Last week, it was mentioned that the split of the single currency Bitcoin was temporarily avoided, but today a new variant could be found: the Bitcoin Cash.
You could call the mice within the bitcoating community. Because the blockchain, the ledger behind the Bitcoin, consists of relatively small blocks of 1MB, a bitcoin transaction takes at least half an hour.
That can be a lot faster, found some enthusiasts, by making the blocks bigger. This also has disadvantages: you need more computer power to process transactions. And some bitcoin purists found it a problem: it could affect the decentralized character of the Bitcoin. The mining of new bitcoins requires powerful systems, because transactions are not (yet) the case.
Supporters and opponents gathered in Bitcoin Unlimited (for elimination) and Bitcoin Core (against). A single trader was even planning to stop trading Bitcoin by July 31, because of uncertainty about the possible split. While traders are right in the face of faster transactions.
One of these days, a compromise was reached: by adjusting the chain block, the waiting time can be significantly reduced by means of a Bitcoin Improvement Proposal (BIP). In November, we will talk further to increase the blocks to 2MB. The blockchain then gets the double capacity and can scale faster.
Promoters of Bitcoin Cash go one step further: it already today introducing a new Bitcoin variant blocks with up to 8MB. Whether there will be immediate interest in it should be expected. The new currency, although separated from Bitcoin, is not worth it. By the way, every Bitcoin can be converted into Bitcoin Cash.
The splitting of cryptogeld is not new: that also happened with the Ethereum. But now threaten to emerge so three bitcoinvarianten because the old version with 1MB blocks will not disappear. This fragmentation will certainly not contribute to Bitcoin's transparency.
The division of the newcomer is great. Exchange offices BitMEX, Bitstamp and Coinbase will not offer Bitcoin Cash for the moment.
By: Emerce B.V
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