Tuesday, 17 October, 2017

Bitcoin lower as virtual currency splits in two in 'hard fork'

ViaBTC Is Claiming Neutrality as Bitcoin Cash Heads Toward Likely Launch                          Jul 29 2017 at 09:30 UTC by Pete Rizzo ViaBTC Is Claiming Neutrality as Bitcoin Cash Heads Toward Likely Launch Jul 29 2017 at 09:30 UTC by Pete Rizzo
Conrad Doyle | 02 August, 2017, 04:26

Bitcoin faces large changes on Tuesday as digital miners begin the process of splitting the cryptocurrency.

At the same time, futures for bitcoin cash have jumped almost 25 percent over the past 24 hours to $346.98, according to data from Coinmarketcap. Bitcoin is collectively valued at $47 billion, but remains a niche product. It stays oldest and most valuable digital currency.

It's also an entirely separate cryptocurrency, but one born out of Bitcoin.

The future of digital currency needs competition - for investors, merchants and consumers.

A split was averted two weeks ago, when Bitcon software developers and miners agreed to implement a software upgrade called the Bitcoin Improvement Proposal (BIP) 91. Then came Bitcoin Cash, which is another proposed alternative, and the game changed once again.

Bitcoin was created by a pseudonymous coder (or coders) known as Satoshi Nakamoto, who released the software that powers the currency in 2009. The block is part of the blockchain technology on which digital currencies like bitcoin are based.

Blockchain.info is yet to announce if it will support bitcoin cash or not. It makes the network faster and runs it with higher processing transactions.

Bitcoin Cash occurred because a small faction of the bitcoin community didn't approve of the SegWit2x proposal, created to increase the bitcoin block size by 8x.

With Huobi and BTCC supporting BCC, the list of exchanges that support BCC has increased.

He went on to say in another Tweet that it would be like having a stock split and the broker declining to issue the new stock to its owners.

"A lot of money is also involved - many people believe that Bitcoin is destined to revolutionize our current monetary system, so naturally companies and individuals will aim to have as much influence in the cryptocurrency space as possible", said Norbert Radoki, managing director of Bitcoinist.com, a news site that follows the currency, in an email. But others will not.

A group of existing bitcoin users and companies are launching bitcoin cash in a bid to increase transaction capacity.

The emergence of Bitcoin Cash comes at an eventful time for the cryptocurrency market.

It's a bit complicated for those who aren't in the bitcoin weeds. "The science to the extent we've measured it aligns with their reasoning", he says. So, the interest of the miners will decide if ViaBTC will be able to direct the mining activity towards Bitcoin Cash and help the Bitcoin split take place. As of this writing, a unit of Bitcoin Cash is valued around $240, but one Bitcoin is worth more than $2,700. A second-layer solution would in effect move transactions off of the blockchain - a nonstarter for many in the community. On July 23, enough bitcoin miners had pledged their support to the fix that it was locked in. It depends on whom you ask. Like cash, it lets users spend or receive money anonymously, or mostly so; like other online payment services, it also lets them do so over the internet.

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