AfterDawn: News

Bitcoin split in two, say hi to the new Bitcoin Cash

We are seeing some major changes in the world of cryptocurrency as the most popular currency amongst them was divided into two entities. The split has been in the works for a while but it is still considered highly controversial action.

Current Bitcoin will remain as it is and the new cryptocurrency Bitcoin Cash will be created alongside. They use the same transaction history but currently Cash is much less supported.



Behind the split, or "hard fork" as it's called, is the fact that Bitcoin has become very popular and many believe that it has become too overcrowded and may not function much longer given the increases in transaction frequency.

Bitcoin Cash has been designed to tackle the problems with high transaction fees as well as bitcoin size limit that doesn't allow mining larger blocks and thus slowes down the transaction process.

The Bitcoin transaction process is rather limited as the maximum amount of block data per 10 minutes is one megabyte. That means that only seven transactions can be completed every second, which obviously is not enough as the platform gets more and more popular.

Bitcoin Cash on the other hand is said to have up to eight times faster transaction speeds.

Even though the introduction of Bitcoin Cash doesn't necessarily make a difference to someone with Bitcoins, after all you can just continue using Bitcoin as before, it has sparked a lot of debate and controversy. Coinbase, the largest cryptocurrency exchange has no plans to support the new Bitcoin Cash because the value and even the survival of the new currency is too hard to predict.

Whether you'll be able to exchange and use Bitcoin Cash depends on the platform and the wallet you are using.

The value of Bitcoin Cash quickly rose to over $650 but is still a far cry from Bitcoin's $2700.


Written by: Matti Robinson @ 2 Aug 2017 10:38

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• 11 comments

• ivymike

  This shouldn't be an issue. Bitcoin Cash will simply join the ranks of the 100 or so other cryptocurrencies that no one uses....
  

  2.8.2017 15:23 #1

• hearme0

  Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) and operate without impedance on the black market. Bitcoin is such a scam and it still has yet to demonstrate a viable and provable, ableit practical application of "blockchaining"
  
  
  Bitcoin has no place in this world. It's artificially inflating its value all the time.
  
  
  I'm sure the anti-social and socially awkward nerds will ring in and defend this but with what ammo? Bitcoin is a farce.......plain and simple. It only benefits the extortionists.

  3.8.2017 12:31 #2

• Prof321

  If you have bitcoin, and your account disappears, you then have nothing.
  

  Prof321

  4.8.2017 18:13 #3

• Mellowpurplegiant

  Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) I can trade with whatever currency I desire. You have no say in the matter do you?
  
  
  

  4.8.2017 22:36 #4

• Bozobub

  Originally posted by Mellowpurplegiant: Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) I can trade with whatever currency I desire. You have no say in the matter do you?
  
  
  Exactly so, whether you're trading chickens or interpretations of a large infohash =) . BitCoin may or may not persist, but cryptocurrencies won't be going away any time soon.

  5.8.2017 02:22 #5

• doowop72

  Amazing how there is a lot of mixed feelings about a form of currency that's "digital" or "physical". Just my opinion, I do prefer a physical form of tender that I can hold. Precious metals. I'm not advertising. Hoarding Silver and Gold is a good investment. Yes, it also has its risks like any other stock market.

  5.8.2017 10:50 #6

• KillerBug

  Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) and operate without impedance on the black market. Bitcoin is such a scam and it still has yet to demonstrate a viable and provable, ableit practical application of "blockchaining"
  
  
  Bitcoin has no place in this world. It's artificially inflating its value all the time.
  
  
  I'm sure the anti-social and socially awkward nerds will ring in and defend this but with what ammo? Bitcoin is a farce.......plain and simple. It only benefits the extortionists. I honestly don't know if this comment was satire, but it still gave me a good laugh.
  
  If you don't trust digital currency that can be used for crimes, then have fun trying to buy your groceries with gold coins. The only differences that crypto currencies have from governmental ones is that inflation is limited and corrupt government or pseudo-government agencies have no control. That, and they are newer and still suffer from growing pains such as slow transactions and convoluted buying and selling procedures.
  
