Bitcoin Civil War Could Create Cryptocurrency Clone

Randall Padilla
August 2, 2017

Although millions of bitcoin users will keep their existing bitcoins, they also will also receive bitcoin cash. Unlike this hard for, BIP 91 is backward compatible and brings the entire community along.

The creators of Bitcoin Cash believe support for segregated witness was a mistake - and a diversion from Satoshi Nakamoto's vision for Bitcoin - and they aim to help bitcoin scale by immediately increasing the block size from 1 MB to 8 MB.

As to what they even want, the developers want to limit the size of the blocks in order to make hacking less of a threat. The first of these to be released is named "BitcoinABC". Many of you might be already knowing that Bitcoin Core, which was published by Satoshi Nakamoto as Bitcoin, is a full client used by bitcoin nodes. All will conform to the protocol specification set out by the UAHF proposal. "Second, bitcoin will retain the network of integrated services that make the bitcoin network useful to businesses and consumers".

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate.

One of the primary reasons behind this roller coaster performance is speculators looking to cash-in on the free BCC or those who are trying to get rid of the Bitcoin to be on the safe side and opting for altcoin instead like Ethereum, which saw a near 10% jump in its prices during the same time.

"My sense is that the split can be managed if exchanges and wallets take the necessary precautions", he explained. But thanks to a recently deployed software hot fix, the world's leading cryptocurrency shouldn't suffer a fork - or split in the currency - and two experts say that's a pretty good thing. Many exchanges, perhaps most notably Coinbase, have made a decision to not list the new cryptocurrency at all.

After the split, all Bitcoin holders will get an amount in Bitcoin Cash, which is equal to their Bitcoin assets.

"As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product".

It remains to be seen what effect bitcoin cash will have on the bitcoin price in the coming days, but volatility should be expected.

The risk of transaction "replay" attacks.

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The miners, a powerful segment of the bitcoin community, represent a network of computer operators who validate information on the blockchain. As of Monday the price of Bitcoin Cash futures was about one-tenth of bitcoin itself.

Should the split go through, all direct owners of bitcoin will hold both versions of the currency. Such an occurrence is called a "replay attack". Let's dive deep into the Bitcoin fork and why it's important. Bitstamp said, "Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal". The replay protection was therefore only "one way". This means Bitcoin Cash could process transactions faster. This is called "strong replay protection" or "two way replay protection".

What do you think about Bitcoin Cash officially splitting off from the legacy chain?

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