In the latest cryptocurrency news, we are reporting about the community which is behind the privacy-centric Bitcoin app Wasabi Wallet, which recently brought together 100 Bitcoin users to collectively execute a “CoinJoin” transaction. The transaction might be the largest event of its kind, gathering a lot of people to carry it out.
For those of you who don’t know, Bitcoin is far from private – mostly because the users can, via blockchain, see where the coins are being transferred to and from. One of the efforts to afford greater privacy to transactions is CoinJoin, which is a popular technology which exists since 2013. The tech was founded by Greg Maxwell and bases on the idea that transactions can be made more private by jumbling a number of different transactions together – and then redistributing them.
At a hundred transactions made by 100 Bitcoin users, the effort by Wasabi Wallet might be the biggest event of its kind – and is certainly an advancement for the entire privacy tech as a whole. As the zkSNACKS CTO Adam Fiscor (who launched Wasabi Wallet last year) recently noted while being featured by some best cryptocurrency news sites:
“There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, which launched Wasabi Wallet last year to make CoinJoin transactions easier to use. The CTO did add one small caveat that it’s “possible” that Blockchain’s SharedCoin has done one as large, but also said that he is “not sure if it’s relevant.”
“The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor said.
Indeed, this transaction took a while to execute. Partially on the Wasabi Wallet reddit, the community around it has been trying to organize a 100 person CoinJoin, getting 94, 92, 97 and even 99 participants – before the 100 Bitcoin users kicked in and reached the goal.
Going further, Fiscor believes that the large CoinJoin transaction offers a showcase of the room for the use of Bitcoin in the future. The more transactions in a CoinJoin, the more privacy you get as with more users, it becomes harder to untangle all of the transactions that went in.
“However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,” the Wasabi Wallet website explains.
One way or another, the 100 Bitcoin users showed a new milestone being reached in the Bitcoin space.
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“$BTC – found resistance right at the lower cloud and has opened the weekly candle inside the cloud. This represents the highest time frame that #bitcoin has breached into the cloud…with resistance at just above $10K…”An analyst named Chonis Trading then took to Twitter with the following statement: https://twitter.com/BigChonis/status/1140410183665049603 He also added:
“One more step up the mountain as #bitcoin hits right at the 38.2% fib resistance making it the next target for the bulls to close over and also makes maintaining the 23.6 fib support that much more important for overall continuation…”As Bitcoin ignores correction calls, many believe that the $10,000 mark could be achieved very soon.
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Bitcoin Just Surpassed 1 Million Daily Active Addresses
"When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23. Yesterday 1 BTC was $8,230 and the median tx fee was $1.33."Even though the DAA does not man much in practice, the fact that Bitcoin just surpassed 1 million daily active addresses is an important metric on many altcoin news sites - mostly because it shows actual and unique transfers which are separate from the direct ones to and from bigger exchanges. The fact that there are more than million unique addresses transacting on the blockchain is good for Bitcoin. https://twitter.com/kerooke/status/1139919876838047744 In order to put this number in perspective, however, we can link to Uber and its estimated 14 million rides per day or estimated 798,877 iPhones a day which Apple sold in 2017. While these are comparisons like Apples to oranges, it is definitely interesting to note that Bitcoin is doing the transaction volume of some of the biggest brands in the world. The news that Bitcoin just surpassed an interesting milestone are re-shared on many best cryptocurrency news sites. Curiously, shortly after reaching this milestone, Bitcoin's price started rising going from $8,450 to a $9,300 high. At press time, the Bitcoin price seems to have corrected and is trading a little over $9,100. One of the factors behind the flagship cryptocurrency and its price rise could be Facebook's foray in the crypto space. Still, Bitcoin just surpassed 1 million daily active users and there could be a real possibility that BTC is heading for the $10,000 mark by June 21 because of it. Right now, there are no coming altcoin news or altcoins showing a similar level - or active addresses which surpassed one million. The Bitcoin traders should be proud of that - and proud of a retracement for the Bitcoin blockchain which has not been since two years ago - in November 2017.
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