  Personally, I have big hopes for bitcoin cash. Going from 1MB to 8MB might seem like it would only increase speeds by 8x, but by reducing the backlog the actual transaction speeds will be far faster than that. I forget the term for it, but there is a whole science to backlogs and lines...and there is a tipping point where adding or removing just one or two percent capacity can decrease or increase waiting times several fold. 8x the capacity should make bitcoin cash fast enough for day-to-day use. This would be very bad for the world's biggest extortionists (the credit card companies).

  6.8.2017 13:56 #7

• hearme0

  Originally posted by KillerBug: Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) and operate without impedance on the black market. Bitcoin is such a scam and it still has yet to demonstrate a viable and provable, ableit practical application of "blockchaining"
  
  
  Bitcoin has no place in this world. It's artificially inflating its value all the time.
  
  
  I'm sure the anti-social and socially awkward nerds will ring in and defend this but with what ammo? Bitcoin is a farce.......plain and simple. It only benefits the extortionists. I honestly don't know if this comment was satire, but it still gave me a good laugh.
  
  If you don't trust digital currency that can be used for crimes, then have fun trying to buy your groceries with gold coins. The only differences that crypto currencies have from governmental ones is that inflation is limited and corrupt government or pseudo-government agencies have no control. That, and they are newer and still suffer from growing pains such as slow transactions and convoluted buying and selling procedures.
  
  Personally, I have big hopes for bitcoin cash. Going from 1MB to 8MB might seem like it would only increase speeds by 8x, but by reducing the backlog the actual transaction speeds will be far faster than that. I forget the term for it, but there is a whole science to backlogs and lines...and there is a tipping point where adding or removing just one or two percent capacity can decrease or increase waiting times several fold. 8x the capacity should make bitcoin cash fast enough for day-to-day use. This would be very bad for the world's biggest extortionists (the credit card companies).
  Cryptocurrencies aren't going to be relevant in 20 years just as they aren't relevant now. While some anti-government peeps have faith in this crap that is meant to ONLY circumvent the national currencies, it's not enough to last.
  
  As a network architect and security engineer, I see this as a fad for the most part and driven by losers that are tired of "government intervention". Yeah.........you're all the same peeps that believe the government officials of the United States actually blew up our own WTC buildings in 911. Conspiracy theory-propagating putzes!
  
  
  Cryptocurrencies have no place in ANY economy unless they have a tangible benefit from the "chaining" and, now there is very little capitalized benefit other than "ledgers" which no one has any clue how to pragmatically implement to obtain some sort of benefit.
  
  Right now social deviants are the only ones with faith in anything cryptocurrency.
  
  
  And yes..........I'm knocking all ya'll but we'll revisit this in a decade so I can yell "SEE, I TOLD YOU SO"
  
  
  I know I'm such an asshole but in a world of stupidity, it's called for.

  9.8.2017 12:36 #8

• KillerBug

  Originally posted by hearme0: Originally posted by KillerBug: Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) and operate without impedance on the black market. Bitcoin is such a scam and it still has yet to demonstrate a viable and provable, ableit practical application of "blockchaining"
  
  
  Bitcoin has no place in this world. It's artificially inflating its value all the time.
  
  
  I'm sure the anti-social and socially awkward nerds will ring in and defend this but with what ammo? Bitcoin is a farce.......plain and simple. It only benefits the extortionists. I honestly don't know if this comment was satire, but it still gave me a good laugh.
  
  If you don't trust digital currency that can be used for crimes, then have fun trying to buy your groceries with gold coins. The only differences that crypto currencies have from governmental ones is that inflation is limited and corrupt government or pseudo-government agencies have no control. That, and they are newer and still suffer from growing pains such as slow transactions and convoluted buying and selling procedures.
  
  Personally, I have big hopes for bitcoin cash. Going from 1MB to 8MB might seem like it would only increase speeds by 8x, but by reducing the backlog the actual transaction speeds will be far faster than that. I forget the term for it, but there is a whole science to backlogs and lines...and there is a tipping point where adding or removing just one or two percent capacity can decrease or increase waiting times several fold. 8x the capacity should make bitcoin cash fast enough for day-to-day use. This would be very bad for the world's biggest extortionists (the credit card companies).
  Cryptocurrencies aren't going to be relevant in 20 years just as they aren't relevant now. While some anti-government peeps have faith in this crap that is meant to ONLY circumvent the national currencies, it's not enough to last.
  
