The great Bitcoin fork – split has finally happened as was speculated. Although many didn’t subscribe to the idea that it will surely happen. For sure, I know that most of us have nothing to fear because I provided the quick guide on how to avoid it.
That being said, as was expected, the new sided Bitcoin or as known my many “airdrop altcoin or spinoff-coin” has officially broken off.
The official name known as Bitcoin Cash (BCH) broke off from the main chain network in the cost of vying for independence.
According to Coindesk:
Nodes running Bitcoin Cash diverged from the network earlier this morning but hit a quick roadblockgiven the absence of a larger-than-1-megabyte block to actually trigger the split.
The block in question was mined by 478,559, according to a Bitcoin Cash block explorer hosted by data provider BlockDozer. This came nearly six hours after block 478,558 – which started the separation – was struck.
Network data shows that the Bitcoin Cash block contained 6,985 transactions, with a block size of 1.915 MB – nearly double the block size cap on the original chain.
Remember we talked about the price of Bitcoin going down, right? As was expected, the current price of the new sided bitcoin – Bitcoin cash on coinmarketcap is perked at approximately $220.
Let’s look at some valid points behind the split as was considered on bitcoin magazine in an interview with Bitcoin ABC Lead developer, Amaury “Deadal Nix” Sechét,
I quote,
QUESTION:
More to the point, then: Bitcoin Cash will remove Segregated Witness (SegWit) and will have a default block size limit of 8 megabytes. Why eight, not two or seven or unlimited?
RESPONSE:
There is a judgment call there. Eight megabytes is large enough to make sure we have a mechanism to adjust it by the time we get anywhere close to the limit. On the other hand, you don’t want to go unlimited cowboy style. As the size of blocks grow, there is a lot of work to be done to ensure they keep being processed efficiently.
QUESTION:
What if 8-megabyte blocks fill up very fast? It seems evident that the Bitcoin network endured a lot of spam over the past year, for example, that could happen again…
RESPONSE:
It could, and increasing the block size to 8 megabytes is not a perfect solution in this sense, but it’s an improvement. At least at 8 megabytes, it’d be more expensive to keep the attack going.
Read the follow up - http://bit.ly/2vl1Zqa
OK Elites, as was speculated, it happened. All we need do now is see how to get some Bitcoin Cash if you really support it.
Note, as of the time of writing, it was roughly selling at approx. $240, now having checked back has appreciated to $250.37 to be exact.
link -
source : http://bit.ly/2uSYw1c
Stay safe and take action.