Bitcoin Cash: five Swift Facts You Need to Know

Bitcoin Cash: five Prompt Facts You Need to Know

Amid much controversy over size and scale, Bitcoin, a popular form of cryptocurrency, split off in two directions Tuesday, forming a fresh branch of currency called Bitcoin Cash.

Since its introduction into the market in two thousand nine by mysterious creator Satoshi Nakamoto, Bitcoin has taken off as a way to exchange money by cutting out the banks and government entities underwriting currency.

The currency is digital and isn’t yet subject to regulation; anonymity and the lack of costly transaction fees are a draw to many of its consumers. Bitcoin can be purchased and exchanged internationally with the ease of a mobile app. According to Bitcoin’s “how it works” page, the balances on the account are kept in a public ledger known as a blockchain.

Those who are known as miners secure this network by solving elaborate mathematical puzzles, and they are rewarded with Bitcoin if they are the fastest to solve them. Through mining, transactions are organized and the entire network is protected. People who choose to solve elaborate mathematical puzzles through the blockchains to receive Bitcoin prizes are known as miners.

As Bitcoin enlargened in popularity, it faced issues due to large network size. Two different solutions were ultimately pursued: Segwit2x and Bitcoin Cash (BCC). The switch from the initial Bitcoin blockchain into these two is referred to as the “hard fork.”

On Tuesday, August 1, Erik Voorhees, the founder of ShapeShift.io, a Bitcoin exchange site, announced that what he is referring to as a “hard fork” inbetween Bitcoin currency and cash, had occurred.

Fork has happened. Now awaiting very first block from Bitcoin Cash. Regardless of opinions, this is very arousing/fascinating day in cryptoland.

However Business Insider reports that only a minority of exchanges support the fresh currency, those who do will have an equivalent amount of Bitcoin Cash added to their virtual wallet, with value subject to rise and fall with the market.

Here’s what you need to know about the blockchain split.

1. The Split Occurred Because of a Disagreement Inbetween Developers & Miners

Bitcoin mining hardware (Getty)

The split occurred after program developers and miners disagreed on the guiding rules behind network operations, according to a Business Insider story. Developers desired smaller blocks to avoid hacks, while miners wished to increase the size of blocks to make the network run swifter.

Slow transaction speed has been a common complaint over the past few years, but supporters of the fork claim that it will improve speed as well as wallet security.

Two. The Controversy is Inbetween two Types of Software

SegWit2x = SegWit and a 2MB block. Bitcoin Cash = No SegWit and a w/ a 8MB block. Totally dif initiatives & dif supporters.

SegWit2x, a software program which would dual the size of Bitcoin blocks from one to two megabytes, seeks to improve the Bitcoin network speed by storing some of Bitcoin’s transaction data off the blockchain. It was slated to become the standard until the latest announcement of Bitcoin Cash. Bitcoin Cash, also known as BCC, is supported by a group of miners who refer to themselves as “We The People” in an online statement, because of its eight megabyte block, which is meant to improve the entire network speed.

Erik Voorhees, a Panamanian investor and Bitcoin proponent

Since he announced the splitting of Bitcoin, Voorhees, who has been intensely involved with Bitcoin since 2011, has taken to Twitter to comment on the transition. Voorhees has previously Tweeted his support for SegWit2x, telling he would be “dumping BCC as rapid as I can.”

I will be dumping BCC as rapid as I can. SegWit2x has staggering support and I stand by my commitment to it. #bitcoin #Aug1

— Erik Voorhees (@ErikVoorhees) July 30, 2017

Three. The Fork Occurred Earlier Today, but Took seven Hours to Take Effect

A screenshot from Blockchain.info

According to a report from CoinDesk, the fork was supposed to occur at around 8:20 a.m. Eastern time on August 1, but has not yet gone into effect. It will happen once blockchains reach over 1,000 kilobytes on the website Blockchain.info. At the time of the very first iteration of this article, blockchains had reached 999.28 kilobytes.

