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On Thursday, Bitcoin Cash, perhaps, the most famous hard fork of bitcoin and the fourth-largest cryptocurrency, will split in two, creating a second cryptocurrency.
A hard fork is when developers and miners no longer agree on a proposed change to the software, despite operating on the same blockchain. Once the fork takes place, one group of so-called nodes — computers that are connected to the network and are part of the transaction confirmation process — will upgrade to the new software and the other will operate on the old rules, creating two separate blockchains and digital currencies.
The disagreement escalated and has pitted two of the biggest crypto personalities against each other: Roger Ver and Craig Wright. Ver has put his weight behind the new software upgrade, or the current Bitcoin Cash. Determining the success of each coin will be at the hands of miners who commit their hash power — the computing power to mine a cryptocurrency.
In all likelihood, the miners will commit their power to whichever coin is more profitable to mine. To date, consensus among the industry is that Bitcoin ABC should prevail in the war of the miners. Hash war over? For crypto exchanges, most of the major crypto exchanges, including Coinbase, Binance and Bitfinex, have stated that they support the hard fork, meaning owners of Bitcoin Cash will receive per new cryptocurrency once the network is upgraded.
Thus far, only one major exchange has hitched its wagon to either coin. In a surprising move, some exchanges have taken the unprecedented step in allowing pre-trading of both coins, a move that Bitcoin SV proponent Wright has criticized, adding that it may be in breach of U. One of those exchanges, Poloniex, argues pre-trading gives the crypto community the power to decide which coin they want to support.
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The cryptocurrency mainnet operates according to certain rules. To improve network performance or correct errors, it is periodically made changes. A hard fork is changes that are not compatible with previous versions of programs that support the cryptocurrency network and in order to continue to mine cryptocurrency, miners need to update the software. In some situations, as a result of a hard fork, a completely new cryptocurrency may appear, as happened with Bitcoin Cash. Calendar All current events of cryptocurrencies and search on them. Add event Contribute to the development of the service. Favorites Events and favorite coins rates. Notifier Delivery of notifications about new events of your coins using mail, Telegram, Web Push.
Hey Everyone! So what happens is the mining power moves to the new coin, in the case of previous Hard Forks for BCH the miners have followed and supported the forks so therefore an additional coin was not created. But NOT this time. There is currently 3 possibilities on how the system will be Hark Forked. Please do your research as to which exchanges are supporting.
Bitcoin Cash trading will more than likely be suspended during the hard fork to wait and see which chain is the dominant chain in this situation. The pattern on the chart as I currently see it, is in a 4th wave retrace and is missing a 5th wave. Just a few quick thoughts - remember you sit at hzrd computer, you push the buttons PS make sure you give me a like, that way you get updates as I post them Nov Or are they both 'bitcoin cash' now? Idk, I feel like before the yappened the trading was easy to profit over, but now I have no idea which one to trade so I stay away from it.
I understand the differences between the two forks, just not how they're related to bitcoin cash ho Best, James. LisaNEdwards jscduk LisaNEdwardsAll good, I appreciate your time.
LisaNEdwardsThanks for the follow up : interesting turn of events for ABC, looks like the war is certainly not over. Hope it doesn't rip the overall project apart, as it's a pretty big rift!
What should we expect from the controversial Bitcoin Cash hard fork?
Determining the success of each coin will be at the hands of miners who commit their hash power — the computing power to mine a cryptocurrency. Compare Investment Accounts. For the rest of the quarter Bitcoin Cash had a hadd price fluctuations, but it would close a long way down on where it opened. Namespaces Article Talk. Wright argues that this change would be more in keeping with Satoshi's original idea for bitcoin; thus, the nickname "Satoshi's Vision" was born. For crypto exchanges, most of the major crypto exchanges, including Coinbase, Binance and Bitfinex, have stated that they support the hard fork, meaning owners of Bitcoin Cash will receive per new cryptocurrency once the network is upgraded. Mastering Bitcoin: Programming the Open Blockchain 2 ed. Retrieved 3 June