As soon as the news came in that SegWit has locked in and major Bitcoin miner’s supports the BIP 91 Blockchain, Bitcoin Enthusiasts thought the virtual currency is now safe and the Bitcoin has averted the Hard Fork and it will not split.
Last week, the price of Bitcoin soared up again to around $2750 as the proposal to increase it’s transaction capacity was backed by over 97% of Bitcoin miners. Thus reducing the chances of Hard Fork of the cryptocurrency. Now, another strange proposal has emerged that guarantees a split in Bitcoin’s blockchain on August 1,2017.
Although the price of the digital currency slipped down below $2500 on 26 July 2017 due to fear of splitting of Bitcoin, but this time the cryptocurrency world is not giving a damn about it.
The new proposal is named as “Bitcoin Cash”.
Bitcoin Cash proposes for an eight-fold increase in the block-size limit on August 1. Bitcoin cash is based on the basic ideology of Bitcoin, i.e, to be payment a network, instead of Bitcoin presently being considered as store of value or Digital Gold.
Trading of Bitcoin cash had already started on a cryptocurrency exchange, ViaBtc
On its first day of trading, on July 23, one unit of Bitcoin cash traded for around half a bitcoin. It has slipped to around 0.16 Bitcoin per Bitcoin Cash at the time of publishing this article.
Bitcoin Cash (BCC), being considered as a Hard Fork to Bitcoin (BTC) will only matters if it attracts enough miners to keep it live.
In that case we would be have two Bitcoins, one the orginal Bitcoin (BTC) and the forked Bitcoin Cash (BCC). Same as in the case of Ethereum and Ethereum Classic.
But if miners does not supports Bitcoin cash and still continues to mine Bitcoins (BTC), the Bitcoin Cash will automatically fade aways as there will be no miners to validate the transaction. Thus Bitcoin cash won’t be used by users as the transaction won’t be verified.
What do you think about Bitcoin Splitting? What do you support Bitcoin or Bitcoin Cash? Comment your views below this post and let us know what the Bitcoin enthusiasts thinks about it.
KryptoMoney.com posts latest news and updates about Bitcoin, Cryptocurrencies and Blockchain Technology.