This new project increases bitcoin blocks to eight megabytes in size.
The price of bitcoin settled in late trading Monday after the launch of Bitcoin Cash, an alternative to bitcoin supported by a small number of bitcoin traders and miners as an alternative to the new Segwit2x bitcoin implementation.
The bitcoin network can only support around seven transactions per second, compared with thousands per second piped through conventional financial networks such as Visa. The bitcoin blockchain is a public ledger containing all the transaction data from anyone who uses bitcoin. Some exchanges have already said they won't support bitcoin cash.
However, if bitcoin cash winds up as successful as the original bitcoin, it will eventually wind up with similar scalability issues, which will lead to yet another fork.
Finally, investors have been advised to avoid buying or selling bitcoin around the date of the fork, 1st August, as these transactions may not be recorded, leaving holders out of pocket. In this latest instance, Bitcoin blockchains have become so full that a transaction could only get approved hours after the fact.
The post What The Bitcoin Cash "BCC" Hard Fork Means for Blockchain Wallet Users appeared first on Blockchain Blog.
The above chat also shows, on the right hand side, the value of Bitcoin Cash in relation to bitcoin. This means Bitcoin Cash could process transactions faster. It argues that their systems can't support Bitcoin Cash without a major system rework that is now not worth the unknown value of Bitcoin Cash. It will definitely take a lot of time before those get filled up, especially considering how much work Bitcoin Cash has to catch up. In cases where Bitcoins were held with an exchange, you need to check with your exchange about your Bitcoin Cash holdings. Still, that hasn't stopped a rapid ascent for Bitcoin Cash.
The cryptocurrency duo of Bitcoin (BTC) and Bitcoin Cash (BCC or BCH) has proved to be one to look out for as the combined value of the two has breached $3500 levels - a position that was forecast by many analysts. "We're going to see this in the flesh now, how this will play out".