Bitcoin Split 2017: What Is Bitcoin Cash?

Ethereum miners are so desperate for graphics cards that they are renting Boeing 747s

While simpler, it appears as if bitcoin cash is already facing a massive uphill battle to win over users with reports coming through that, as of the time of writing, it is just slightly more than 1pc of the hash rate (rate of bitcoin mining) than that of regular bitcoin. As long as you control the private keys of your bitcoin wallet - or have your coins on an exchange which has pledged support for bitcoin cash - you will be able to claim your bitcoin cash.

More than six hours after Bitcoin split to create a new cryptocurrency, miners added the first Bitcoin Cash block to the chain, officially creating a fork in the blockchain. Séchet argues he's fighting for the soul of bitcoin, and Bitcoin Cash will force the cryptocurrency community to take scalability more seriously, even if the project fails. Eastern time on August 1, but has not yet gone into effect.

Although the SegWit2x proposal does envisage doubling the size (that's the 2x bit) of the transaction blocks, its critics argue that this part of the proposal is far from automatic and would still be too small.

A similar move had been expected to happen two weeks ago, but was averted when developers and miners agreed on a software upgrade called the Bitcoin Improvement Proposal (BIP) 91.

Some software developers came up with a way to speed things up by reengineering bitcoin's universal ledger, which is called the blockchain.

At the same time, futures for bitcoin cash have jumped almost 25 percent over the past 24 hours to $346.98, according to data from Coinmarketcap.

After that the compromise calls for the size permitted for each block to be increased from one to two megabytes in November, a step backed by miners. Now the price is down 8 percent to a low of $2700 as people sit and wait for the fork's outcome to commence.

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"The price level will depend on an interplay between how much mining support Bitcoin Cash attracts, which platforms support Bitcoin Cash, how much selling pressure and buying support we see, and other factors", he told CNBC via email. Coinbase has issued a blog statement saying that customers who do want to access both BTC and BCC should withdraw their Bitcoins from the exchange by 11.59 pm July 31, while Bitstamp said that the decision to list the new token "remains at our sole discretion at all times".

Kraken said that it's working on crediting accounts with bitcoin cash, and that its site's login function is down due to heavy traffic. He wrote that he expects the solid performance of cryptocoins like bitcoin and ether to continue, and he predicts the value of the latter will double by 2018 to about $400. However, the Bitcoin Cash announcement complicated matters.

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The Bitcoin Cash adjustment to Nakamoto's original creation does help address the currency's capacity problem, says Emin Gün Sirer, an associate professor at Cornell who has studied bitcoin's design. Looking for a hardware wallet? It's there. Want to gift a nice Bitcoin coffee mug?

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