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Bitcoin Is Splitting in Two. Now What?
02 August 2017, 12:51 | Lionel James
Ethereum miners are so desperate for graphics cards that they are renting Boeing 747s
After years of infighting, the bitcoin community finally agreed on a solution to scale bitcoin so that transactions on the network can be faster and cheaper.
After more than 95% of miners signalled their support for the plan it was widely assumed that a Bitcoin "civil war" had been averted.
What will emerge is a bitcoin rival called bitcoin cash. In addition, the value of Bitcoin Cash may be such that it is determined that a distribution is impracticable given the costs of liquidation and distribution. He now holds a small amount of bitcoin (worth $32.70 at the time of writing) to better understand the cryptocurrency for SiliconANGLE. The reason is that Wallets will be treating the fork in different ways and some will not honour the Bitcoin Ccash tokens. "Probably a fatal bug will crash the whole network (it already happened with Bitcoin Unlimited, Cash's predecessor) or people will just lose interest in a currency engineered to look decentralized while being totally centralised", said Cuende. If you have the control of your keys, you'll have access to your cash.
On Tuesday, core developers and miners will decide whether bitcoin remains as is or whether there will be a hard fork that splinters the cryptocurrency.
However, as per Coinmarketcap, Bitcoin Cash futures started trading at levels of United States dollars 555 from July 23 and at the time of reporting were at USD 288.
"This will mean that fewer people have the storage space required to run a full Bitcoin client, which may cause Bitcoin to become more centralised, as only organisations with a large amount of resources will be able to store the entire ledger".
Some exchanges, like Coinbase and BitMEX have made it clear they will not support Bitcoin Cash; others, like OKCoin and Kraken have informed users they will list the new token.
However, here's a warning.
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What do you think about Bitcoin Cash officially splitting off from the legacy chain? "While it is still a highly experimental and volatile system, the market is being allowed to determine which version of Bitcoin is more valuable - and this is an important precedent to set".
Bitcoin exchanges are on high alert, with many halting their transactions indefinitely until the new activation rules are implemented. BCH/BTC BCH/LTC BCH/DOGE markets will be available after the fork has occurred.
Copay won't be supporting the hard fork.
A similar move had been expected to happen two weeks ago, but was averted when developers and miners agreed on a software upgrade called the Bitcoin Improvement Proposal (BIP) 91.
Acrimony among bitcoiners stems from disagreement about limits on the blockchain's capacity baked into Nakamoto's design, and what to do about them.
Because of the uncertainty regarding whether Bitcoin Cash will be created, and the timing and method of the creation of Bitcoin Cash, alongside the development of trading markets for Bitcoin Cash, if any, Greyscale Investments can offer no assurance as to whether or when proceeds from the liquidation of any Bitcoin Cash associated with the bitcoin held by the Trust will be distributed.
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