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What bitcoin's split could mean for cryptocurrency's future

03 Août 2017

Also, unlike the legacy Bitcoin, Bitcoin Cash has no single development team.

However, not all of Bitcoin's players are happy with the proposed software upgrade.

They named their initiative step as the "fork". They divided it into the potential paths.

"There are people with billions of dollars of skin in the game and they will ultimately go with the superior bitcoin network, and then the market will follow", Hayes concluded. "But as Bloomberg's Matt Levine pointed out: ".honestly who knows; you should not expect bitcoin markets to operate sensibly".

It's worth pointing out that BCH depends a lot on the miners, who are now busy trying to work through complex codes in order to provide traders with the Cash they want.

"This is somewhat like a stock split", said Jeff Garzik, chief executive and co-founder of Bloq, a blockchain company, Reuters reported.

According to Bitcoincash.org, Bitcoin Cash is the continuation of the Bitcoin project as a peer-to-peer digital cash.

But some bitcoin enthusiasts think this will only be the first split the cryptocurrency will experience.

An ideological rift in the bitcoin community has culminated in the launch of an alternative version of the cryptocurrency, which is being led by a splinter group of bitcoin users, developers and miners. The original Bitcoin will remain safer, but still not as fast. Now it has greater speed regarding the payments which use the virtual currency. Bitcoin forked into two separate currencies, and that means big changes are on the way. It tells us mainly about the network of computer operations which validates the information present on the blockchain. In addition, the fees are high making it expensive to use.

The survival of the new Bitcoin Cash will be determined by the demand for it, the ability to use it and the willingness of the miners to mine it.

Once word was out that the fork had taken place, Bitcoin started trading down nearly 6 percent at $2,715. "If you want access to Bitcoin Cash, please remove your bitcoins from your Zebpay wallet to a wallet in which you control the private keys on or before 31st July", the post read. If it comes into the existence, people can receive and sell the new token based on the digital currency exchanges.

Joining exchanges are a number of third-party wallet providers as well. Some bitcoin exchanges, where users make transactions and store their coins, will recognize Bitcoin Cash, including Kraken and ViaBTC - but others like Coinbase and Poloniex said they wouldn't as they're uncertain it'll stick around.

Because Bitcoin Cash is supported by a minority of developers and industry specialists, its future is uncertain and it will likely be prone to volatility.

What bitcoin's split could mean for cryptocurrency's future