Bitcoin Cash is forking, but it might take hours or even days before the first block is mined
The last block that was mined by both Bitcoin (BTC) and Bitcoin Cash (BCH) was at 2017-08-01 13:16:14 UTC. Since then Bitcoin Cash is no longer following the Bitcoin blockchain. At the moment I'm writing this, BCH is already 17 blocks behind the Bitcoin blockchain and it hasn't yet mined a block on its own chain. You can watch it live here: https://www.btcforkmonitor.info
It is currently unknown how much hashing power the BCH network has, so it is unsure how long it will take before the first Bitcoin Cash will be mined. If BCH has only 1 or 2% of the computing power that the original Bitcoin network has, it might even take more than 24 hours to mine the first Bitcoin Cash block. The question remains how long miners will continue mining BCH without collecting rewards. If multiple BCH miners choose to switch back to mining BTC after a few hours without any rewards there might be even no Bitcoin hard fork at all. As long as there's no BCH block mined, there is no Bitcoin Cash. At this moment, there is only one chain, the BTC one.
Since Bitcoin Cash is already 17 blocks behind the Bitcoin network it's already safe to say that the vast majority of hashing power has stayed on the Bitcoin blockchain!
Meanwhile, altcoins are back on the radar. As you can see below most altcoins are up while Bitcoin is priced in red.
24 Hour Change
7 Day Change
Month-to-Date Change
Market Capitalization
Please feel free to use and share my images under the Creative Commons license.
Latest Crypto News - August 01, 2017
Bitcoin Is Forking, but Bitcoin Cash Hasn't Been Created Yet
The split of the bitcoin blockchain has begun. Earlier today a subset of bitcoin's miners began operating a different software in order to create a competing cryptocurrency called Bitcoin Cash. The move would effectively find a minority of users forging ahead with their own blockchain, one that shares a transaction history with bitcoin.
Read more: coindesk.com
Bitcoin UASF Proposal Quietly Activates – to Little Effect
A controversial scaling proposal activated on bitcoin last night, though it happened quietly.
Read more: coindesk.com
14,000 Coinbase Customers Could Be Affected by IRS Tax Summons
Digital currency exchange startup Coinbase is pushing back against a renewed court effort by the Internal Revenue Service to obtain information on some of its customers.
Read more: coindesk.com
Bitcoin’s Civil War is Over But Bitcoin Price Set For Extreme Volatility
Bitcoin’s three-year civil war, which so thoroughly divided the community into armed camps, appeared to come to a close with the activation of BIP 91 just over a week ago. BIP 91 is the first step in implementing the SegWit2x scalability proposal which is supported by the vast majority of economic actors and miners. There is, however, one significant wild card. It’s called ”Bitcoin Cash.”
Read more: cointelegraph.com
South African Finance Minister on Bitcoin Future: Lot of Potential
The development of cryptocurrencies, especially in countries like South Africa, has seen the question on their future posed to government ministers, with Finance Minister Malusi Gigaba tackling the question positively.
Read more: cointelegraph.com
Bitcoin Cash May Become the Fourth Largest Cryptocurrency by Market Cap
A lot of people will be keeping a very close eye on Bitcoin Cash today. After weeks of waiting, the tokens will finally be issued to Bitcoin holders in a few hours.
Read more: themerkle.com
TV Blockchain Show Codice Becomes Huge Success in Italy
A recent and somewhat surprising development is that Blockchain issues are now starting to take over the waves of the television industry in Italy.
Read more: cointelegraph.com
3 blocks found now ;)
What is it blocks ?
Explain it to me Master
Where's the block explorer for Bitcoin Cash?
http://blockdozer.com/insight/
https://blockchair.com/bitcoin-cash/blocks
We already have 8, and it looks like some miners form Antpool and BW.com have redirected their hash-power towards Bitcoin Cash!
https://steemit.com/bitcoin/@techwizardry/looks-like-antpool-s-hashrate-has-dipped-15-in-the-last-24h-is-antpool-mining-bitcoin-cash
is it any more profitable to mine bitcoin cash than it is bitcoin?
That will become more apparent as days go by. It depends on a number of factors that aren't quite figured out yet. Imagine it as a rocket in it's take off phase right now. There are a number of things that can go wrong during launch. Wait for the launch period to end and the value of a BCC becomes clearer.
If you want it to succeed though, I suggest mining now without any clear indication of a reward. If everyone mined what was valuable only, we wouldn't even have gotten the original bitcoin blockchain developed. It wasn't until silk road gave the coin a purpose that it became "worth it" to mine.
I agree. Most miners on BCH are mining at a loss right now to get the chain going. It's not about profits at all for them.
Once the difficulty drops a bit today, it may be.
Bitcoin cash has gone uop a lot today! its great i love the positive effect we have had now that this hard fork is all done with Im s happy how people are starting to realize how simple all this is, its not rocket science, we should trust in our technology, its going to work, heh, segwit vulnerability wont hurt bitcoin
Bitcoin will be fine and its just going tpo $10,000 now like we al sad it would WOOO its gonabe such a ruch
its gonna be such a ruch to finally have a lot of money and FINALLy get to make money from this..we had so many chances and here we go!
oh man i have to work all night to try and earn as much extra money as I can the only way I know how, steemit
and also I have to start looking for ways to find big investors locally who want bitcin but are afraid to invest
I just wish I had something like $20,000 from a friend or family member to invest just in bitcoin, because i just want someone near me to make money with bitcoin, maybe iu should just stickj to promoting systems like bitconnect which i had been reluctant untill i reay made sure it was real, now i know for sure ts real, and decentralized, and man...@craig-grant has paved such a poerful; path using bitconnect its really ideal and i hope that referal system doesnt go anywhere, and i was bummed when i heard genesis wasnt paying or ha a a hiccup, and i wish they would make payouts so i could promote genesis and i just need a good referral system to really promote on instagram....Instagram is SUCH fertile ground for young go getters who want to succeed but just dont know how!
