Saturday, 20 October, 2018

How wallets will manage the upcoming bitcoin Cash hard fork?

Ethereum miners are so desperate for graphics cards that they are renting Boeing 747s How wallets will manage the upcoming bitcoin Cash hard fork?
Kelvin Reese | 02 August, 2017, 00:51

But Bitcoin Cash's spinoff won't disrupt the entire currency in the same way that SegWit 2X would have, so for now, experts are optimistic.

Companies that operate bitcoin exchanges seem to be split on how to respond to the new bitcoin spinoff. Bitcoin was invented by a programmer (or team of such) who went by the name of Satoshi Nakamura.

Bitcoin Cash isn't yet actually available, but should be once block 478559 gets mined.

Now, the currency is set to split into two, leading to the creation of an entirely new currency called Bitcoin Cash.

We want nothing but the best for Bitcoin or whatever cryptocurrency manages to make the model work.

Bitcoin and other cryptocurrencies plunged in early July as news of a potential schism spread, but BTC has regained most of those losses since then. When an issue as simple as whether to increase the block size can lead to years of stagnation, something needs to change.

You can read the project's announcement on Bitcointalk here.

Would success for Bitcoin Cash come at the expense of the original bitcoin's ideals?

If bitcoin cash is embraced by users, it could become a serious contender in the cryptocurrency space.

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Starting from August 1, 12:20 UTC, Beijing-based mining pool ViaBTC, which has about 5% of bitcoin's computing power, will give its miners an option to use a new client called Bitcoin ABC. If the first block of Bitcoin Cash is mined using Bitcoin ABC and the miners continue to support this new option, it'll create a permanent divergence in the blockchain, giving the rise to Bitcoin Cash (BCC). The reason is that Wallets will be treating the fork in different ways and some will not honour the Bitcoin Ccash tokens. The relatively stable Bitcoin could be a signal that overall the fork will be received warmly by the market.

How will both the digital currencies trade post the split?

Bitcoin data website btcforkmonitor.info also confirmed the split.

Bitcoin developers want to keep the blocks that make up bitcoin's network limited in their size to 1 megabyte per block, while miners want to make the blocks bigger to improve the network's speed.

However, this popularity has brought its own problems as, according to The Telegraph, the blockchain technology that allows bitcoin to be traded is being overburdened with transactions. On the other hand, VISA has the capacity to process more than 1,600 transactions per second. "Either bitcoin does not scale and Bitcoin Cash will overtake it over time, or it will scale because of the pressure created by Bitcoin Cash", Séchet says. In addition, the value of Bitcoin Cash may be such that it is determined that a distribution is impracticable given the costs of liquidation and distribution.

Will investors rush to sell their airdropped bitcoin cash for a quick payday, or will they take a more cautious route in case bitcoin cash gains traction?

Also, some exchanges have made their position known about trading Bitcoin Cash. Another proposed change is increasing the block size of 2MB (2x). The start of the BCC chain split began at block 478558, but at the time of writing the official divide has not yet occurred.

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate.

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