Luno’s plans for Ethereum and the future of Bitcoin

Luno is a cryptocurrency exchange and wallet provider which allows South Africans to buy Bitcoin in rand.

With cryptocurrency adoption continuing to grow, MyBroadband spoke to Luno’s Werner van Rooyen to find out about the exchange’s plans for the future.

Ethereum and other currencies

Van Rooyen told MyBroadband that Luno is currently focusing on Bitcoin and has no immediate plans to support Ethereum or other cryptocurrencies.

“Alternative cryptocurrencies to Bitcoin are growing in popularity and we’re excited to see increased interest in cryptocurrencies in general and Bitcoin specifically,” said van Rooyen.

“For the time being, Luno is focusing only on Bitcoin and we’re committed to giving South African consumers the best experience in buying, selling, and learning more about it.”

Van Rooyen said that most trading in alternative cryptocurrencies happens between Bitcoin and altcoins such as Ether and Ripple.

Once Luno customers have purchased Bitcoin, it is easy to trade it for other cryptocurrencies via altcoin exchanges.

The cryptocurrency exchange with the most trades per day is currently Poloniex.

Future of Bitcoin

A proposal titled Bitcoin Unlimited aims to increase Bitcoin’s maximum block size to improve transaction speed, but this could cause a hard fork on the blockchain.

A hard fork results after major changes are made to a blockchain, causing it to be incompatible with the old chain and “fork” off from the main branch.

This results in two different chains: one where Bitcoin Unlimited has been implemented, and the other using the old system.

If you hold 50 Bitcoin and the blockchain experiences a hard fork, you will hold 50 original Bitcoin and 50 Bitcoin Unlimited.

In a blog post on its website, Luno outlined its procedure in the case of a Bitcoin hard fork.

“We will support buying, selling, receiving, sending, storing, and trading the version that enjoys majority support from the Bitcoin community of customers, miners, wallets, and exchanges,” said the company.

“We may decide, based on market conditions, to support just one or both versions, or to discontinue support for a certain version in the future.”

Luno Bitcoin Fork

Now read: Massive cryptocurrency growth in 2017

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Luno’s plans for Ethereum and the future of Bitcoin