August 21, 2017

Bitcoin Has Split, What Now?

02 August 2017, 05:11 | Virginia Santiago

To the mines

To the mines

As such, the digital currency has officially forked and split in two: bitcoin cash and bitcoin. Ether, the digital currency that runs on the Ethereum network and is considered bitcoin's chief rival, rose 2.6% to $209.91.

The Bitcoin split, or "fork", has been discussed at length in the days leading up to August 1st. He likened it to a stock trading "ex dividend"-when the buyer isn't entitled to collect a dividend on the shares".

For 2018, Ronnie Moas, founder of Standpoint Research has given a price target of $5000 for bitcoin.

Considering how Bitcoin Cash tokens do not even exist yet, the market interest is quite surprising. According to Bitcoin's "how it works" page, the balances on the account are kept in a public ledger known as a blockchain, and transactions are confirmed through a process known as mining which occurs inside the blockchain queue. It will happen once blockchains reach over 1,000 kilobytes on the website

Those who have invested in bitcoin could be heading for an unexpected windfall, with the cryptocurrency today being split in two following a "hard fork" in the blockchain.

Here, they were working under specific constraints - the block had to be larger than the standard 1 MB size limit still imposed on the main bitcoin blockchain.

In other words, it is under no obligation to support Bitcoin Cash.

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To be sure, only a minority of bitcoin miners and bitcoin exchanges have said they will support the new currency. He wrote that he expects the solid performance of cryptocoins like bitcoin and ether to continue, and he predicts the value of the latter will double by 2018 to about $400.

Some are less bullish.

Hileman says the support for Bitcoin Cash is being driven by financial opportunism, with some seeing it as "free money". Some bitcoin exchanges, where users make transactions and store their coins, will recognize Bitcoin Cash, including Kraken and ViaBTC - but others like Coinbase and Poloniex said they wouldn't as they're uncertain it'll stick around.

Bitcoin Cash addresses this problem head-on by increasing the capacity for transaction data to a much more generous eight megabytes. Originally used for online payments, bitcoin has been moving into traditional retail and is in use in Alabama. The original version of bitcoin has blocks that are 1MB in size.

With Huobi and BTCC supporting BCC, the list of exchanges that support BCC has increased.

BCC is the result of a 'hard fork' of the bitcoin blockchain caused by a disagreement among different groups of miners about the best way to scale. Current valuation places Bitcoin at $2778.39, while Bitcoin Cash has a projected trading value of just $288.35, a significant gap.

"It could be a insane day", he said.

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