Welp, Bitcoin Might Still Fork on August 1

in cryptocurrency •  8 years ago 

What is 'Bitcoin Cash'?

Bitcoin, dear readers, is back on its bullshit with a new plan to split the virtual currency into two versions on August 1. This news comes just days after bitcoiners rallied around a solution to avoid such a split.

The new version of bitcoin, which supporters are calling "Bitcoin Cash," is being pitched as a refuge for bitcoiners who want the virtual currency to scale up to worldwide adoption but who don't agree with some of the more popular proposals to do so.

This might surprise you if you've been following the "scaling debate," an ongoing war of words between elements of the bitcoin community regarding how best to implement a code change that would allow the network to handle more transactions. Right now, the "blocks" of transaction data that make up the blockchain, bitcoin's public ledger, are full. This causes a bottleneck, forcing transactions that should take about 10 minutes to be confirmed to take hours or even days. For about two years, the bitcoin community has been careening towards the possibility of a fork that would split the network into two versions; one that will support the code change, and another that won't.

cryptocurrency bitcoin market steemit blog
8 years ago by

Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

  • Disagreement on rewards
  • Fraud or plagiarism
  • Hate speech or trolling
  • Miscategorized content or spam

Submit
$0.02
  • Past Payouts $0.02
  • - Author $0.02
  • - Curators $0.00
5 votes
4
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  
  • Trending
    • [-]
      ·  8 years ago 

    Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
    http://www.bitcoinisle.com/2017/07/25/welp-bitcoin-might-still-fork-on-august-1/

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.76
    • Past Payouts $0.76
    • - Author $0.57
    • - Curators $0.19
    1 vote
    [-]
      ·  8 years ago 

    I don't feel like the name "Bitcoin Cash" will lead to this currency being a success. There's more in a name than people realise.

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.06
    • Past Payouts $0.06
    • - Author $0.06
    • - Curators $0.01
    2 votes
    [-]
      ·  8 years ago 

    If the transactions keep taking days, the legacy branch just will slowly die of and lose it's price as number of users will decrease with the new, faster and more sophisticated algorithms. I can understand the miners and ASIC producers, who have invested a lot into hardware, but i am a supporter of e new more sophisticated blockchain.

    Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

    • Disagreement on rewards
    • Fraud or plagiarism
    • Hate speech or trolling
    • Miscategorized content or spam

    Submit
    $0.00
      1 vote
      [-]
        ·  8 years ago 

      I am still lost. Will wait for 8.1

      Downvoting a post can decrease pending rewards and make it less visible. Common reasons:

      • Disagreement on rewards
      • Fraud or plagiarism
      • Hate speech or trolling
      • Miscategorized content or spam

      Submit
      $0.00