A week filled with ups and downs as markets started in a down trend with very little news, testing resistances but then saw a steep price recovery, news of new XEC trading products on Binance, Interesting articles, a new listing, positive news about the major Korean exchanges, and more. All in all progress continues and support for the eCash project remains strong. Let’s take a closer look at the major events and news of this week.
eCash for Beginners Part 5: What is eCash?
Tuesday September 14th saw the publication of yet another article by CainBCHA. In eCash for Beginners Part 5 he details what eCash is and what makes this version of the Bitcoin chain more likely to succeed. The article shows eCash to be both old and new. It is old as its chain goes back to the days of Satoshi, but at the same time newly branded and innovative as it continues to pursue the goals of p2p cash and sound money.
“A Bitcoin project that isn't afraid to adapt when necessary. One that is led by technical talent, not by the Twitter or Reddit mob. This is crypto evolution. While other projects grow complacent and stagnate, eCash is laser focused on constantly pushing the boundaries and moving forward”
The article continues to look into what money is and what it means to the author and other people. How it influences people and what a better form of money could bring to him and the world. Again an informative and inspiring article and a recommended read.
eCash Users are Losing Patience with Poloniex
On wednesday September 15 eCash NEWS Today revealed how users of Poloniex exchange have become increasingly frustrated and worried about their eCash (XEC) held by the exchange. While the exchange has made no formal announcements, users have not been able to trade on the earlier available BCHA/USDT market. Believed to be the start of the BCHA to eCash (XEC) rebranding and redenomination process users even noticed that their exchange balance no longer showed the BCHA they held on the exchange.
Now over a month later, the exchange has still not opened an eCash (XEC) trading pair but even worse, the balances of users still show zero coins which makes them worry they may not ever get their coins back. Following the article some community members publicly protested about the situation but 4 days later no signs of a solution are visible yet.
StealthEx adds extensive documentation
Also on the 15th, simple and instant crypto exchange, StealthEx announced it added extensive documentation about eCash on their website. It now offers information for both newbies and those more experienced with good basic understanding. If you want to check it out and see if there is some information you did not know yet, you can see visit their eCash page here.
Paper Wallet generator
Ethan Quintera, who won one of the daily prizes with his work on the eCash Virtual world, announced this Wednesday that he had created an eCash paper wallet generator. Forking the Bitcoin.com paper wallet generator and adapting it for use with eCash (XEC), it now looks like people can start testing it out. Speaking with him he confirmed that he very much welcomes developers to check out the code. In particular for them to review the changes that he made to it.
Tools like paper wallet generators do require rigorous review and testing and in general people using it will need to put trust in the creator of the tool. As they trust it was created in a way that makes sure the generated keys are indeed safe and coins will not be lost or stolen. So to all developers out there, please help by checking the code changes so non-tech eCash users can in the future start to use this tool to create paper wallets that help keep their coins safely in cold storage. But for now this is a great first step towards that.
Did BitcoinABC hire a Chief Marketing Officer?
On September 1st eCash NEWS Today reported on the career opportunities listed on the e.Cash website. One of the positions was that of CMO or Chief Marketing Officer. The job offer read: “Have you successfully built out a world-class marketing team for an international product? Tell us about it. We’re a new brand looking to build an internal marketing team with continued support from third-party specialists”.
On September 16th a better known unofficial eCash twitter account noticed that the job offer had disappeared from the website which suggests the position was filled. No formal announcement has been made by the Bitcoin ABC Team. Maybe this will be one of the first tasks of their new CMO.
Binace announces XEC perpetual contracts…….
Binance announced on Thursday the 16th that Binance Futures would launch USDT-margined 1000XEC perpetual contracts with up to 25x leverage on September 17th. With that, traders now have at least two places were perpetual contracts can be traded as we before reported on Coinex.com adding a similar product on September 3rd.
…. And adds $XEC on Isolated Margin
In addition to the perpetual contracts Binance also added XEC as a new borrowable asset on Isolated Margin, and enabled isolated margin trading for new margin pairs XEC/USDT & XEC/BUSD on Friday September 17. Although these high risk trading options are not for the average or beginning trader, they are products that will likely attract the attention of the more professional traders.
