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+--- Thread: Bitcoin Has Split (/Thread-Bitcoin-Has-Split)
Bitcoin Has Split - Ecks - 08-01-2017
Bitcoin is dividing in two. Disagreements about how to operate the cryptocurrency have led to a new strand called Bitcoin Cash, which is breaking off from the bitcoin system.
Bitcoin Cash launches Tuesday in what is known as a "hard fork" from bitcoin, a virtual currency based on peer-to-peer transactions without any central authority or bank behind it. The new offshoot is a response to the increasing popularity of bitcoin, which is struggling to deal with massive numbers of transactions with its underpinning technology. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain, while bitcoin Cash will use bigger blocks within the blockchain.
Bitcoin holders are set to receive the same amount of bitcoin cash as they have in bitcoin if the exchanges and wallets they use support the new coin, another report added. Exchanges including Kraken and ViaBTC have said they'll support both, while others like Coinbase and Poloniex have said they won't, citing uncertainty that bitcoin cash will have lasting market value.
Read More @ https://www.cnet.com/news/bitcoin-cash-splits-in-two-in-blockchain-feud/
RE: Bitcoin Has Split - Ecks - 08-01-2017
As a CoinBase user I can confirm I received the email saying they will not be using BitCoin Cash (BCH) and will remain loyal to BitCoin (BTC), this may change later on down the road but for now that is how they are proceeding.
RE: Bitcoin Has Split - Blink - 08-02-2017
I got an email saying that it is going to split, I guess it happened.
I'm not really sure if this is good or bad... :/
RE: Bitcoin Has Split - Oni - 08-02-2017
I don't understand the full implications of this, although the situation is somewhat worrying.
RE: Bitcoin Has Split - DarkMuse - 08-02-2017
>>Here's the article I read<<
Essentially,
The two split, Bitcoin Cash and Bitcoin
BcC:
- Same shit as before, bigger blocks (8 mb) in the block chain which they think will help some of the issues from Bc such as slow transaction speeds.
- Bigger blocks (may) be more vulnerable to hacking but nobody knows for sure atm.
- Bigger blocks may also make the network bigger and more scalable
- Will most likely make Bc's value drop by an amount proportional to its adoption
Bc:
- Utilize Segwit2x which would double the size of bitcoin blocks to 2 mb
- Otherwise, same stuff.
RE: Bitcoin Has Split - zorrophreak - 08-02-2017
So I believe it is kind of an unnecessary hassle to have to deal with the fork. While I will not (unless BTC drops substantially) switch over to Bitcoin Cash (which is currency code BCH by the way), I do believe it is a more idea way to deal with the issue. The concept with segwit is that it will require a lot of inter-operation between wallet developers and exchanges, which could be a bit of a problem.
Although just a tip, unless you use a site that ONLY accepts BTC/BCH or you are an investor, you should switch to Ethereum or Monero now anyways.
RE: Bitcoin Has Split - mothered - 08-02-2017
Disagreement Is one thing, but altering a service that's been doing so well thus far, doesn't make much sense.
Unless they can clearly conclude that the change will serve a bigger and better purpose (both to the consumer and the company Itself) I don't see how It will be of significant benefit. By no means am I a cryptocurrency expert, so please correct me If I'm wrong.
RE: Bitcoin Has Split - MaximumShadow - 08-20-2017
(08-02-2017, 05:10 AM)mothered Wrote: Disagreement Is one thing, but altering a service that's been doing so well thus far, doesn't make much sense.
Unless they can clearly conclude that the change will serve a bigger and better purpose (both to the consumer and the company Itself) I don't see how It will be of significant benefit. By no means am I a cryptocurrency expert, so please correct me If I'm wrong.
I am not expert either, but I don't understand what company you're refering too, as far as my understanding goes there is no company owning BTC.
RE: Bitcoin Has Split - mothered - 08-20-2017
(08-20-2017, 01:40 AM)MaximumShadow Wrote: I am not expert either, but I don't understand what company you're refering too, as far as my understanding goes there is no company owning BTC.
I'm not referring to another "company" taking ownership (or part thereof). It's more so the service In the structure of the company and how It Intends to operate:
(08-02-2017, 05:10 AM)mothered Wrote: Disagreement Is one thing, but altering a service that's been doing so well thus far, doesn't make much sense.