Tuesday evening, several hours after the fork had been ended, Coin Market Cap reported that Bitcoin Cash (BCH) is priced around $379.40, a fraction of the original Bitcoin’s value, which is now priced at $2720. This is a significant leap from when it hit the market Tuesday afternoon, then priced around $200.

Four. A YouTube Livestream on the Release of Bitcoin Cash Ran for nineteen Hours

Pretty good live movie cast of Bitcoin fork https://t.co/clAeOQDXUE

One of Voorhees’ Tweets references a YouTube movie from the account Chronos Crypto on the hard fork switch.

The live stream ran for over nineteen hours, with the commentator discussing Bitcoin history and related topics while waiting for the release of the very first block of Bitcoin Cash to be released. The YouTube link to the livestream has since been switched to private settings.

Five. The Price of Bitcoin has Still Been Rising

In June, Bitcoin stocks rose to a fresh high of $Three,041.36, according to CNBC reports. But the same article reports that later in the day, stocks tumbled sixteen percent to $Two,532.87, still completing the day at $Two,721.

But Bitcoin’s stocks have still risen drastically since introduction to the public market, only topping $2000 for the very first time a few weeks earlier in May, CNBC reported. At the time of this story, Bitcoin’s stocks are around $2700 according to data from CoinDesk.

Read More From Strenuous

A Look at The Top ten Most Capitalized Cryptocurrencies

Bitcoin Cash: five Prompt Facts You Need to Know

Bitcoin Cash: five Rapid Facts You Need to Know

Amid much controversy over size and scale, Bitcoin, a popular form of cryptocurrency, split off in two directions Tuesday, forming a fresh branch of currency called Bitcoin Cash.

Since its introduction into the market in two thousand nine by mysterious creator Satoshi Nakamoto, Bitcoin has taken off as a way to exchange money by cutting out the banks and government entities underwriting currency.

The currency is digital and isn’t yet subject to regulation; anonymity and the lack of costly transaction fees are a draw to many of its consumers. Bitcoin can be purchased and exchanged internationally with the ease of a mobile app. According to Bitcoin’s “how it works” page, the balances on the account are kept in a public ledger known as a blockchain.

Those who are known as miners secure this network by solving sophisticated mathematical puzzles, and they are rewarded with Bitcoin if they are the fastest to solve them. Through mining, transactions are organized and the entire network is protected. People who choose to solve elaborate mathematical puzzles through the blockchains to receive Bitcoin prizes are known as miners.

As Bitcoin enlargened in popularity, it faced issues due to large network size. Two different solutions were ultimately pursued: Segwit2x and Bitcoin Cash (BCC). The switch from the initial Bitcoin blockchain into these two is referred to as the “hard fork.”

On Tuesday, August 1, Erik Voorhees, the founder of ShapeShift.io, a Bitcoin exchange site, announced that what he is referring to as a “hard fork” inbetween Bitcoin currency and cash, had occurred.

Fork has happened. Now awaiting very first block from Bitcoin Cash. Regardless of opinions, this is very titillating/fascinating day in cryptoland.

Tho’ Business Insider reports that only a minority of exchanges support the fresh currency, those who do will have an equivalent amount of Bitcoin Cash added to their virtual wallet, with value subject to rise and fall with the market.

Here’s what you need to know about the blockchain split.

1. The Split Occurred Because of a Disagreement Inbetween Developers & Miners

Bitcoin mining hardware (Getty)

The split occurred after program developers and miners disagreed on the guiding rules behind network operations, according to a Business Insider story. Developers wished smaller blocks to avoid hacks, while miners dreamed to increase the size of blocks to make the network run quicker.

Slow transaction speed has been a common complaint over the past few years, but supporters of the fork claim that it will improve speed as well as wallet security.

Two. The Controversy is Inbetween two Types of Software

SegWit2x = SegWit and a 2MB block. Bitcoin Cash = No SegWit and a w/ a 8MB block. Fully dif initiatives & dif supporters.

