HARD FORK UP AHEAD TURN RIGHT

A hard fork is occurring in the blockchain and is in the process of creating a new digital token, Bitcoin Cash (BCC), and it’s already trading nearly $100 higher than last night’s indicative price. At the time of writing the first ‘block’ of Bitcoin Cash has yet to be fully mined but is expected to be completed within a few hours. When this happens the new digital cash is created. Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by Tuesday morning's deadline.

DEFINITION of 'Hard Fork'

As it relates to blockchain technology, a hard fork (or sometimes hardfork) is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa), and as such requires all nodes or users to upgrade to the latest version of the protocol software. Put differently, a hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version. This essentially creates a fork in the blockchain, one path which follows the new, upgraded blockchain, and one path which continues along the old path. Generally, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version.

As such, the digital currency has officially forked and split in two: bitcoin cash and bitcoin.Miners were able to seek out bitcoin cash beginning Tuesday morning, and the cryptocurrency-focused news website CoinDesk said the first bitcoin cash was mined at about 2:20 p.m. ET."There seems to be some technical issues that might be slowing it down, but yes, the fork has happened," Peter Borovykh of Blockchain Driven, a blockchain technology company, told Business Insider earlier on Tuesday.Miners are the folks who solve complex computer problems using software to unleash digital coins into the market. It took a couple of hours after the official fork for miners to unlock the first bitcoin cash coins.

Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds.Then bitcoin cash came along. The solution is a fork of the bitcoin system. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes.

Because bitcoin cash will initially draw its value from bitcoin's market cap, it will most likely cause bitcoin's value to drop by an amount proportional to its adoption. Bitcoin was already trading down by 5.78% at $2,715 on Tuesday following word that bitcoin cash had gone live. Morris told Business Insider that bitcoin cash was trading in the futures market for about $200 to $400 last week, suggesting that's the range it would fall in during regular trading.
"Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network," Borovykh of Blockchain Driven said. "Due to, at least temporary, solution of the scalability issues, bitcoin cash could attract more new capital to the entire crypto space, thus helping increase overall market cap."

Bitcoin Cash

Price of new currency rises after bitcoin's 'hard fork'
bitcoin split into two in an event known as a “hard fork” that has divided the virtual currency’s online community.The price of the cryptocurrency fell by around 4pc to around $2,700 (£2,000) after the fork, while the predicted price of Bitcoin cash rose from just over $200 to about $370, but traders are still unsure what will happen when the dust settles.

Bitcoin transactions are completed when a “block” is added to the blockchain database that underpins the currency, but at present blocks are limited to 1MB every 10 minutes - or seven transactions per second. This compares to 2,000 per second for Visa and means that at peak times bitcoin transactions can take hours to be fulfilled, inhibiting the currency. The two rival proposals - Segwit2x and Bitcoin Cash - are both seeking to solve this problem in different ways.

"A Bitcoin block was just mined that's invalid for Bitcoin Cash nodes! [That] means the chain has now forked. Bitcoin Cash is one block behind," Within six hours of the split, digital currency mining and trading firm ViaBTC — one of the few supporters of bitcoin cash — showed on its website that miners had completed three blocks for the new digital coin. The block is part of the blockchain technology on which digital currencies like bitcoin are based, and the initial lag in block completion had worried some digital currency enthusiasts.

Minority of bitcoin miners have 'forked' to create a new version of bitcoin, called bitcoin cash, splitting the blockchain into two. The fork has not affected bitcoin balances but it created a new bitcoin cash token on a new blockchain, according to Hong Kong-based digital currency exchange Bitfinex.CoinDesk said a group of miners and developers have created an alternative network to prove bigger blocks in a bid to increase network capacity.It said: "Called Bitcoin Cash (BCC), the effort will effectively fork bitcoin's existing software and transaction history, and in the process, give every bitcoin user new cryptocurrency tokens on a new blockchain with different rules."

Bitcoin Price Surges Despite Hard Fork Imminence, Moving Towards All-Time High

Bitcoin Cash a hard fork proposal developed by China-based mining pool operator ViaBTC, which was initially introduced by the industry’s largest mining equipment manufacturer Bitmain as Bitcoin ABC, is activated on Still, bitcoin price is gradually approaching its previous all-time high price established at $3,095.However, as the bitcoin mining community, industry and users agreed to activate BIP 91 and BIP 141, the original SegWit proposal, in order to scale the bitcoin network in the short-term and fix some of its underlying security issues such as transaction malleability, Bitmain drift apart from the Bitcoin ABC proposal and fully allocated its resource to activate SegWit.

Additional Market Factors

Over the past two weeks, almost immediately after the major correction of the cryptocurrency market that sent its market cap from around $115 billion to $80 billion, the market cap of leading cryptocurrencies such as Ethereum dropped significantly. From around $36 billion in June, Ethereum’s market cap nearly halved and at the time of reporting, Ethereum is valued to be $20 billion.Meanwhile, due to optimism surrounding SegWit and general increase in mainstream adoption, bitcoin prospered, securing its 50 percent dominance index once again over the cryptocurrency market.With Bitcoin Cash hard fork execution literally hours away, bitcoin price has suffered from a minor correction. Earlier today, bitcoin price surpassed the $2,900 and at the time of reporting, the price of bitcoin has dropped to $2,790.

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Source

1.https://amp.businessinsider.com/bitcoin-price-fork-happens-2017-8
2.http://www.telegraph.co.uk/technology/2017/08/01/bitcoin-cash-everything-need-know-bitcoins-hard-fork/amp/
3.https://coinmarketcap.com/currencies/bitcoin-cash/
4.http://www.cnbc.com/amp/2017/08/01/bitcoin-holds-july-gains-ahead-of-expected-currency-split.html
5.http://www.express.co.uk/finance/city/835226/Bitcoin-price-crash-latest-news-BCC-value-USD-Ethereum-market-live-updates/amp
6.http://www.newsbtc.com/2017/08/01/bitcoin-price-surges-despite-hard-fork-imminence-moving-towards-time-high/amp/
7.http://www.investopedia.com/terms/h/hardfork)