March 23, 2018

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

Ethereum miners are renting Boeing 747s to ship graphics cards and AMD shares are soaring

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.

N. Carolina islands go dark, ending vacation for thousands
Right now, power has been provided by diesel-powered generator plant in Buxton and two portable generators in Avon and Waves. CHEC said power is now available for Buxton, Frisco and part of Hatteras Village through a diesel generating plant.

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".

Again, let's avoid stories that touch the heart.

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.

Other News

Trending Now

LaVar Ball tells another woman to 'stay in her lane'
When play restarted, the female referee had been replaced, according to ESPN . "She's got a vendetta", Ball said after the game. And now, apparently women shouldn't be challenging him when they're officiating his teenage son's AAU basketball game.

Google Gboard app makes content sharing easier
This means that you can share your location with friends, search and watch videos, and create doodles with a push of a button. In February, Google announced support for 15 languages in Gboard , including Croatian, Czech and Danish.

Red Sox trade for Mets closer Addison Reed
Reed, a right-hander, is eligible for free-agency after this year and may be just a half-season rental for the Sox. If that's the case, he could replace someone like Fernando Salas , who has been a disappointment this season.

Patna HC dismisses pleas against formation of new Bihar govt
Rashtriya Janata Dal ( RJD ) chief Lalu Prasad Yadav today called Nitish Kumar "palturam" and accused the Janata Dal (United) leader of being greedy for power.

Lewis Hamilton comes up short at Hungarian Grand Prix as Vettel dominates
If it comes down to pure racing speed, and with no incidents, Ferrari looks to be the clear favorite on Saturday's evidence. Bottas added: "We knew it should be close and they would be tough to beat and they had the upper hand today".

Trump says John Kelly to be new WH chief of staff
The event that triggered the beginning of the end for Mr Priebus was the hiring of Mr Scaramucci as communications director. The president eventually emerged, umbrella in hand, and delivered a brief statement on the runway as driving rain poured.

The tea party is over: Starbucks to close all Teavana locations
This versatile strategy may have helped the company increase its sales by 9.4% during its first quarter of 2017. Dunkin' Donuts said earlier in the day that customer traffic fell again at its established USA locations.

J&K: Top LeT commander Abu Dujana neutralised in Pulwama encounter
As per reports coming in, one of the accomplices of the LeT commander, Arif Nabi Dar, has also been shot dead. Security forces hunted him down, working on inputs of these visits, intelligence officials said today.

Niantic Labs delaying Europian Pokemon Go events following Chicago event's disasters
I'm not one to rub salt in the wound, but I need Niantic to stop messing this kind of stuff up, like, yesterday. Norton, among numerous attendees at Pokemon GO Fest , found out that the game wasn't working.

No life without parole in Hawaii for those younger than 18
Since the rulings, OR has resentenced one man who had been given life without parole for a killing committed as a youth. Juveniles can still be sentenced to long prison terms as a result of serious crimes or multiple charges.