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frozenmail.net August 21, 2017


Bitcoin fork commences, first BCC block yet to be created

03 August 2017, 01:30 | Virginia Santiago

Meanwhile, the world's most popular cryptocurrency exchange, Coinbase, has rejected the new Bitcoin Cash to some customers' chagrin. He maintains optimism in his Tweets, mentioning that this is a fascinating period in cryptocurrency, and that they are waiting for the first block from Bitcoin cash.

The bitcoin network can only support around seven transactions per second, compared with thousands per second piped through conventional financial networks such as Visa.

"For merchants, if Bitcoin Cash is very successful, there could be a short term reduction in transaction capacity in the current network, as miners shift their hardware to process Bitcoin Cash transactions".

Since the launch of Bitcoin cash, other exchanges have said they will support it, and so it seems to be gathering momentum. Since they are not happy with the proposed improvements to the currency's technology, they have initiated whats known as "Bitcoin Fork" that is set to be activated on August 1.

But the price of bitcoin and that of bitcoin cash could start moving differently depending on their credibility, and trading volume and other factors at exchanges.

Palatinus described the fork as a "peaceful split", in which the people behind Bitcoin Cash made sure to add the proper digital protections to keep bitcoin and BCH transactions from mixing together after the fork. So basically if you have a balance in Bitcoin right now, then you would have the exact same balance in Bitcoin Cash. So, if you now own one Bitcoin, as of 5:20 a.m. PT on August 1 (assuming things go down as planned) you will own both one Bitcoin and one Bitcoin Cash (as long as you control your own private keys). And given its lack of support relative to Bitcoin proper, more pain could be on the way.

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Those who own bitcoin will continue to own the old version and also own the new "bitcoin cash."Some say the new won't hurt the old and those investors stand to benefit from speculative rallies following the fork".

Also, with August 1 being the scheduled activation date of BIP 148, all the above-mentioned exchanges have said that they will halt transactions on their platforms before midnight on July 31.

Bitcoin Fork: What Would Happen?

Bitcoin Cash will use bigger blocks within the blockchain.

Bitcoin users have found themselves in the middle of a fight between developers, who want to retain the blockchain that protects the cryptocurrency from hackers and miners who want to double the blockchain size to make the network faster. It's also possible to exchange bitcoin for USA dollars and other currencies. Blocks on bitcoin will take between 12-20 minutes.



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