What is the new bitcoin cash fork called

This attack is actually quite ironic because the whole point of Bitcoin Gold was to prevent centralized miners from gaining too much control. One of the most prominent features of the Bitcoin Cash ABC proposal is to move beyond monetary transfers. Predicting or commenting on the future of Bitcoin Cash is impossible. Kharpal, Arjun 3 August Learn how your comment data is processed.

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I am sure if you are reading this, you might know about the current Bitcoin scaling issue. This issue is not new, but it seems like it is about to reach its climax. Multiple users, miners, and developers are clinging to multiple solutions to solve the overarching Bitcoin scaling debate. And everyone is deciding which side to join in the chaotic situation of this upcoming Bitcoin fork. So I thought of covering the latest on this Bitcoin drama without getting deep into these technical jargons for. Soon, I will publish a separate guide on all these jargons related to the BTC fork…. The new split of Bitcoin will be called Bitcoin Cash.

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O n Tuesday morning, bitcoin analysts woke up to witness the birth of a new currency. Bitcoin Cash forked from the existing bitcoin blockchain at a. Eastern on Tuesday, after a two-year ideological and technical battle over the future of the cryptocurrency. Enter Bitcoin Cash, or BCH, a new cryptocurrency based on the bitcoin blockchain but diverging from it significantly from here on out. Bitcoin Cash will have eight megabyte blocks, and various other differences.

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I am sure if you are reading this, you might know about the current Bitcoin scaling issue. This issue is not new, but it seems like it is about to reach its climax. Multiple users, miners, and developers are clinging to multiple solutions to solve the overarching Bitcoin scaling debate. And everyone is deciding which side to join in the chaotic situation of this upcoming Bitcoin fork. So I thought of covering the latest on this Bitcoin drama without getting deep into these technical jargons for.

Soon, I will publish a separate guide on all these jargons related to the BTC fork…. The new split of Bitcoin will be called Bitcoin Cash.

Bitcoin Cash is a new cryptocurrency denoted, as of now, as BCH. Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. For your information, it will be a miner activated hard fork aka MAHF that will happen without the agreement of a majority clled miners or hash power.

Bitcoin Cash will be a fork of the what is the new bitcoin cash fork called Bitcoin blockchain with some changes and additional features here and. Mind you, these changes might look small and whst, but in reality, these small things have been the reason for a massive forkk on Bitcoin scaling for many years.

Now with Nwe Cash, they will start off with an immediate increase of the block size limit to 8MB. With this, everyone involved will have minimum disruptions and both the chains can peacefully coexistence from.

The crypto-sphere is heating up and simultaneously becoming more calldd as it evolves. I am sad to see how the viruses of confusion and myth are purposely injected into the ecosystem and how the whole system is manipulated as well as hijacked on a regular basis. Specifically, I am talking about the recent insane price spike of Bitcoin Cash and the doomed price fall of Bitcoin in just a matter of hours.

For the latecomers, I want to first explain what Bitcoin Cash is and show you some facts. Some more benefits…. Ignoring the fact that many of you would have made a good amount of money in the recent Bitcoin Cash rally, one needs to pay a huge cost for using Bitcoin Cash. Some of you might say that I am biased and I am just a Bitcoin fan, but I have facts!

A decentralized cryptocurrency having a CEO? Do you really need a CEO for a currency? Bitcoin Cash mining is highly centralized.

If you look at the above image, bitcoij will certainly be able to put in perspective what I am talking. This is the hash power distribution for Bitcoin Cash mining for the last blocks mined. Forgot to mention. BCH is a lot more miner centralized. So it’s security is weak because of. Litecoin doesn’t have this problem because Litecoin hitcoin Scrypt hashing.

Anyone attacking BTC at that time had no incentive in doing so because it was almost worthless. Bitcoin has more than 10, active full nodes running, which is one of the most important factors of a truly decentralized currency. On the other hand, Bitcoin Cash only has around nodes as per Coin. Who does hard forks or upgrades in the currency protocols without polls? Bitcoin Cash had their hard fork or protocol upgrade on 13th November Read more about the Bitcoin Cash fork. Well, I am not against Bitcoin Cash changing something and trying to be competitive, but they should not try being competitive in this way — by doing things without polling the community.

If something is getting upgraded in the dash, then it has to happen with proper polling and agreements. Also, this write-up gives a for that there is actually no need for polling because their community is neq small and censored.

