Published: Tue, May 15, 2018
Markets | By Otis Pena

Bitcoin Cash To Hard Fork Today

Bitcoin Cash To Hard Fork Today

The major change in the fork is an increased block size.

Bitcoin Cash originally came into being in August 2017 as a hard fork of the Bitcoin network.

The 15 of May marks the highly anticipated Bitcoin Cash Hard Fork, a move created to add opcodes to the network and to upgrade the block sizes on the Bitcoin Cash blockchain up to 32Mb, improving transaction efficiency and of course, scalability. They rejected the agreed consensus (aka BIP-91 or SegWit2x) and have chose to fork the original Bitcoin blockchain and create this new version called "Bitcoin Cash". As you know, transactions on blockchain are recorded in blocks, that are periodically appended to an existing chain.

Referring to Bitcoin Cash variously as "Bitcash" and "BCash", BL3P appeared to have little remorse over shutting down its operations and requiring users to withdraw their holdings.

Why are more transactions better?

One Bitcoin Cash coin can now be purchased for about $1,404.16 or 0.16293100 BTC on cryptocurrency exchanges including CoinBene, Koinim, Negocie Coins and OKEx. Put in simple terms, Bitcoin is not able to meet an increased demand and people who want to transact with it often have to wait hours or days. It was the main motivation behind the creation of Bitcoin Cash, which has a larger block size. Bitcoin Cash has a total market cap of $25.80 billion and $1.38 billion worth of Bitcoin Cash was traded on exchanges in the last 24 hours. Visa can handle up to 2000 transactions per second, PayPal - 185 and Ethereum - 100.

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The change in block sizer means transaction fees would be lower. Since the system is designed so that it takes into account the transaction fees when deciding which transactions to process first, the fees may skyrocket if the mempool size increases considerably.

What will happen to the BCH price?

The hard fork will be activated on the MTP time of 1526400000 that is when the median timestamp of the recent 11 blocks is equal to or greater than this number, the new rules will apply. This was the case in Bitcoin Cash fork previous year when the price of Bitcoin increased by 10% right before the split.

Assuming all goes well with the Hard Fork, we may very well see Bitcoin Cash make some positive movements, back up towards its current target of around $2,000.00. Moreover, we should also be cautious about this causing the value of Bitcoin Cash to drop, this too, is possible. And indeed, there will be an upgrade because new features are being added to the protocol.

Later, in June 2014, in a civil case involving bitcoin, a Dutch court took its cue from the finance minister and confirmed that although not legal tender, Bitcoin was a medium of exchange, and that therefore it could be used as a form of payment in the Netherlands. They made the announcement after their meeting in London, as to when exactly the fork would take place.

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