LP HOT NEWS: Bitcoin was split into Bitcoin Cash

Thứ Ba, 1 tháng 8, 2017

Bitcoin was split into Bitcoin Cash - LP 161

Aug 1, 2017

Hot news.

Bitcoin was split into Bitcoin Cash.

On August 1, a 'hardened partition' (User Activated hard fork - UAHF) take place. Members of the bitcoin community are unhappy with the way this has set up an alternative node called the Bitcoin ABC (the actual bitcoin network is a multiple node set). Bitcoin ABC can manually adjust blockchain size, more flexible but not as rigid as the original bitcoin.

Today, Bitcoin was split into Bitcoin Cash, an alternative cryptocurrency, in a chain split that had been anticipated for months.

Why is bitcoin split?

Currently, blockchain can only carry out transactions with a maximum capacity of 1 megabyte at any one time, and with the increasing volume of transactions currently available, such capacity is not enough. It create out delay.

This has given rise to the need to improve the current system through two different blocks. Bitcoin Cash will increase the transaction limit to 8 megabytes. This is very important for Bitcoin owners. If you own Bitcoin and control private keys, you can also use these private keys to spend your new Bitcoin cash.

Who is supporting Bitcoin Cash?

According to Garrick Hileman, researcher at the Cambridge Alternative Finance Center, Bitcoin Cash may receive more support when it is officially launched. Because millions of bitcoin users will automatically own Bitcoin Cash, and many web-based e-wallets and trading platforms.

However, the downside of the problem we need to understand is that Bitcoin Cash can attract a lot of attention once it appears. If support is not sustained, it will disappear.

A question that people are interested in is what Bitcoin Cash is worth?

According to Fran Strajnar, co-founder and CEO of Brave New Coin Research, Bitcoin Cash prices may fall sharply when it launches, and only with great support will this new currency survive.

Some exchanges like BitMEX, Bitstamp and Coinbase said they would not support or allow Bitcoin Cash transactions in their systems. Many experts recognize that an important challenge for bitcoin in its development process is beyond value reserve functions and suggests the potential for growth into something larger.

Other info about Bitcoin:

Bitcoin is a worldwide cryptocurrency and digital payment system, it invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009. Besides being created as a reward for mining, bitcoin can be exchanged for other currencies, products, and services in legal or black markets.

As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin. On August 1,2017 the hard fork of Bitcoin named Bitcoin Cash came in existence.