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Bitcoin Cash 'Fork' Causes Uncertainty For Cryptocurrency Community

Bitcoin Cash 'Fork' Causes Uncertainty For Cryptocurrency Community

Oh, and it also has the potential to create billions of dollars worth of new cryptocurrency out of thin air. Originally used for online payments, bitcoin has been moving into traditional retail and is in use in Alabama. This hands off, wait-and-see attitude is exactly what Bitcoin Cash needs, as it is ultimately user demand and not blind speculation, either in favor of or against, that will ultimately determine whether or not the split succeeds. But after a few days, one plan - a moderate solution called BIP 91 - won out, and experts say that's a pretty good thing. "You go to sleep with 100 bitcoins and wake up in the morning with 100 bitcoins plus 100 "Bitcoin Cash", a new token". Miners may rally behind bitcoin cash if it turns out to be the better digital currency. Bitcoin cash is believed to have stronger technical specifications than the other proposals, but only has the support of a fraction of the mining community.

He said: "That bitcoin tree is going to continue to grow like nothing happened today".

The profit will have to come from somewhere and in this case, it will most likely be from bitcoin itself.

The initiative is being led by a small group of mostly China-based bitcoin miners - who get paid in the currency for contributing computing power to the bitcoin network - who are not happy with proposed improvements to the currency's technology. It could just as easily have taken place in more traditional ways. Bitcoin users dissatisfied with the currency began by establishing new nodes. It will only be successful if people decide en masse to create the blocks for the Bitcoin Cash blockchain.

One of India's largest bitcoin exchanges, Zebpays said in a statement to its customers that it will not support Bitcoin Cash or its trading. Other exchanges are temporarily arresting trading of Bitcoin until the actual split plays out.

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After the split, all Bitcoin holders will get an amount in Bitcoin Cash, which is equal to their Bitcoin assets. But others will not.

Smart contracts are what investors are really excited about, and have contributed to Ethereum's sharp rise in value. However, not all bitcoin exchanges (where people store their bitcoin) will accept Bitcoin Cash, and that could potentially hinder the widespread adoption of the new digital currency.

"Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network", Borovykh of Blockchain Driven said. "The crucial part is the amount of economic interest in this new currency", says Sirer. What this did not do was prevent transaction from the Bitcoin network being replayed on the Bitcoin Cash network.

Coinbase has served almost 9 million customers across 32 countries, according to the firm's website. It depends on whom you ask. Its backers are sceptical that the Segwit2x plan will follow through with doubling the block size later on. S├ęchet argues he's fighting for the soul of bitcoin, and Bitcoin Cash will force the cryptocurrency community to take scalability more seriously, even if the project fails.

Let's start with why scaling bitcoin is tough. Bitcoin users are unhappy with the slowness of the platform but disagree over how to fix it.


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