The two separate chains are likely to form, however, only the new chain to have economic value.
On August 1st a year ago, Bitcoin Cash forked from Bitcoin.
However, the whopping increase in block size has drawn the most attention.
The average transaction size for Bitcoin Cash is about 200 bytes, which means that each of the network's 10-minute, 8 MB blocks could support (on average) 40,000 transactions, for a total of 5,760,000 per day. Hard forks are implemented when the changes are being made at the most essential levels of the blockchain. Bitcoin Cash has a total market capitalization of $25.02 billion and approximately $1.03 billion worth of Bitcoin Cash was traded on exchanges in the last 24 hours. The main reason for the fork to take place was scalability problem - the original Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second.
Bitcoin Cash (BCH) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm. We are not trying to say that you should buy Bitcoin Cash over another coin.
The codes were removed from the Bitcoin protocol in June 2010 largely because they provided an attack surface that developers did not want to spend more time on, as nChain developer Steve Shadders describes in a technical update about the feature.
What are the drawbacks of constantly increasing the block size?
All this notwithstanding, it does seem that the market has recognized some distinct value in BCH, given its market cap has increased nearly 300% from the hard fork to now, compared to just over 200% for Bitcoin.
The block size was originally restricted to prevent DDOS attacks from clogging the network. Of course, this decline does seem to be down to the markets themselves and has no bearing on the outcome of the hard fork, overall though, this isn't the start the Bitcoin Cash community wanted.
Large blocks could have meant that only the largest, most organized mining pools would be able to mine new blocks-something which is antithetical to Bitcoin's core value of decentralization.
Developers can leverage the above-mentioned capabilities to create representative tokens, otherwise known as colored coins. These are tokens that can be tagged in a specific way to correspond to bonds, stocks, precious metals, commodities, and any physical or virtual object.
BCH developer community promised to realize a vision for digital cash that they felt Bitcoin itself had failed to deliver: a decentralized, high-volume payment system with low enough fees for anyone to use.
Bitcoin Cash (BCH) is now the 4th largest token with a market cap of around $23.3B.
Alejandro comments with a grounded optimism, "It is hard to say what might come out from this new functionality, but if we base our assumptions on what Ethereum has been able to accomplish from its second layer implementations, then I believe it will give Bitcoin Cash a lot of space for creative and productive ideas to blossom".
Bitcoin Cash (BCH) traded up 3.39 percent against United States dollar since this time yesterday interval ending 17:00 on May 13th EST.
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