Last night bitcoin was set to attempt a fork by users which would activate a new currency on the bitcoin blockchain that would support a 8 MB block instead of a 1 MB block. This new currency will be called BCC - Bitcoin Cash.
At 4:24 AM EST Erik Voorhees tweeted the fork had happened and they where awaiting the first block from bitcoin cash to be mined.
On this news and pushing into today we have seen BCC in high volatility.
and bitcoin not to effected but for sure a slow down from what we have seen in recent days.
The most important points to take away from this at the moment is the market cap and amount of miners that left bitcoin to mine BCC.
The process is expected to take hours if not days based on the same mining difficulty at the moment just over 1% of bitcoins mining power is now pushing towards BCC mining not a very high amount for support.
My own opinions on this are that BCC will ultimately fail in the coming days, weeks or months due to a low amount of support. However it is still going to impact our markets and throw things for the loop over the next few days. It shows that this is possible and if enough support is behind a project to fork bitcoin into a new blockchain etc by miners and exchanges then it can happen and replace the existing one.
Update: Trading started on Kraken and Bitcoin Cash is no longer a future on coinmarketcap, being listed as BCH.
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Just saw this as well BCH is the ticket for bitcoin cash
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Its best to hold for the ride. I want to see the direction of bitcoin before taking any actions.
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Very well might be its going to be crazy the next few months as more and more of these happen to try and improve the bitcoin blockchain I have no idea what one or future one is going to stick if any.
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"However it is still going to impact our markets and throw things for the loop over the next few days." > I'd wager at least a few weeks..
Also, despite Bitcoin Cash's ultimate fate, I read a post saying it will be around for a long time since there will be a good amount of people with BTC that will just hold on to it for a while (since all of us BTC holders have it now by default).
One last thing - If it does replace the current BTC, which is definitely possible, I think the transition would take a looong time since Bitcoin (classic) is so popular.
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Good points, just like with any new coin they hang around for a while even if market value is low on them as long as it is being mined and traded it will stick around. There is a fully dedicated exchange to BCC along with other support and 1% mining power of bitcoin is no laughing matter that is still a huge amount of processing power being pushed and more could still follow. For sure a long processes as to what we are seeing so far today. Thank you for your valued input appreciate it!
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Absolutely, agreed. Even if BCC had absolutely nothing going for it besides its name, just the very fact that it split off from the all-powerful BTC means that everyone knows about it (and as I commented above, has it already). The next few weeks-months are going to a VERY interesting time for Bitcoin, and by association all cryptos since they generally follow the up / down trend of Bitcoin.
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I wager it will take months. I don't believe that BCC will take over BTC and BCC isn't going anywhere. Let's take a look at other currencies such as ETH and ETC. ETC came out, I believe it was worth something around a dollar and now it's approximately $13.00.
BTC is the largest and most well known currency. Many people and corporations are throwing fiat at it. I even read about Mark Cuban "investing". As BTC has the largest volume which supports the use and trade between people.
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True but this is almost the opposite of what happened with ETH. ETH split based on the developers ETH is actually the new updated version while Ethereum Classic is the old chain. The old chain is worth about $13 and the new updated version $220.
Bitcoin (classic) per say has a higher value but its a old block chain it has flaws in which BCC is trying to fix. It needs to be fixed but it needs to retain the name as well as have the support. It just depends on when and what coin that is going to happen with. It very well might not be ever and turn into a massive mess.
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Yes, all speculation at this point on the turning point of this new currency. I doubt that either bcc or btc will stop being utilizing. Thank you for engaging, I appreciate your thoughts!
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fail? like market cap to zero in the next few months? actually, when will the market cap for the new BCC first be determined/posted?
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Market cap is already up and being traded on their own exchange https://coinmarketcap.com/currencies/bitcoin-cash/ Also ticket got updated to BCH instead of BCC which was already taken by Bitcoin connect
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whoa, looks like it's giving up all its spike gains already
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yup and bitcoin seems to be picking back up again. Only bad part is over the next 1-3 months we are going to see more of this which is going to greatly hamper bitcoins growth otherwise we would for sure be over $3,000 each right now
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I will be hanging on to both types of Bitcoin for now but it seems BCH (or BCC; there seems to be some confusion on what's the real ticker) will wither away in obscurity soon.
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BCC was already taken by bitcoin connect it seems like they are pushing over to BCH as the final ticket for bitcoin cash
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Nice i Assume Bitcoin cash is going to go down alot further tbh. Alot of people are saying they are holding but i think most of them were too late and hope for a higher price.
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the issues is hash baby! https://steemit.com/bitcoin/@cowboyinvestor/bitcoin-cash-aka-fake-bitcoin-genesis-block-epic-fail-watch
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Meanwhile Ethereum mining difficulty has taken another step increase
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I DON'T SUPPORT BCC! BTC IS THE ONLY TRUE ONE AND BCC IS WANNABE BTC!
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I very well hope they can find a way to make BTC better without breaking the chain it needs a larger block size for sure as we saw transaction fees skyrocket at a market cap of 45 Billion. It needs to be better if its going to expand into the trillions of dollars for market cap.
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I also expected that the bitcoin will remain strong because it has many supporters and admirers. There is no real demand for BCC because all the bitcoin users know how to convert it into cash whenever they want.
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It seems like you might now understand what BCH even is?
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However the impact in the market is still grow
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Valor2S from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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Good article @bitcoinflood! But I think that no one of the both coins (Bitcoin and BitcoinCash) will fail, they will stay in the market like what happened with Ethereum fork.
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It does have a better chain then bitcoin but then again so do many other crypto currencies I see this one going flop as bitcoin name holds all the value. It just might be that we use a different block chain to transfer when bitcoins starts to get stuff full.
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Excellent post, very well articulated. Your articles are always helpful - thank you so much. I'll have to retain this in my brains memory banks.:)
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Great post of quality information bro, indeed helpful. Kudos
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Thanks!
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Great post @bitcoinflood! Also check this article: Bitcoin Cash: Price of new currency rises after bitcoin's 'hard fork'
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amazing post
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Cheers to the hard fork success , the price is at a good start so lets see the progression of things for the next few months and beyond , thank for this great article my friend i truly enjoyed reading. i also lollowed you here and upvote
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Thank you :)
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I will look forward to this. I hope it brings wealth lol
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Up voted 100%
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Register with my link: https://steemfollower.com/?r=195
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ViaBTC mines first hardfork block !
https://steemit.com/news/@niceviewsua/viabtc-mines-the-first-post-fork-block
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i like your post amazing post thanks for sharing us
i just upvoted you post and following you now
upvote me back if possible
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