Bitcoin Is Already Forking (Try Not To Panic)
The Split
Did you know yesterday bitcoin forked? This new currency is called Bitcoin Cash
Bitcoin cash is different from bitcoin and is a split off of the block chain. It offers much of the same bitcoin has already but has a 8MB block instead of a 1MB block (which SegWit will be pushing 2MB) Bitcoin Cash also removes the SegWit code that might activate on the bitcoin blockchain by the end of August.
The developer of Bitcoin Cash is Calin Culianu he is one of the big users who does not like the direction bitcoin is taking with SegWit and expects there are others. Thus this new coin was born just yesterday and is now available. Trading at over $300 is no laughing matter as we saw just about this much poor out of bitcoins main currency yesterday as well. Speculation goes to say what if it splits more in the coming months this could have a drastic impact on the core price of bitcoin spreading it across more alt coins.
The Past
Did you know bitcoin has forked many times in the past spewing out other alt coins that pretty much are now dead but there are some that still hold some decent value. bitcoin Cash seems to be different though by having a central backer and a decent amount of support.
Update
Just writing this article about it has seen a 18% buy increase!
It didn't forked yet!
BCC at the moment is just a token, it's owners will get BCC (or Bitcoin ABC) when the fork will happen August 1.
More about it:
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
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BTC Current Hash Rate: 5,918,988.32 TH/s
https://blockchain.info/
Still nothing of substance indicating a split there.
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BCC = Bitmain Centralized Coin
Larger blocks mean more bandwidth and local storage needs. This means that regular users are less likely to participate in transaction verification, which leaves it to larger corporate interests.
This isn't a fork, its someone cloning BTC code and twiddling the knobs. Most economic actors have said they won't be supporting this change, so it looks like Bitmain and Jihan Wu will be standing by themselves.
If you trade this token for profit on the short term, I understand, but longer term I think it will have a very limited use-case.
Wow I never knew Bitcoin forked just yesterday! I wonder what the future holds for bicoin cash, the increased blocksize sure sounds appealing. Looking forward to your future posts, resteemed!
Yup a larger blocksize of 8MB sounds much better then 2MB which they are all fighting about right now. Going to be some crazy times ahead.
Good heads up for Bitcoin followers.
Speculation is that something of the sort will happen to the new coin also.
I guess only time will tell. Let's wait and see.
Thanks for the info @bitcoinflood.
To a new investor, what would you suggest buying? Bitcoin or bitcoin cash?
@reedus
IMHO generally speaking, folks in the crypto space don't want to see more splits as the quantity of Bitcoin is supposed to be finite. The more splits that take place and move attention away from Bitcoin can stall the growth of Bitcoin. That said, competition is supposed to be healthy however the best position for an entity to have is a monopoloy.
I haven't got a clue honestly. Bitcoin cash seems to have just come out of anger at the possible segwit. The real issue with bitcoin is its greatest asset where it has no central person that controls what direction the coin will go. So instead what you get is splits based on what groups of miners and coders feel should happen to it. I honestly feel this is just one of possibly many that very well might devour bitcoin. Even if bitcoin gets its updates late August we are only looking at 2MB block instead of a 1MB block which would double the transactions that could be fit which would in theory reduce fees in half. But that really does not correct the issue for scaling bitcoin.
The people behind Bitcoin Cash make up the majority of bitcoiners who have been asking for a blocksize increase from the Core devs for over 2 years now.
https://vote.bitcoin.com/arguments/the-bitcoin-abc-client-and-big-block-fork-bitcoincash-is-a-better-roadmap-than-both-segwit-and-segwit2x
Many iterations ...but only 1 Bitcoin.
I don't see this new alt coin called BCC as a threat to BTC or any Alt coins. It will not succeed as a bitcoin replacement
The interesting thing is that THERE IS ALREADY ANOTHER "BCC" COIN. They just stole the symbol xD
Every new coin takes away market cap from bitcoin or other large coins such as the case with ICOs and Ethereum that we all just witnessed.
Interesting!
Great post, with good information, thanks for sharing!
Im following you !
Resteeming this to my followers. Hope it helps a little.
Thanks for the resteem!