  As a network architect and security engineer, I see this as a fad for the most part and driven by losers that are tired of "government intervention". Yeah.........you're all the same peeps that believe the government officials of the United States actually blew up our own WTC buildings in 911. Conspiracy theory-propagating putzes!
  
  
  Cryptocurrencies have no place in ANY economy unless they have a tangible benefit from the "chaining" and, now there is very little capitalized benefit other than "ledgers" which no one has any clue how to pragmatically implement to obtain some sort of benefit.
  
  Right now social deviants are the only ones with faith in anything cryptocurrency.
  
  
  And yes..........I'm knocking all ya'll but we'll revisit this in a decade so I can yell "SEE, I TOLD YOU SO"
  
  
  I know I'm such an asshole but in a world of stupidity, it's called for. Inflation isn't a conspiracy theory. Government manipulation isn't a conspiracy theory; China openly admits they are doing it EVERY SINGLE MORNING. The fees charged by companies like Visa, Mastercard, Paypal, etc are not conspiracy theories either. It's not that cypto-currencies are crypto that makes them appealing...it's that they exist and there really are not any good alternatives. You say they are not viable in any economy, but when you can't trust the government to treat money with respect (I'm talking more about China etc than the USA, although the Federal Reserve has done some shady things) or you just don't want to pay as much as 20% in fees to accept a payment these currencies become valuable. Yes, a solid, trustworthy currency without runaway inflation, government manipulation, or insane processing fees would be better...but that isn't always an option...in fact, it rarely is.
  
  As a 'network architect' you may see crypto-currencies as an application of technology with few or no benefits, but if you look at them as currencies (it's even in the name!) instead of network loads, the value becomes apparent.

  9.8.2017 21:47 #9

• sandyl

  Originally posted by hearme0: Originally posted by KillerBug: Originally posted by hearme0: Bitcoin should and will die.
  
  This is nothing more than an attempt to circumvent the US dollar (among other nation's currencies) and operate without impedance on the black market. Bitcoin is such a scam and it still has yet to demonstrate a viable and provable, ableit practical application of "blockchaining"
  
  
  Bitcoin has no place in this world. It's artificially inflating its value all the time.
  
  
  I'm sure the anti-social and socially awkward nerds will ring in and defend this but with what ammo? Bitcoin is a farce.......plain and simple. It only benefits the extortionists. I honestly don't know if this comment was satire, but it still gave me a good laugh.
  
  If you don't trust digital currency that can be used for crimes, then have fun trying to buy your groceries with gold coins. The only differences that crypto currencies have from governmental ones is that inflation is limited and corrupt government or pseudo-government agencies have no control. That, and they are newer and still suffer from growing pains such as slow transactions and convoluted buying and selling procedures.
  
  Personally, I have big hopes for bitcoin cash. Going from 1MB to 8MB might seem like it would only increase speeds by 8x, but by reducing the backlog the actual transaction speeds will be far faster than that. I forget the term for it, but there is a whole science to backlogs and lines...and there is a tipping point where adding or removing just one or two percent capacity can decrease or increase waiting times several fold. 8x the capacity should make bitcoin cash fast enough for day-to-day use. This would be very bad for the world's biggest extortionists (the credit card companies).
  Cryptocurrencies aren't going to be relevant in 20 years just as they aren't relevant now. While some anti-government peeps have faith in this crap that is meant to ONLY circumvent the national currencies, it's not enough to last.
  
  As a network architect and security engineer, I see this as a fad for the most part and driven by losers that are tired of "government intervention". Yeah.........you're all the same peeps that believe the government officials of the United States actually blew up our own WTC buildings in 911. Conspiracy theory-propagating putzes!
  
  
  Cryptocurrencies have no place in ANY economy unless they have a tangible benefit from the "chaining" and, now there is very little capitalized benefit other than "ledgers" which no one has any clue how to pragmatically implement to obtain some sort of benefit.
  
  Right now social deviants are the only ones with faith in anything cryptocurrency.
  
  
  And yes..........I'm knocking all ya'll but we'll revisit this in a decade so I can yell "SEE, I TOLD YOU SO"
  
  
  I know I'm such an asshole but in a world of stupidity, it's called for. A stupid asshole. Nothing new here.

  11.8.2017 12:06 #10

• ChappyTTV

  This one is gonna go south-side in a hurry...subscribed!!
  
  ;)
  

  14.8.2017 18:45 #11