SegWit2x, a software program which would dual the size of Bitcoin blocks from one to two megabytes, seeks to improve the Bitcoin network speed by storing some of Bitcoin’s transaction data off the blockchain. It was slated to become the standard until the latest announcement of Bitcoin Cash. Bitcoin Cash, also known as BCC, is supported by a group of miners who refer to themselves as “We The People” in an online statement, because of its eight megabyte block, which is meant to improve the entire network speed.

Erik Voorhees, a Panamanian investor and Bitcoin proponent

Since he announced the splitting of Bitcoin, Voorhees, who has been strenuously involved with Bitcoin since 2011, has taken to Twitter to comment on the transition. Voorhees has previously Tweeted his support for SegWit2x, telling he would be “dumping BCC as quick as I can.”

I will be dumping BCC as quick as I can. SegWit2x has breathtaking support and I stand by my commitment to it. #bitcoin #Aug1

— Erik Voorhees (@ErikVoorhees) July 30, 2017

Trio. The Fork Occurred Earlier Today, but Took seven Hours to Take Effect

A screenshot from Blockchain.info

According to a report from CoinDesk, the fork was supposed to occur at around 8:20 a.m. Eastern time on August 1, but has not yet gone into effect. It will happen once blockchains reach over 1,000 kilobytes on the website Blockchain.info. At the time of the very first iteration of this article, blockchains had reached 999.28 kilobytes.

Tuesday evening, several hours after the fork had been finished, Coin Market Cap reported that Bitcoin Cash (BCH) is priced around $379.40, a fraction of the original Bitcoin’s value, which is now priced at $2720. This is a significant leap from when it hit the market Tuesday afternoon, then priced around $200.

Four. A YouTube Livestream on the Release of Bitcoin Cash Ran for nineteen Hours

Pretty good live movie cast of Bitcoin fork https://t.co/clAeOQDXUE

One of Voorhees’ Tweets references a YouTube movie from the account Chronos Crypto on the hard fork switch.

The live stream ran for over nineteen hours, with the commentator discussing Bitcoin history and related topics while waiting for the release of the very first block of Bitcoin Cash to be released. The YouTube link to the livestream has since been switched to private settings.

Five. The Price of Bitcoin has Still Been Rising

In June, Bitcoin stocks rose to a fresh high of $Three,041.36, according to CNBC reports. But the same article reports that later in the day, stocks tumbled sixteen percent to $Two,532.87, still completing the day at $Two,721.

But Bitcoin’s stocks have still risen drastically since introduction to the public market, only topping $2000 for the very first time a few weeks earlier in May, CNBC reported. At the time of this story, Bitcoin’s stocks are around $2700 according to data from CoinDesk.

Read More From Strenuous

A Look at The Top ten Most Capitalized Cryptocurrencies

Bitcoin Cash: five Rapid Facts You Need to Know

Bitcoin Cash: five Prompt Facts You Need to Know

Amid much controversy over size and scale, Bitcoin, a popular form of cryptocurrency, split off in two directions Tuesday, forming a fresh branch of currency called Bitcoin Cash.

Since its introduction into the market in two thousand nine by mysterious creator Satoshi Nakamoto, Bitcoin has taken off as a way to exchange money by cutting out the banks and government entities underwriting currency.

The currency is digital and isn’t yet subject to regulation; anonymity and the lack of costly transaction fees are a draw to many of its consumers. Bitcoin can be purchased and exchanged internationally with the ease of a mobile app. According to Bitcoin’s “how it works” page, the balances on the account are kept in a public ledger known as a blockchain.

Those who are known as miners secure this network by solving sophisticated mathematical puzzles, and they are rewarded with Bitcoin if they are the fastest to solve them. Through mining, transactions are organized and the entire network is protected. People who choose to solve elaborate mathematical puzzles through the blockchains to receive Bitcoin prizes are known as miners.

As Bitcoin enhanced in popularity, it faced issues due to large network size. Two different solutions were ultimately pursued: Segwit2x and Bitcoin Cash (BCC). The switch from the initial Bitcoin blockchain into these two is referred to as the “hard fork.”

