Bitcoin Split 2017: What Is Bitcoin Cash?

Wednesday, 02 Aug, 2017

If you want to take a look at what's happening on the Ethereum blockchain for yourself, you can check out all the transactions on the Ethereum network, or look at a particular user's history, at any time using a tool called Etherscan.

Anyone who owns bitcoin will also own the same number of Bitcoin Cash units.

The scheduled execution of the bitcoin hard fork proposal Bitcoin Cash which is set to begin on August 1, 12:20 UTC, is hours away and yet the market, investors and traders remain confident in bitcoin and its ability to scale. "You go to sleep with 100 bitcoins and wake up in the morning with 100 bitcoins plus 100 "Bitcoin Cash", a new token". To enjoy this extra currency, you should check with your platform and wallet to see what the company policy is. CEX.io will allow both cryptocurrencies and split the coins for its customers. Transactions are added to "blocks" or the links of code that make up the chain, and each transaction must be recorded on a block.

Despite near-universal support for an upgrade to the blockchain powering bitcoin, allowing the cryptocurrency to operate more efficiently, several recalcitrant bitcoin coders and miners have chose to "fork" bitcoin into a new currency. Before you invest hard currency into Bitcoin or Bitcoin Cash, consider if you can afford to lose that money and proceed with caution. If you want to be absolutely sure that you have access to all the Bitcoin Cash that you now hold as Bitcoin you will have to either move your Bitcoin to a private wallet or move them to a trusted exchange that offers Bitcoin Cash account crediting.

Since its listing, the bitcoin cash price has plunged on ViaBTC.

If there was ever a dangling carrot, it's Bitcoin Cash's promise of delivering a blocksize of 8MB, whilst also removing the need to split the information held within each transaction. Ethereum, Bitcoin's main rival by market capitalization, has already had its own hard fork moment, while Litecoin now has faster transaction times than bitcoin and is looking to launch a "lightning network" making it more scalable.

Arthur Hayes, the CEO of BitMex, a bitcoin derivative exchange, told Business Insider he thought a fork would benefit the cryptocurrency in the long run, despite short-term volatility and confusion. While the funds exchanged were in Bitcoin, all the figures were worked out in Australian dollars, since the wild swings in Bitcoin's value make it an uneasy fit for such deals.

That's one reason the community-supported website Bitcoin.org had warned users not to accept any bitcoin up to two days prior to Monday's deadline and to wait for confirmation the situation had been resolved before trading again.

Did you find this article on Bitcoin Cash useful? It released a presserto this effect, saying all bitcoin forks will be regarded as unique currencies and users will be able to swap between them with ShapeShift.

Kraken Exchange, which has about 10 percent of US -dollar bitcoin trade volume, announced in a tweet Tuesday at 9:35 a.m., ET, that "Bitcoin Cash (BCH) trading is now live!"

On or shortly after the 1st of August, 2017, there is a chance that a group of miners and users will adopt a proposed modification to the Bitcoin software that would result in the creation of a digital currency known as Bitcoin Cash.

Looking at the value of Bitcoin at the time of the report and its moves in lead up to today, it would be hard to imagine that there is a major fork event about to take place, with Bitcoin recovering from sub-$2,000 levels seen in mid-July.