Upbit Becomes Korea's First Virtual Asset Operator
Also on September 17th Coindesk Korea reported that Upbit has now completed the registration with South Korean financial authorities well before the September 24 deadline. With that it was announced to be the first Virtual Asset Operator and fears of possible shutdown by authorities are removed. Although Upbit has not yet completed the BCHA to eCash (XEC) rebranding, traders using the Korea based exchange were early to recognise the project's long term potential. To this day the coin remains very popular amongst the Korean crypto currency investors. It therefore is good news that not only Upbit but also exchanges like Bithumb, Coinone and other larger exchanges are expected to complete the registration process in time.
7B Crypto Trading App Adds eCash (XEC)
On the 17th also, a newer and not very well known broker and crypto trading app 7B announced adding eCash (XEC) on their Android trading app that is said to be powered by Binance. iOS app is not yet availableIe. A user in one of the Telegram groups did notice that the number of downloads in the Google play store is relatively low. This could be explained by them being fairly new but it does highlight the need for people to do their research on all services before using it to trade or store coins.
Zoom Out to See Gains of over 345%
A picture from cryptobubbles.net in month view that was taken on the 17th showed the price gains that have been made in only one month's time. While traders often only look at how a coin has come down from an all time high, they seem to forget to zoom out to see where things came from while running up to that new high. Although much higher at its peak price, the bubbles show eCash as top gainer with +345%. Due to coingecko.com still ranking both the old BCHA unit (and branding) and the eCash (XEC) unit as separate coins, the project enjoys both first and second place on Friday’s view as captured by this tweet.
The eCash VR Hub is now open for beta testing
On Saturday September 18th, the eCash VR Hub was announced to open for testing. It is already expanding, as earlier this week creator Ethan Quintera began showing off an amazing 360 World where you can casually stroll through a building built in tribute to eCash, BitcoinABC and their supporters. Showing the first impression of his creation last week, he was awarded one of the daily prizes in the 100 day content contest. Today people can actually walk around as outside testing is welcomed.
eCash Contest / Giveaway Update
This week again saw 7 new winners of the daily 1,000,000 XEC prize that is part of the eCash content contest organised by CainBCHA. 7 more contenders for the 3 grand prizes totalling 50,000,000 XEC that will be awarded at the end of the contest to the best of those 100 daily winners. Let’s see who this week's winners are.
@kmham2010 created this beautiful Gif
The week started with @leleng_joe winning 1 million XEC with his video showing the effect that holding XEC can apparently have on a person. On Monday @Ferdinan273 saw his meme rewarded after a vote on social media decided between 4 memes. @Alitayin created a website listing eCash resources and stressing the value of people building things CainBCHA awarded her Tuesday’s prize. @kmham2010 won his first daily prize with a beautiful GIF created a month ago. This shows that even if your creation did not get chosen immediately it still can win on one of the future days.
On Thursday @AdamanTron won for the dozens of videos he's submitted. Perseverance works. Friday saw the creations of @IsaMaulana_ rewarded as CainBCHA not only used one of his graphics in the article he released on Tuesday, he also awarded him the 38th daily prize and with that a chance to win one of the 3 grand prizes at the end of the contest. The final prize of this week went to two creators who share the prize and each win 500 thousand XEC. @elycolz created a video and @ecash_is_art created the music that completed the video. Teamwork for the win! With that, all 7 winners of this week are known. We are again looking forward to reporting on 7 more winners next week. Good luck.
Total prize money: 150 million XEC
Awarded to date: 39 million XEC
Still to be awarded:
61 million XEC in daily prizes and 50 million XEC in grand prizes
This Weeks Market Action
The negative market sentiment of the previous week continued at the beginning of this week. Opening at $0.00022182 (XEC) and $229.27 (BCHA) early Sunday the 12th, it continued to decline. On the evening of Monday the 13th (UTC) a low of $0.0001855 for XEC and $198.87 for BCHA was registered. Since the BCHA unit price is heavily determined by Korean exchange Upbit, the price difference seems to indicate that through it all the Korean eCash investors remained more positive about the project.
Soon after these lows were hit the price started to recover quickly with a considerable amount of volatility on the way up. On the 15th the charts show highs of $0.0002655 (XEC) and $281.53 (BCHA) which again showed a difference that confirmed the strong positive sentiment on the Korean market. The following day saw a calm start but then price retraced sharply to a resistance where it stayed until it closed late Saturday the 18th at $0.00023309 (XEC) and $239.44 (BCHA). A plus of 5.1% and 4.4%. All in al a week with lots of price action ending with a positive result