Noviembre 12, 2019

Exchanges cautious ahead of Bitcoin Cash launch

03 Agosto 2017, 04:16 | Azura Castelo

Right now a single Bitcoin is going for more than double the price of an ounce of gold

Bitcoin Gold Coin

"You go to sleep with 100 bitcoins and wake up in the morning with 100 bitcoins plus 100 "Bitcoin Cash", a new token". While it has to do with a fork, there's certainly no food involved.

Like bitcoin, Bitcoin Cash relies on the community.

With the growing number of transactions, the blockchain has been having trouble keeping up.

Miners run a digital ledger, known as the blockchain, which keeps a theoretically unhackable record of transactions. In case of Ethereuem's hard fork, both Ethereum Classic and Ethereum have survived and thrived, and the same can be the case with legacy bitcoin and the new comer as well.

Segwit2x proposes moving some of bitcoin's transaction data outside of the block and on to a parallel track to allow more transactions to take place. A section of the community felt bitcoin blocks (the units that make up bitcoin's blockchain technology) should be bigger in size for user convenience.

Bitcoin: Relief Rally or a New Valuation?

One expert said the process had gone smoothly so far and pointed out that trade in Bitcoin Cash seemed "robust". Since then, four other blocks have been added to the Bitcoin Cash chain.

Following the launch of the hard fork, the price of Bitcoin Cash was slipping down to $216. It's a Catch-22 situation where Bitcoin Cash's value is determined by how much it is used, but its adoption is determined by its value. ViaBTC and Bitmain, two of the largest bitcoin mining pools - linked computer networks mining together as a conglomerate - announced quickly that they would support Bitcoin Cash. After that, two separate blockchains were created. Although the platform's trading volume has been a bit hit-or-miss, the price is seemingly holding its own around the 0.125 BTC mark.

This sounds like free money, so how do I claim it? When an agreement didn't look likely, the value of the coin fell.

"There's no infrastructure available out of the box to support BCC", Fran Strajnar, co-founder and CEO of Brave New Coin, told CNBC.

The most popular method now is to import your private keys into the Electron Cash wallet. However, the market has overcome a low of 0.079 BTC per Bitcoin Cash, which was hit less than 48 hours ago. You must rely on the exchange to credit the new coins, which can be a slow process, and you may be unable to withdraw the new funds immediately, as Kraken users are now experiencing. The fact there will be two to choose from could lead people to be unsure of which to use and eventually lead to a decline in users.

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