Bitcoin Split 2017: What Is Bitcoin Cash?

02 August, 2017, 00:48 | Author: Franklin Nunez
  • Fork Watch Take Extra Precaution When Trying to Access Post Fork Tokens

At 12:20 UTC (17:50 IST) on Tuesday, bitcoin will split in two and a new currency called "Bitcoin Cash" will be born.

The show of support has helped reverse a slide in the value of bitcoin from around $1,900 two weeks ago to roughly $2,800 on Monday.

This shared transaction history exists because instead of creating a new "Genesis block" (as Litecoin did) Bitcoin Cash is being activated by hard forking the existing Bitcoin blockchain.

Developers, looking for a solution that maintains the ethos of decentralization, have continued to support the second option. That's where Bitcoin Cash comes in.

Yesterday bitcoin markets were very active, and bulls managed to push the price up to $2929 just twelve hours before the possible fork. The first of these to be released is named "BitcoinABC". All will conform to the protocol specification set out by the UAHF proposal.

Some software developers came up with a way to speed things up by reengineering bitcoin's universal ledger, a file called the blockchain.

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The bitcoin network is limited in how quickly it can shuffle around digital money.

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate.

"My sense is that the split can be managed if exchanges and wallets take the necessary precautions", explained Dr Garrick Hileman, Research Fellow at the Cambridge Centre for Alternative Finance. The supporters of Bitcoin Cash have been keen to announce this as positive news and an indication of support for their approach to scaling.

There are those who think that it will be a non-event because bitcoin is already well-established and merchants and miners will be reluctant to support Bitcoin Cash. Many exchanges, perhaps most notably Coinbase, have chose to not list the new cryptocurrency at all.

Now in addition to classic Bitcoin (BTC), there's Bitcoin Cash (BCC or BCH), and those holding previously mined BTC can obtain an equal number of BCH in a process similar to a stock split, at least at some Bitcoin exchanges. Meanwhile, a unit of bitcoin is valued at $3,000, despite today's BTC-BCC fork. However, it may still see success if enough are using it and there is a chance it could overtake the original bitcoin.

Despite this move, ViaBTC says they are neutral and only added BCC support because they believed there would be a market for it.

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The risk of transaction "replay" attacks.

. It could happen this morning to many people who hold cryptocurrency bitcoin. In fact, the split was mostly seen as a benefit, since it allows bitcoin owners to double their coins by claiming BCC tokens for free.

With the bitcoin split, there are now two versions of the cyrtocurrency that will be competing against each other. Such an occurrence is called a "replay attack". In case of Ethereuem's hard fork, both Ethereum Classic and Ethereum have survived and thrived, and the same can be the case with legacy bitcoin and the new comer as well. In the past day, the bitcoin cash price climbed 45% against bitcoin to return to the $400 mark. The replay protection was therefore only "one way".

Earlier, Coinbase joined other Japanese exchanges informing that it will halt bitcoin transactions starting from August 1.

The parties involved do make great play of the fact that it was "near instant" (after a almost two month due diligence process). Bitcoin cash will corrupt bitcoin core if you install it with default options on the same machine, and most likely will wipe away your real bitcoin balance.

The front of a physical bitcoin minted by software engineer Mike Caldwell. Transactions on both chains will be technically independent of each other.

Through mining, transactions are organized and the entire network is protected.

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