The Bitcoin Cash backstory
The hard fork occurred on Friday at UTC at block number , The old chain, Bitcoin ABC 0. But under the Nakamoto consensus mechanism employed by bitcoin cash and other proof-of-work PoW protocols, the chain with the longest history would be considered to be the trusted ledger, invalidating the rogue chain. Seeing old chains continue has happened before as some miners, who run software that creates the blocks forming the chain, forget to upgrade to the new software required for hard forks before the forking date.
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The Bitcoin Cash chain split continues…. Read more about Disclosure Read More The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Year in Review Markets Daily. Adam B. Levine Bradley Keoun Dec 17, Bitcoin Price.
Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin. The need to accommodate an increasing count of transactions per second contributed to a push by some in the community to create a hard fork to increase the block size limit. Since its inception up to July , Bitcoin users had maintained a common set of rules for the cryptocurrency. The would-be hard fork with an expanded block size limit was described by hardware manufacturer Bitmain in June as a "contingency plan" should the bitcoin community decide to fork implementing SegWit; the first implementation of the software was proposed under the name Bitcoin ABC at a conference that month. The change, called a fork , took effect on 1 August As a result, the bitcoin ledger called the blockchain and the cryptocurrency split in two. Bitcoin cash is like a new version of Microsoft Word , which generates documents that can no longer be opened via the older versions. But in this particular case, everybody is not agreeing.
Screenshot of a breaking news alert e-mail from Q2 Please check your email to confirm your subscription Something went wrong We hate SPAM and promise to keep your email address safe x Bitcoin Cash is perhaps the most famous hard-fork of Bitcoin and it is also the fourth largest cryptocurrency, making this new hard-fork a significant move by developers and miners involved.
With Bitcoin Cash itself being one of the most important forks to occur within the crypto space, this latest development could lead to a new wave of interest within the crypto community. Hard forks, by their very nature, tend to divide a community of users who are deeply invested in the journey of a cryptocurrency.
It is vital that holders of BCH within the crypto sphere are adequately prepared and fully understand the intricacies of such developments. Hard forks like these typically involve a significant change in the underlying blockchain protocol, resulting in the creation of a new chain and token.
The upcoming software upgrade will see a split in the protocol and the creation of a new BSV coin for this forked new network. The complexity of this move cannot be understated, but it gives great expression to the principles of transparency, efficiency, and fairness that characterise this wider blockchain and cryptocurrency ecosystem.
This is the democracy of blockchain at work. It is, however, difficult to speculate on the exact effect this will have on the price of Bitcoin Cash or indeed of any other cryptocurrency. In the coming weeks and months, it will be important to see which exchanges decide to list the two new currencies that will be created from this fork, as the possibility of being traded will be crucial for both cryptocurrencies. As this develops, features and adoptability will become clearer, allowing for users to make informed decisions on how to invest.
We recommend that any investors who have concerns about the new technological advancement seek guidance in their investing activity from seasoned professionals. Hard forks often draw increased attention from new investors and fuel open discussions of works and what does not.
The role of cryptocurrency exchanges will be to disseminate and present facts in an objective way to all investors, and to ease concerns as they arise. Until the full impact of the fork reveals itself, we anticipate that both versions of Bitcoin Cash will continue to be supported by the community. I believe that this development will garner more interest in the industry as a whole — which is always a good thing — and as such will ultimately lead to more professional services companies embracing the democratizing power of blockchain technology.
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Bitcoin Cash hard fork: What to expect?
Read more about Partner Links. Categories : establishments Bitcoin Bitcoin clients Cryptocurrencies Digital currencies. In there were two factions of bitcoin supporters, those that supported large blocks and those who preferred small blocks. Ver, known as "Bitcoin Jesus" for his early and outspoken evangelism on behalf of the leading digital currency, has taken a position in support of the new software upgrade. Andreas Antonopoulos"The Verge". One of those exchanges, Poloniex, argues pre-trading gives the crypto community the power to decide which coin they want to support. In the case of bitcoin cash, the hard fork is the result of building tensions among developers. EDA adjustments caused instabilities in mining difficulty of the Bitcoin Cash system, resulting in Bitcoin Cash being thousands of blocks ahead of Bitcoin. Cryptocurrency that is a fork of Bitcoin. While the cryptocurrency community is still making up its mind about which implementation to support, mew camps have cropped up:. In Bitcoin Core developer Cory Fields found a bug in forkk Bitcoin ABC software that would have allowed an attacker to create a block causing a chain split. List of bitcoin companies What is the new bitcoin cash fork of bitcoin organizations List of people in blockchain technology. Retrieved 24 May