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Bitcoin Cash to launch today amid predictions of 'chaos'

02 August 2017

Originally used for online payments, bitcoin has been moving into traditional retail and is in use in Alabama.

The split of the bitcoin blockchain has started, as earlier today a group of miners began using different software in order to create a new cryptocoin called bitcoin cash (BCC), Coindesk has reported. The moment I plug this USB drive to some computer, the moment I get it out, the moment I change the wallet.dat file, I bring this bitcoin into the world and that scares me. Bitstamp said, "Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal". But after a few days, one plan - a moderate solution called BIP 91 - won out, and experts say that's a pretty good thing.

Am I ready for Bitcoin Cash?

Bitcoin has now split into two products: Bitcoin and Bitcoin Cash.

Bitcoin was invented by a programmer (or team of such) who went by the name of Satoshi Nakamura.

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Whilst the arrival of another cryptocurrency derived from Bitcoin's source code is not newsworthy in itself, the fact that Bitcoin Cash shares a common transaction history (blockchain) with Bitcoin has raised its profile somewhat.

The minds behind the split appear to be primarily Chinese-based Bitcoin miners who are unhappy with the way the technology is being improved. The bitcoin network can only support around seven transactions per second, compared with thousands per second piped through conventional financial networks such as Visa. The split, called a "hard fork", comes out of a bitcoin group's desire to combat high transaction fees and a bitcoin size limit that made mining larger blocks invalid.

However, Coinbase said it will not support the new bitcoin cash.

But since Coinbase won't back the new bitcoin cash, folks who hold their bitcoin on Coinbase's system won't see their bitcoin supply double. The bitcoin split has resulted in owners that are now holding bitcoin cash. But others will not. "One is much more natural for store of value and the other one for a means of exchange". It is advisable that you move your real bitcoins to a new wallet after the fork (and ensure that it has been safely deposited in the new wallet) before showing your private keys to a Bitcoin Cash wallet.

Bitcoin's future is yet to be decided, and Ethereum is gaining on the uncertainty.

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After the fork had been completed later in the day, Coin Market Cap reported that Bitcoin Cash (BCH) is priced around $214, just a fraction of the original Bitcoin's value, which is now priced at $2753. "The crucial part is the amount of economic interest in this new currency", says Sirer.

However, as per Coinmarketcap, Bitcoin Cash futures started trading at levels of Dollars 555 from July 23 and at the time of reporting were at USD 288.

Asked what outcome this will have on investors, he added: "It depends, but probably making BTC holders more wealthy, since Bitcoin is better with SegWit".

Bitcoin holders keep a wary eye on price movement.

In late July, bitcoin's biggest problem came to a head. It depends on whom you ask.

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They claimed that the danger with the Segwit2x scheme was that there was no guarantee a doubling of the block size would follow the data-splitting step, as promised. Morris told Business Insider that bitcoin cash was trading in the futures market for about $200 to $400 last week, suggesting that's the range it would fall in during regular trading.

Bitcoin Cash to launch today amid predictions of 'chaos'