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Bitcoin Volatility Surges Ahead of Tuesday's Key Fork Decision

02 Agosto 2017, 12:18 | Azura Castelo

Bitcoin Volatility Surges Ahead of Tuesday's Key Fork Decision

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Issues regarding anonymity around digital currencies are often valid concerns, but blockchain technologies are rapidly expanding to support very legitimate uses. Bitcoin Cash will first need to make it past initial adjustment difficulties and secure multiple block confirmations. And although there's significant support for Segwit2x, some miners (a small proportion of them) aren't happy with the solution.

Tone Vays, a bitcoin analyst and consultant, said he thought bitcoin cash is destined to become one of many alternative digital currencies known as "alt-coins". A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the User Activated Hard Fork (UAHF).

Bitcoin Cash does not propose moving transaction data outside of each block, but wants to increase the size of each to 8MB. SegWit is likely to activate later on August 1 and increase in block size is expected to take place 3 months after its activation.

An Australian company has sold what it is calling the first "bitcoin to stock" convertible loan. Bitcoin is collectively valued at $47 billion, but remains a niche product. That step, set to occur in August, is backed by Bitcoin developers.

We are now less than 24 hours away from the start of the latest Bitcoin Civil War.

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate. Before you invest hard currency into Bitcoin or Bitcoin Cash, consider if you can afford to lose that money and proceed with caution.

Only time will tell whether the market will adopt Bitcoin Cash or not. Since it is built off the Bitcoin blockchain, all owners of Bitcoins who are storing their coins in participating wallets received one Bitcoin Cash coin for every Bitcoin they own.

"If you're holding it in an exchange, then they might not give you the bitcoin cash", Morris said.

"While the markets will ultimately decide, I think there is little chance that Bitcoin Cash will be successful in the long-term". Many of you might be already knowing that Bitcoin Core, which was published by Satoshi Nakamoto as Bitcoin, is a full client used by bitcoin nodes. For now, all we can do is wait to see how this fork plays out.

The risk of transaction "replay" attacks.

. Bitcoin users are unhappy with the slowness of the platform but disagree over how to fix it.

Although Lingam has earned the title "Bitcoin Oracle" from the community for his accurate predictions on bitcoin price, there exists a limit of what technical analysis can achieve to predict the future price trend of bitcoin. Such an occurrence is called a "replay attack". This was demonstrated on Tuesday when Bitcoin, the oldest decentralised currency, faced a hard fork. From August 1, things could change forever for Bitcoin enthusiasts.

Anyone who owns bitcoin will also own the same number of Bitcoin Cash units. The replay protection was therefore only "one way". This is called "strong replay protection" or "two way replay protection". Miners are incentivized with new bitcoins for their work, and if Bitcoin Cash looks healthy, earning some early could strike miners as a good bet. Once sure the network is stable and safe, deposits and withdrawals will be resumed. Transactions on both chains will be technically independent of each other.

Through mining, transactions are organized and the entire network is protected.

But some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support Bitcoin Cash. Essentially, political, technological, and ideological debates about growing bitcoin have come to a head.



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