|BTC/CAD : 315.17||LTC/CAD : 3.99||BTC/LTC : 94.50|
|High||319.00 CAD||323.56 CAD||3.99 CAD||4.30 CAD||94.50 LTC||94.50 LTC|
|Low||312.01 CAD||312.01 CAD||3.61 CAD||3.60 CAD||75.00 LTC||75.00 LTC|
|Vol||212.668 BTC||1245.884 BTC||81.309 LTC||733.478 LTC||0.046 BTC||0.218 BTC|
Executive Director of Bitcoin Alliance Canada Joins Cavirtex
Our team is pleased to announce that Kyle Kemper has joined Cavirtex as Senior Vice President of Business Development. In addition to his roles at Cavirtex and our parent company Coinsetter, Kyle continues to be Executive Director of the Bitcoin Alliance, Canada, an advocacy group dedicated to raising awareness of Bitcoin.
Already a prominent fixture in the Bitcoin industry, Kemper was a founder of the Bitcoin Strategy Group, a lobbying organization for digital currency in Canada. On April 9, 2014, Kemper testified in front of the Canadian Senate to advocate for clarity in digital currency regulation. During the session, Kemper and colleagues including former Ottawa Mayor Larry O’Brien demonstrated the purchase of bitcoins through various mediums. The group showed transactions over a Bitcoin wallet, through the Cavirtex exchange, and through a Bitcoin ATM, which Kemper personally brought to the Senate floor. Kemper continues to serve as a frequent advisor to the Canadian Senate on matters related to digital currency.
Previously, Kemper served as Head of Tipping at ChangeTip, a VC-backed social payment service that allows users to send money on any platform, at any time, with no fees and no minimums. Additionally, Kemper served as Vice President of Business Development at Cavirtex under its previous management.
Before joining the Bitcoin industry, Kemper was Co-Founder of WickidApps, a mobile application development firm, and served as a venture capital analyst at BDC.
A graduate of Dalhousie University, his mother Margaret was married to former Canadian Prime Minister Pierre Trudeau. Kemper is the half-brother of Justin Trudeau, the current leader of the Canadian Liberal Party.
As SVP of Business Development, Kyle will lead important verticals of Cavirtex's growth and be a point of contact for new customers on our exchange. If you actively use Cavirtex or are thinking about starting, I encourage you to chat with him!
One of the most heated conversations in bitcoin’s six year history has been playing out over the past few months, specifically addressing bitcoin’s scalability.
Currently, bitcoin’s design has a maximum block size limit of 1MB and an average time interval between blocks of just under 10 minutes. The average block size is projected to approach this 1MB limit by the end of 2016, which may prove problematic to the bitcoin’s growth under its current specifications. Once the 1MB block limit is reached, transaction confirmations can begin to take longer than the expected 10 minutes—and transactions may have to wait multiple blocks in order to be confirmed. This situation could, in turn, have an effect on the market price of bitcoin, which we will discuss later in the article.
Creating Solutions to the Block Size Limit
As the bitcoin community looked to solve the block size limit issue, an early proposal that gained popularity was to increase the block size limit to 20MB. A consortium of Chinese bitcoin mining pools, representing over 50% of the total network’s hashrate, quickly rebutted this idea however, with a proposal for an increase to 8MB instead. While the miners agreed that increasing the block size would allow for greater scalability, they also agreed that the jump to 20MB could lead to a significant increase in orphan blocks due to the increased data propagation time introduced by larger block sizes.
Some people in the bitcoin community have argued against block size increases altogether. These bitcoiners insist that this change may negatively impact the globalization and decentralization of bitcoin. A higher block size limit can act as a toll for international miners located in geographies with underdeveloped internet infrastructure, causing them to become less capable of handling the larger data bursts associated with large blocks. Small and "amateur" mining operations would also be negatively impacted as they would require more resources to support larger block sizes. An increase in the block size would not only act as an obstacle to miners but also to full bitcoin node operators.
There are alternative approaches that many believe should be considered. One suggested approach is a variable block size limit, a multiple of the trailing average block size. This would prevent the limit from growing too fast and enables flexible scalability. A proposed implementation of variable block size can be seen here. Another suggested approach is increasing the block frequency to less than 10 minutes. This would effectively increase the transactional capacity of the network without significantly increasing bandwidth strain. You can find a video discussing this idea here. Of all the proposals that are circulating, the solution that has garnered the most support is raising the block size limit to 8MB, with the limit doubling approximately every two years.
Block Size’s Impact on the Bitcoin Price
A change in the block size limit may have an impact on the bitcoin market–including bitcoin price.
If no changes are made the current 1MB block size limit, the value of bitcoin as a quick, international transactional system would decrease due to longer transaction confirmation times and reduced network reliability. By having less utility, the price of bitcoin could decrease as network usage declines. Longer confirmation intervals would also have a negative impact on most traders, including arbitrageurs, who may have trouble maintaining their current trade velocity on their limited capital. The result would be a less efficient market.
If the bitcoin block size limit is increased, various costs associated with mining will increase as well. This may cause miners with marginal profitability to cease operations, and would create a scenario in which it becomes more feasible to buy bitcoin versus mine it. Together, these forces could create a higher breakeven miner sell price and more buyers in the market–all leading to a higher bitcoin price. This could be intensified in the short term if miners cease operations and the difficulty level doesn’t adjust quickly. Finally, improved capabilities for the bitcoin network will lead to additional usage, which should also support price growth.
Conclusion: The Debate Continues
As it stands at the time of writing, there is no definitive, agreed-upon solution. That said, we greatly appreciate the hard work that the community has been tirelessly putting in trying to find one. We hope this brief summary of the topic brings more bright minds into the conversation!
Doing business as a bitcoin exchange is expensive...
Our company's goal is to ensure that Canadians have a reliable, sustainable bitcoin exchange that can serve our users for the long run. Our banking partners unfortunately charge bitcoin exchanges, including Cavirtex, high banking fees. While our banking relationship allows us to serve you with convenient bank transfer methods, it also adds costs that we have to cover in the course of our business. In line with these costs, we have made small adjustments to our EFT pricing and trading fees. Don't worry - they're pretty small.
Improved Customer Support and Order Book Liquidity!
Since our acquisition by Coinsetter, Cavirtex has seen many improvements take place. We have expanded our customer support coverage, which is now available 7 days a week. We have also brought new traders into the market to improve the exchange's order book liquidity, making Cavirtex the only source for deep bitcoin liquidity in Canada. Cavirtex offers substantially better prices on large trades versus our competitors.
Thanks for being a part of Cavirtex, which stands as the longest running bitcoin exchange in Canada. If you need help with anything, feel free to email our team at email@example.com!