Thursday, 17 August, 2017

Bitcoin Avoided a Fork with One "Awesome" "Positive Change"

Bitcoin is splitting into two currencies this week – sort of Bitcoin Crosses 50% of Overall Market Cap Ahead of Hard Fork
Debra Rodriguez | 02 August, 2017, 01:02

Here's Jaxx decentral.ca/jaxx-statement-bitcoin-cash-bchon the bitcoin cash hard fork.

Most commentators are agreed that if you want to be in at the beginning with Bitcoin Cash, you will need to make sure the exchange you use will be accepting it - Kraken, for example, has stated that it will be crediting the accounts of bitcoin holders on its exchange.

Though Business Insider reports that only a minority of exchanges support the new currency, those who do will have an equivalent amount of Bitcoin Cash added to their virtual wallet, with value subject to rise and fall with the stock market.

What will happen after the bitcoin fork? .

Bitcoin Cash isn't yet actually available, but should be once block 478559 gets mined. "Regardless of opinions, this is very exciting/fascinating day in cryptoland". "The inception of Bitcoin Cash may prove to be exactly what Bitcoin needs".

Anyone who owns bitcoin will also own the same number of Bitcoin Cash units.

It seems as if people over-estimated the mining power, or the support from miners, hence it is taking far longer than most expected. Blockchain is the technology used for verifying and recording digital currency transactions.

But some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support Bitcoin Cash. Since it is built off the Bitcoin blockchain, all owners of Bitcoins who are storing their coins in participating wallets received one Bitcoin Cash coin for every Bitcoin they own.

Cryptocurrency is one of the most exciting developments in the world of finance in recent years, but it's also a complete disaster that has led to innumerable scams and rip-offs. The blockchain update is timestamped and linked to all previous updates, meaning you can't forge a past transaction without altering all subsequent blocks.

Bitcoin averted a split two weeks ago, when its software developers and miners agreed to implement a software upgrade called the Bitcoin Improvement Proposal (BIP) 91.

Servers for data storage seen at Advania's Thor Data Center in Hafnarfjordur, Iceland. "Bitcoin Cash is one block behind", Bitcoin Magazine said on its liveblog at 9:24 a.m., ET.

[W] e chose to temporarily stop accepting bitcoin deposits and withdrawals at each exchange due to the possibility of the branching (split) of the bitcoin protocol. Coinbase's decision against supporting the new version, however, means its customers will not receive this benefit.

Bitcoin Cash addresses this problem head-on by increasing the capacity for transaction data to a much more generous eight megabytes.

Amidst the calm, the Bitcoin world assuming that chaos had been averted, announced plans to launch Bitcoin Cash on 1 August, those proposing Bitcoin Cash claiming that the SegWit2x protocol did not guarantee a doubling of the Bitcoin block size upon the splitting of the information held within each transaction. Before you invest hard currency into Bitcoin or Bitcoin Cash, consider if you can afford to lose that money and proceed with caution.

Like bitcoin, Bitcoin Cash relies on the community.

Kraken Exchange, which has about 10 percent of US -dollar bitcoin trade volume, announced in a tweet Tuesday at 9:35 a.m., ET, that "Bitcoin Cash (BCH) trading is now live!"

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