But this all goes back to be trying to find a way for me to stack up the most bitcoins
I feel like the train is about to leave the station!
meep
meep
meep
Thanks!
Block Size: 1,915.18
where is
5 blocks found now
Thanks for the charts , they are pretty useful! Just to add that trading started on Kraken and there are lots of buy orders filled, which is weird as the block wasn't mined yet. Bitcoin Cash is no longer a future on coinmarketcap, being listed as BCH.
How can you trade if it's not mined yet?
The price started at $555 and traded now at $235. which means that the price knew a mega down trend in the price since the first day.
furthermore this will even strenghten bitcoin more and more because users that accepted segwit will do the best they can for BTC to be faster and more secured.
the last thing I would like to say is that BCH will not go anywhere and It will be just the same as the other junky coins that will be traded for no reason.
sell me your Bitcoin Cash!!
anyway, BCH is not stable yet we will see how the market will react to it in a matter of days, there is no way that it will compete with BTC or ether, I see that it is in 4th position now but there still lots of corrections to happen then we will see what will happen.
Take your time trading out for more Bitcoin Cash - keep the prices low for me...lol
agreed!!
hahaha!
Stereotypical:)
Have a nice day. Wish you make a lot of money
Good insights that I havent seen elsewhere yet. No blocks = no new chain.
Would be a strong message to anyone else who tries to fork up BTC
STEEM On!!
DaveB
I'd be interested to hear everyone's views on whether they'd like to see Bitcoin Cash survive or not? As a bitcoin holder, I think it would show great strength if the bitcoin cash fork fails - and it would send a strong message out to others who want to try such a fork - that it may not be worth the effort ;-)
I would like to see Bitcoin Cash failed. It will increase people's confidence in Bitcoin.
Couldn't agree more :)
Nice comparison, I'm a big history buff myself and that totally makes sense. I think it also applies to the cryptospace as a whole.. many experts are saying that a good amount of the cryptos out there will be gone in a year, 5 years, etc... similar to the dot com bubble. However, the ones that remain when the dust settles will be huge. Hopefully BTC will be one of them! #fingerscrossed
I'd like to see the process take place, and if the market kills off bitcoin cash, so the better.
Here's my logic:
In the beginning of my country (USA), we had multiple currencies floating around the colonies as banks, trading houses, and even gold purveyors competed for currency control. The people quickly figured out which currencies worked and which were bad; very similar to crypto-currencies.
The results, as you can imagine, was the killing off of 'merchant' currencies and the rise of gold/silver.
During our revolution we started printing paper money, which led to inflation and black markets in goods. After the war, the people quickly killed off the paper money and went back to sound money.
The point: Crypto is like America in the 1760's.
If bitcoin cash is crap, we'll kill it off.
I hope that the fork succeeds. I don't think it detracts anything away from BitCoin. Actually, I see it as confirming BitCoins' dominance in the crypto marketplace - because it is strong enough to not only survive a split, but produce forks which, essentially, could be seen as an ability for it to scale upwards when needed. Like, now it has 15% more bandwidth & can handle even more transactions. That's just one perspective on it - and I'm sure there are others, many of whom are much more informed than mine - but, that's I choose to see it. I hope they both succeed. I guess you could be like Grumpy Cat, if that's how you want to be:
Agreed, BUT that's a big IF.... it certainly might not fail, and in my opinion even if it does, it would take an extremely long time to truly go away since all of us BTC holders buy default will be receiving it, a large amount of us will just hold on to all or at least a good portion of it and see what happens.
I hope it succeeds. Realistically it's not offering anything huge but the success of it will change the direction of bitcoin, whether it's with Bcash or a different btc fork. Segwit isn't going to bring btc mainstream, that's just my opinion. But an acceptance of a different technical approach might. Also, I think more people will hold Bcash than people think.
Bitcoin needs improvements and even competition like this. The problem however is that Bitcoin Cash is very centralized having tiny support (at least at the moment).
Have a nice day. Wish you make a lot of money
So much green, except for the one crypto I am directly involved in: Steem!
Have a nice day. Wish you make a lot of money
Wondering whether to sell by Bitcoin Cash now - before it's worth nothing - what do you reckon is a good strategy on this one?
Amazing youtube clip on bitcoincash being a total scam - by a legend in the field - well worth the watch.
LMAO...that guy is SOOOOOOOOO NOT a legend!!!!!!!!
The best one is what you think it is. In this moment i don't think anybody knows. If he say he knows... he is bs :-).
If you have them from nothing... you can risk the thing to let them there for a while.
Or even buy some if you feel it will raise up to $400 again... and get some winning...
These days, everything is uncertain until the miners react and then the people...
Who knows.
I dont't have much, but i will let them there for now to see what happens.
Since it was free I would just hold it for another year and see what the price is then. The risk / reward ratio is pretty good!
Have a nice day. Wish you make a lot of money
I am confused with the development of bitcoin at this time.
But after I read your post, I begin to understand little by little.
I hope that these difficult times will pass quickly.
Hopefully the bitcoin and the cash bitcoin go back to the top of their glory.
Thank you for your information.
Because your post is very helpful to me.
I will wait for your next post.
Thanks for you..
All's good, let's hope Steem will also grow
Update !!!!
Bittrex accept BCC, get ready for the crash
https://steemit.com/bitcoin/@artakan/bitrex-bitcoin-cash-deposit-open
Looks like 5 blocks are complete !!!!
Have a nice day. Wish you make a lot of money