Bitcoin splits in two amid feud

02 August, 2017, 00:50 | Author: Gladys Mathis
  • Blockchain
     
          
    
                
      
                         2 hours ago

Should the split go through, all direct owners of bitcoin will hold both versions of the currency. Oh, and it also has the potential to create billions of dollars worth of new cryptocurrency out of thin air.

However, a few other experts believe that bitcoin will remain unaffected. At the moment, they are willing to wait for a little to get an idea of the overall interest of other enthusiasts. SegWit is likely to activate later on August 1 and increase in block size is expected to take place 3 months after its activation.

Bitcoin as we know it is no more, because, as of 1.30pm IST, the currency has split in two.

As such an investment in Ether represents a belief that the Ethereum network will continue to grow in volume/transactional size i.e. that more and more businesses and individuals will start using the cryptocurrency for a wide range of purposes (see, for example, Slock.it's recent activity involving Decentralized Autonomous Organizations structured as trusts with the objective of making decentralized investments).

Get exclusive analysis of bitcoin and learn from our trading tutorials.

A rig for mining Bitcoin.

But therein lies the rub.

The world's most popular digital currency exchange, Coinbase, is under fire from angry customers over its decision not to support a new version of bitcoin that could also make it vulnerable to "ruinous legal trouble", Fortune cited a prominent legal scholar as saying. It is something that led to a detrimental outcome for some users following the Ethereum hard fork in 2016.

A group of developers, the Bitcoin Core team, is pushing an update known as SegWit2x ("segregated witness").

This fork will result in two sets of tokens: bitcoin (BTC) on the original chain and bitcoin cash (BCC) on the new blockchain.

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Well, not exactly. Because here's the thing: That's not all SegWit2x does.

In the face of SegWit2x, another group in the world of Bitcoin has come forward with a different solution.

Am I ready for Bitcoin Cash? This would solve the problem of jam-packed blocks, and consequently speed up transactions times while reducing associated fees.

Heads up to those who own bitcoin via an exchange: If you haven't transferred your bitcoin to a "local wallet", you may not see the cash bitcoin.

The live stream has been running for over 19 hours, with the commentator waiting for the release of the first block of Bitcoin Cash to be released. "The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split".

People holding Bitcoin on those exchanges won't be given Bitcoin Cash unless they move to another exchange, a process that can be risky.

Which, well, it might. The decline in bitcoin will most likely be equal to the price of bitcoin cash, according to Morris.

What will happen after Bitcoin split? "Either bitcoin does not scale and Bitcoin Cash will overtake it over time, or it will scale because of the pressure created by Bitcoin Cash", S├ęchet says.

Whatever happens, August 1 if going to be a big day in the cryptocurrency community. Don't forget to share your own views and suggestions with us.

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