Miners were able to seek out bitcoin cash beginning Tuesday August 1st , and the cryptocurrency-focused news website CoinDesk said the first bitcoin cash was mined at about p. Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds. Bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network.
On one side are the so-called core developers. They are in favor of smaller bitcoin blocks, which they say are less vulnerable to hacking. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable. Until just before the decision, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, seemed to have universal support.
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Then bitcoin cash came along. The solution is a fork of the bitcoin system. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes. Bitcoin cash came out of left field, according to Charles Morris, a chief investment officer of NextBlock Global, an investment firm with digital assets. To be sure, only a minority of bitcoin miners and bitcoin exchanges have said they will support the new currency. Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin.
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But that doesn't mean the value of investors' holdings will double. Because bitcoin cash initially drew its value from bitcoin's market cap, it caused bitcoin's value to drop by an amount proportional to its adoption on launch. No one truly knows. Add to watchlist. Trade Now. Bitcoin News Premium 7h. NewsBTC 18h. NewsBTC 23h. Business Insider 6h. Business Insider 8h.
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BTC Currency Snapshot 54, What is Bitcoin? Why bother using it? But while fraudulent credit-card purchases are reversible, bitcoin transactions are not. The future of bitcoin Historically, the currency has been extremely volatile. However, prices soon started to tumble in the months that followed. In the third quarter of , there were around What is cryptocurrency? Cryptocurrencies are virtual currencies that use blockchain technology to track transactions through a network of computers.
They can be used as an alternative currency to buy goods and services, but many people buy them as an investment, hoping that the value is pushed up because others want them in the future. Bitcoin held a 66 percent share of the total cryptocurrency market in There have been calls for the crypto market to be more regulated because money is created and transferred without the actions of monetary authorities.
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