After 3 weeks of reporting about record after record being broken, this week saw the eCash price coming down to its earlier levels, amidst a lot of uncertainty in the entire cryptocurrency market. With most crypto exchanges having finalised their BCHA to XEC rebranding, this week was much more quiet and subdued than people are used to, as work being done was far less visible. It was not all bad news for XEC, the currency that has been getting a lot more attention and has won over many investors over the past weeks. Let’s look back and go over this week's eCash news, day by day.
Electrum ABC Wallet now has a Derivation Path Scanner.
On September 5 a tweet by the official eCash Twitter account pointed out a rather neat feature which was recently added to the Bitcoin ABC developed desktop wallet named Electrum ABC. Due to different eCash (and pre eCash) wallets using different derivation paths, it can happen that even though the 12 words are correct, the user's balance does not show up when restoring a wallet from seed phrase. This can lead to confusion as most people don’t really understand what a derivation path is and developers should not expect them to know it.
With this new feature in the ElectrumABC wallet people will no longer have to worry about (the derivation path at all) - which derivation path they need to use or even what they are. Just entering the seed phrase itself will be enough as the ElectrumABC wallet will allow you to Scan derivation paths to find your balance on any path known to have been used by wallets for storing eCash. This again reinforces this wallet’s status as the go to wallet to solve any issues you have accessing your coins on another self custodial wallet. As long as you have access to a trustworthy desktop and your 12 or 24 word seed, this wallet will make it easy for you to regain access to your coins. Of Course ElectrumABC is also a good and very versatile desktop wallet for normal use.
An eCash community: Vietnam’s Telegram Channel
Later that day an article was published by eCash NEWS Today that puts a spotlight on one of the early eCash communities and the Telegram group they founded and maintain. The article describes the eCash ABC Vietnam Telegram group as a Vietnamese language group focussing on education and information of those newer to eCash and also as a platform for early supporters to share news and discuss progress. Meetings are organised on a regular basis where people can learn about the project and technology in more depth.
Coingecko.com adds supply data: ranking both BCHA and XEC
On September 6 crypto currency information and ranking site Coingecko.com added supply information to the eCash (XEC) page and as a result people could for the first time see the correct marketcap ranking of the rebranded and redenominated coin. With some exchanges still using the old branding and the old BCHA unit, this page is also still being used. As a result the website popular amongst many traders and holders now showed both Bitcoin Cash ABC (BCHA) and eCash (XEC) ranking on the front page. This will of course be corrected when the last large exchanges complete the rebranding and redenomination but it seems that we may enjoy double listing on Coingecko.com until that time.
eCash for beginners Part 4: The Birth of BCHA
On September 7th yet another article in the series “eCash for Beginners” by community member CainBCHA saw the light of day. “Titled eCash for beginners Part 4: The Birth of BCHA”, this article details the final days of Bitcoin ABC’s involvement with the Bitcoin Cash project. It sheds light on protocol funding issues and how they were used to spread FUD (Fear Uncertainty and Doubt) about the ABC team. The blog reveals how the team that was responsible for the creation of BCH in the end found themselves confronted with a lot of opposition. It shows how a number of large miners in favour of the Infrastructure Funding Plan (IFP) bowed down to social media campaigns, when they could have instead been bold and courageous, choosing a much more sustainable path forward. It paints a picture of a team that not wanting to give up on the goals of the project made decisions that ultimately lead to the birth of BCHA which then later became known as eCash (XEC).
Bitcoin ABC Version 0.24.1 Released
Also on September 7, eCash’s development team Bitcoin ABC announced the release of a new version of the full node software. This software is open source and mostly used by miners, exchanges and other businesses to build and or verify the blocks and transactions while more regular users mostly use light or SPV wallet applications. The Bitcoin ABC team is constantly working on maintaining and improving the software which results in these version releases every two weeks like clockwork.
For those that do run full node software it is good to note that this Bitcoin ABC version 0.24.1 version is the second 0.24 release series which will be compatible during the next network wide upgrade that will take place November 15th. At that date full node software with a lower version number will stop working and so it is important to switch to the 0.24.0 and higher versions before that date. This particular release fixes a bug in the wallet notifications and brings improvements to some RPC and is compatible with the eCash rebranding.
eCash (XEC) Reaches Front Page on CoinMarketCap
September 9 saw a long awaited change. After many months of wondering why the project was condemned to the 200+ category despite always having had a market capitalization that suggested a ranking considerably higher than that, the coinmarketcap.com website team finally made the changes that allowed eCash (XEC) to take its rightful place in on the first page of the crypto currency information and ranking site. Holders and traders were very happy this was corrected and were happy to see eCash amongst other top 50 ranked coins.
Upbit Announces BCHA to XEC Rebranding schedule
On September 10 Korea based exchange Upbit announced a new BCHA to eCash (XEC) rebranding and redenomination schedule. Early eCash news reported in an earlier edition of the week in eCash that the Indonesian branch of Upbit had announced to be expecting the rebrand and redenomination to take place between mid August and early September. This new announcement by the parent company shows they now plan to have the change take place late September to early October of this year. A detailed schedule is expected to be published before this time.
The Filipino Telegram Group
Also on September 10th, an article by eCashNEWS.today takes a look at a Filipino eCash community Telegram group and one of its passionate founders. Started in the months before the birth of the eCash XEC chain (then known as BCHA) the group is dedicated to promoting eCash to new people entering the cryptocurrency environment. With a shared goal of financial freedom the group prepares eCash content every week but also organises contests, quizzes and other events where people can participate and learn while playing for eCash prizes. In this enthusiastic and fun loving group members all speak in Tagalog, the native language of the Philippines.
eCash Contest / Giveaway Update
Another week in eCash, 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 where this week's prizes went.
Sunday’s prize was awarded to @Ilhamm969 for a cartoon that encapsulates the eCash mission. Next @pungentaura was selected for a video depicting “Blockchain Tinder” following a special challenge from Cain. @zuyfun won the next day for his awesome videos followed by @boCeylan4 who won by popular vote with stunning wallpaper. With his take on Diego Rivera’s famous painting @ecash_esp found himself receiving 1 million XEC in prize money. @wangmiaoae clearly knows how to convince the jury because with an image of an eCash ship he wins his 4th 1 million XEC prize. The final prize of the week went to @pungentaura for an eCash VR island that seriously impressed the contest organiser. 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: 32 million XEC
Still to be awarded:
68 million XEC in daily prizes and 50 million XEC in grand prizes
Day 31 contest winner by @wangmiaoae
This Weeks Market Action
After 3 weeks of reporting rising prices, with record breaking price action, this week saw prices going down to earlier highs amidst negative to unstable overall crypto market sentiment. There was also less rebranding and listing news.
After having risen from $0.000157 ($158/BCHA) to an all time high of around $0.00038 ($380/BCHA) last week, eCash (XEC) started this week in a cooling down market at $0.00033265 (XEC) and $335.96 (BCHA).
On Tuesday September 7, Bitcoin BTC price fell sharply surrounded by disappointing and negative news. This had an effect on the entire crypto market resulting in more downward pressure on the eCash XEC (and BCHA) price.
While many newer traders reacted nervously, more experienced day traders found ways to profit from the volatility and declining market. Long term holders seemed unfazed by the markets closing lower almost every day. With lowering volumes and no news that could turn market sentiment, the markets closed 33% and 32% lower at $0.00022182 (XEC) and $229.27 (BCHA).