Bitcoin Forks – Bitcoin Civil War!!!

A New Bitcoin Has Arrived in the Form of Bitcoin Cash

The Bitcoin civil war has officially happened. Today two separate blockchains will happen after August 1. Bitcoin is a decentralized network built on blockchain technology. This technology allows transactions to be independently verified by a network with out a middle person like a Bank.  That network has suffered slow growth due to the underpinning network software and the increased usage of the currency with people. On one side is the old school core developers who want to keep the current blocks that make up the network limited in size to protect and be secure against hackers. The other side of are miners who want to increase the size of the blocks and make the network faster. This was a Bitcoin miner civil war.

The Arrival of Bitcoin Cash

Both sides were trying to agree on a single solution by 8/1/2017 but couldn’t come to an agreement so now Bitcoin has split into 2 versions: Bitcoin (classic) and Bitcoin Cash (new). The original speedier solution was Segwit2x which would increase the size of Bitcoin blocks to 2 megabytes but then an upstart came along called Bitcoin Cash. Bitcoin Cash is a software that is even faster and will allow blocks to be done in 8 megabytes. So now Bitcoin Cash is the new version of Bitcoin launched and will be first mined on August 2017.

The supporters of the new currency believe the Bitcoin Cash will be good for Bitcoin and eventually, both will help Bitcoin gain bigger and better adoption in the future. But so far a minority of Bitcoin miners and exchanges have agreed to use the new currency. Coinbase – the largest Bitcoin wallet in the world – has stated they will not support Bitcoin Cash and will not allow their users to gain Bitcoin Cash.

“Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as the security of its network,” Borovykh of Blockchain Driven said. “Due to, at least temporary, a solution of the scalability issues, Bitcoin Cash could attract more new capital to the entire crypto space, thus helping increase overall market cap.”

 

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