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 topic
An incredible analysis! I appreciate it!
Bitcoin Cash... that is forking crazy !! (- Wow, so much happens in the crypto space everyday , it's a wild ride, ty
Very interesting
Not to worry, They will explode after everyone gets done with this panic phase.
Very well could happen
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!
i think one of the biggest elements that makes bitcoin trading and bag holding very profitable is that we have huge panics time to time in the market and most of trader's minds. and of course it will always rise again and again and again...
True but the question will come which one will the money flow to the new blockchain or will it remain on the old. So far there is about 85% support for the new which means still 15% of the market is on the old chain. The more other coins money is invested in will reduce the market cap for bitcoin. If there was only bitcoin at a market cap of 110 billion we would of seen about $7,000 per bitcoin right now.
this is historic and frightening at the same time
the thing is what can we do here... is there a way to profit from this situation with small stakes since compared to these people we are all minnows...
how are we supposed to handle this?
any advice anyone?
Am just wondering how the market values of crypto currencies would be after the forkinf is over ... I´m a newbie in the crypto world ans I must admit there´s a lot to learn, but m patient enough... I´m learning from people like you. Thanks! Resteemed
Forking of coins will always happen at the moment it is the only way to address issues on the block chain until a better method can be found. It happens all the time and most of the time you don't notice it. The issue with bitcoin though is there is no central person to control it so ideas form other developers or miners get pooled together and when they try to push their idea it splits into a new chain essential creating a new coin. Most recent I can think of that you can see is Ethereum and Ethereum classic where classic is the old chain and Ethereum is the new chain.
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Well it was expected.. Hope stern does well though :) atm we are trending at 1.3 which isn't bad given the circumstances
Thanks for this information. Do you think more little forks will happen? Will that continue to impact the potential of Btc?
The idiots. Bitcoin cash will lead to confusion among new buyers of cryptos. Bad idea.
yes, that was a cheap shot...I think bitcoin is about to die, get replaced by more robust more versatile coins, looking at the latest charts, IOTA bucked the trend and shot up 7% instead of following BC down south, there will a few outstanding coins that will decouple from BC which will beccome clear next month. Just like a coup de tat...
The wall street sharks are pumping it up, just because they they hope to dump..
And here I thought the Bitcoin with higher on-chain transaction capacity was called Litecoin ¯_(ツ)_/¯
Hello. Bitcoin Cash is only supported by a small amount of miners but large amount of Banksters. This is, in my opinion, an attempt to get control of the new money system, bitcoin, so they can continue to wreck havoc on humanity. They will try at every turn to discredit and disrupt bitcoin with the intent of getting their own coin in that they can manipulate. So I say, fork the fork! Bitcoin Cash is trash. Down with the Banksters may they die a painful death. Bitcoin to the moon. Freedom for all.
So is Bitcoin Cash a result from the split? Or what?
its a result of some miners pushing what they believe they new block chain should be instead of the segwit possibility.
Oh I see.. Hectic stuff hey!
I have started comment giveaways on my blog posts now. I will send multiple $ boosts to great comments/engagements/acts of kindness on my content.
A lot of people are going to dump this BCC the moment they get it.
There has been a few fork and like you said most of them were dead. I don't think this will be any different. But, with that being said there's a lot of potential profit to be made on Bitcoin Cash before it died like the rest lol
Switching to 2MB is short-sighted, 8MB is better....
they SHOULD HAVE GONE TO 16MB.
This is completely new concept to block chain guys...Please go through the article...
PLEASE DROP YOUR POST LINK IN COMMENT I WILL DO THE SAME
https://steemit.com/block/@ankitpandey/dentacoin-an-ethereum-based-token-for-the-global-dental-industrycurrencies-evolution-and-blockchain
Great article! Your insights into bitcoin are always eye-opening. Please keep such articles coming. They are very informative! All the best from Beijing, China, Leon
What do you think will happen, when the market gets flooded with these new BCC tokens? Do you think it will hold its Futures value?
In your opinion, what do you suggest we do with BCC? Hold it, or sell at open?
Thanks for the article!
BTC-e exchange associated with arrest in Greece - in the case of money laundering through bitcoin
https://steemit.com/news/@niceviewsua/btc-e-exchange-associated-with-arrest-in-greece-in-the-case-of-money-laundering-through-bitcoin
I like your article and quoted it in my new article! :)
https://steemit.com/crypto/@sdot/bitcoin-hardfork-btc-btcc-why-exchanges-and-gatekeepers-will-win-and-you-will-loose-always