In reality, there are only three individuals who made the decision. You can see how easy it is to upgrade Bitcoin Cash. Their community is comprised of 3 people. They are the miners, the developers, and the users. Some of the botcoin that make Bitcoin truly decentralized and much better than Bitcoin Cash are:. Even Andreas suggested this to both communities. Bitcoin and Bitcoin Cash will coexist and serve different use cases, just like Bitcoin and Ethereum.

Its not a zero sum game. Work on building your project, not on destroying the. On the other hand, I am not naive or ignorant about current challenges that Bitcoin is facing in terms of scalability despite SegWit implementation. I am also aware that a huge number of Bitcoin txs are bitcojn in the mempool. Similarly, Bitcoin will scale with the much-anticipated Lightning networks or sidechains in the future.

And yes, those scaling solutions need to happen soon, otherwise, there will be more drama like this for ages to come. You may think that no one would support this new kid in the crypto market. BCH is getting enough support from users, miners, and developers. And in reality, to start with, you only need support from these key players.

So far, there is no official confirmation that they will be giving all of their hash power to BCH mining. But if that happens, BCH is here to stay. All current Bitcoin holders will automatically own Bitcoin Cash. The existing ledger at the time of the split is preserved, thus users retain any balances they had before the split.

Note: Doubling of coins does not mean doubling of value. You do not need to do much, but you need to be updated and agile about all of. If you want access to your BCH coins, you will require your private keys.

This prevents Bitcoin Cash transactions from being replayed on the Bitcoin blockchain and vice versa. So to avoid replay attacks and access your BCH coins, we suggest you take care of the following things:. Predicting or commenting on the future of Bitcoin Cash is impossible. For more details on how you will be able to access BCH, keep an eye on our blog. For now, I have shared with you actionable things to avoid any loss in case a fork happens.

So if you wish, you may skip this. Some of you who are aware of some dynamics of the BTC fork might be thinking dalled I am talking about this fork. Well, that was true, and it is still sort of true. But, there was another proposal on how to scale Bitcoin called BIP aka UASF which intended to activate SegWit on August 1,without seeking the majority of miners by updating their full node software.

In response, Bitmain and others came up with a contingency plan to save some miners and users who otherwise would have gotten wiped out in case BIP was activated. They called this plan a UAHF user-activated hard fork. That means they will be supporting and implementing BCH.

However, now it appears that this plan will still be carried out on August 1,because this group is fundamentally against the idea of SegWit or SegWit2x and sees a block size increase as the only option. The only ray of hope to stop this fork seems to be that Bitcoin core developers, miners, users.

And believe me, this is very unlikely. August 1st will be a historic day in the lifetime of Bitcoin and its users. If people find BCH more profitable and appealing, it could take off, or if it turns out to not offer anything useful to the world, it could just die an unnamed death. So until that time, stay tuned at CoinSutra to keep with the Bitcoin revolution! An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Actually, the confusion happened because there is no formal structure or process to name cryptocurrencies.

So no need to get confused with the logo. Yes there is. You can check out BTC. You can import your private keys into a Bitcoin Cash wallet here acsh the list of supporting wallets- Best Bitcoin Cash Wallets. Fhe here is the list of light weight clients.

Nice read Sudhir. There is a separate explorer for. If you had BTC before 1st August on your bitaddress paper wallet then look up your address. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Notify me of follow-up comments by email. Notify me of new posts by email. This site uses Akismet to reduce spam. Learn how your comment data is processed. Bitcoin Last Updated : August 12,

Bitcoin Cash Hard-Fork — Everything you need to know (11/15/2018)

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This is the hash power distribution for Bitcoin Cash mining for the last blocks mined. Bitcoin cash is like a new version of Microsoft Wordwhich generates documents that can no longer be opened via the older versions. In all likelihood, the miners will commit their power to whichever coin is more profitable to. IO Nxt Steem Tezos. Indeed, SV leads the way with as much as 76 percent of miners intending to run its implementation, followed by ABC and Unlimited with between 15 to 26 percent support. Specifically, I am talking about the recent insane price spike of Bitcoin Cash and the doomed price fall of Bitcoin in just a matter of hours. What is the new bitcoin cash fork called may also like. Toggle navigation BlockExplorer News. To calculate the difficulty for a new block, the Bitcoin Cash DAA uses a moving window of last blocks. After the initial gold rush, traders are contemplating the fact that vicious infighting could have a negative effect on the future of Bitcoin Cash.