government services from the 18th century into the 21st. One way to achieve that, the official says, is to add cryptocurrency to the available payment options.

China Ranks Almost 30 Cryptos, Finds Over 400 Fake Coins

The government of China, one of the first to ban cryptocurrencies like bitcoin, has come out with official crypto rankings. The Chinese Center for Information Industry Development (CCID) will be judging leading digital coins according to three major criteria – innovation, technology, and application – although details about the applied methodology are yet to be shared. A total of 28 cryptocurrencies and their respective blockchains have been ranked. Of the top four coins by market capitalization, Ethereum was ranked first, followed by Bitcoin Core (BTC) at number 13, Ripple is 17th, and Bitcoin Cash (BCH) – 25th. The Chinese top five include Ether, Steem, Lisk, NEO, and Komodo.

Another sign of growing attention to cryptocurrencies in China is the publication of a report on fake coins by a government-backed industry organization. The National Committee of Experts on the Internet Financial Security Technology (IFCERT) has identified 421 fake cryptocurrencies. The organization pointed out that 60% of these cryptos are deployed overseas. IFCERT also outlined some major red flags of the fake coins.

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About Lubomir Tassev