Bitcoin Has Split to Reveal Bitcoin Cash
Due to an ongoing split with the Bitcoin miner and development community, there is now a new strand of crypto currency called Bitcoin Cash. We will explain why it was created and what is it. Bitcoin is a blockchain technology that uses a network to facilitate transactions and independently verify Bitcoins without a middle party like a bank. This is what makes Bitcoin unique. But due to the increasing popularity of Bitcoin and the number of transactions required, the Bitcoin infrastructure has been struggling to handle the load of transactions.
Two separate groups of Bitcoin developers could not agree on the solution to move forward – keep the current system to keep security strong or move to a speedier solution that will increase the size of Bitcoin blocks. By increasing the block size to 8 megabytes, this will make the network faster and in course make Bitcoin transactions faster.
Introducing Bitcoin Cash
Due to the disagreements, a new version of Bitcoin has now been created called Bitcoin Cash. This has now divided Bitcoin into two versions of its cryptocurrency. This new technology is similar to the technology Seqwit2x which was the speedier solution being champion by 1 group of Bitcoin developers. But Bitcoin Cash is even faster and out of nowhere has now become the choice of the speedier developer group.
Bitcoin is almost a decade old technology. Bitcoin transactions are completed in a ‘block’ which is added to the whole Bitcoin block chain database. This is what underpins the whole currency. The current process has blocks limited to 1 Megabyte (MB) per every 10 minutes or 7 transactions per second. The speedier versions like Segwit2x and Bitcoin Cash will make the block faster. Bitcoin Cash will increase the size of each block to 8 MB.
Current State of Bitcoins
Bitcoin Cash has now been successfully mined, and more Bitcoin Cash will come to the market. The biggest issue is that not all Bitcoin wallets and exchanges will accept the new Bitcoin currency. Coinbase, the largest wallet in the world, will not accept Bitcoin Cash. As Bitcoin Cash gets up and running, the future markets will determine how embraced Bitcoin Cash will be compared to the classic Bitcoin that has been around since the beginning. Bitcoin and Bitcoin Cash will be totally separate currencies and either both will continue to grow, or one will supersede the other. Bitcoin Cash will effectively run as a separate cryptocurrency like Ethereum or Litecoin.
Bitcoin Cash Price
The current Bitcoin Cash price as it has started is just a fraction of Bitcoin. As of August 2017, Bitcoin Cash is currently price targeted at $250 a coin which is just a fraction of Bitcoin itself. If you want to convert Bitcoin into Bitcoin Cash, it’s currently too late according to Coinbase. In the future, you will purchase Bitcoin Cash like any other cryptocurrency.