On Tuesday, August 1, Erik Voorhees, the founder of ShapeShift.io, a Bitcoin exchange site, announced that what he is referring to as a “hard fork” inbetween Bitcoin currency and cash, had occurred.

Fork has happened. Now awaiting very first block from Bitcoin Cash. Regardless of opinions, this is very titillating/fascinating day in cryptoland.

However Business Insider reports that only a minority of exchanges support the fresh currency, those who do will have an equivalent amount of Bitcoin Cash added to their virtual wallet, with value subject to rise and fall with the market.

Here’s what you need to know about the blockchain split.

1. The Split Occurred Because of a Disagreement Inbetween Developers & Miners

Bitcoin mining hardware (Getty)

The split occurred after program developers and miners disagreed on the guiding rules behind network operations, according to a Business Insider story. Developers wished smaller blocks to avoid hacks, while miners dreamed to increase the size of blocks to make the network run swifter.

Slow transaction speed has been a common complaint over the past few years, but supporters of the fork claim that it will improve speed as well as wallet security.

Two. The Controversy is Inbetween two Types of Software

SegWit2x = SegWit and a 2MB block. Bitcoin Cash = No SegWit and a w/ a 8MB block. Totally dif initiatives & dif supporters.

SegWit2x, a software program which would dual the size of Bitcoin blocks from one to two megabytes, seeks to improve the Bitcoin network speed by storing some of Bitcoin’s transaction data off the blockchain. It was slated to become the standard until the latest announcement of Bitcoin Cash. Bitcoin Cash, also known as BCC, is supported by a group of miners who refer to themselves as “We The People” in an online statement, because of its eight megabyte block, which is meant to improve the entire network speed.

Erik Voorhees, a Panamanian investor and Bitcoin proponent

Since he announced the splitting of Bitcoin, Voorhees, who has been powerfully involved with Bitcoin since 2011, has taken to Twitter to comment on the transition. Voorhees has previously Tweeted his support for SegWit2x, telling he would be “dumping BCC as rapid as I can.”

I will be dumping BCC as swift as I can. SegWit2x has terrific support and I stand by my commitment to it. #bitcoin #Aug1

— Erik Voorhees (@ErikVoorhees) July 30, 2017

Three. The Fork Occurred Earlier Today, but Took seven Hours to Take Effect

A screenshot from Blockchain.info

According to a report from CoinDesk, the fork was supposed to occur at around 8:20 a.m. Eastern time on August 1, but has not yet gone into effect. It will happen once blockchains reach over 1,000 kilobytes on the website Blockchain.info. At the time of the very first iteration of this article, blockchains had reached 999.28 kilobytes.

Tuesday evening, several hours after the fork had been ended, Coin Market Cap reported that Bitcoin Cash (BCH) is priced around $379.40, a fraction of the original Bitcoin’s value, which is now priced at $2720. This is a significant leap from when it hit the market Tuesday afternoon, then priced around $200.

Four. A YouTube Livestream on the Release of Bitcoin Cash Ran for nineteen Hours

Pretty good live movie cast of Bitcoin fork https://t.co/clAeOQDXUE

One of Voorhees’ Tweets references a YouTube movie from the account Chronos Crypto on the hard fork switch.

The live stream ran for over nineteen hours, with the commentator discussing Bitcoin history and related topics while waiting for the release of the very first block of Bitcoin Cash to be released. The YouTube link to the livestream has since been switched to private settings.

Five. The Price of Bitcoin has Still Been Rising

In June, Bitcoin stocks rose to a fresh high of $Trio,041.36, according to CNBC reports. But the same article reports that later in the day, stocks tumbled sixteen percent to $Two,532.87, still ending the day at $Two,721.

But Bitcoin’s stocks have still risen drastically since introduction to the public market, only topping $2000 for the very first time a few weeks earlier in May, CNBC reported. At the time of this story, Bitcoin’s stocks are around $2700 according to data from CoinDesk.

Read More From Intense

A Look at The Top ten Most Capitalized Cryptocurrencies

Related video:

Leave a Reply

Your email address will not be published. Required fields are marked *

*