Hours Away From Bitcoin Fork, Price Above $2900 as Investors Remain Confident

Hours Away From Bitcoin Fork, Price Above $2900 as Investors Remain Confident

Hours Away From Bitcoin Fork, Price Above $2900 as Investors Remain Confident

People who use bitcoin couldn't be sure which version they held, or what might happen if they spent it or accepted bitcoin as payment.

So they made a decision to cause a User Activated Hard Fork (UAHF), called Bitcoin Cash (BCC).

Even at the time of the report, there is plenty of uncertainty over whether Bitcoin exchanges will support the creation of Bitcoin Cash and allow transactions under Bitcoin Cash, with some exchanges looking to suspend Bitcoin transactions until the dust has settled.

The biggest dispute lies in the fact that whoever owns Bitcoin would have an equal amount of Bitcoin Cash for free. Watch the bitcoin cash price carefully as non-ViaBTC traders gain control of their coins and introduce them to the markets. Also, it is not certain that the so-called user activated hard fork (UAHF) will happen, but it is very likely.

Ethereum is rising on the deadline for bitcoin's "hard fork." Don't be surprised if the bitcoin price swings violently in the short-term.

Bitcoin Cash is not worth the same as bitcoin.

Anyone who owns bitcoin will also own the same number of Bitcoin Cash units.

The bitcoin community tried to solve this problem by implementing a rule change to its software. Bitcoin as it now stands is in trouble, and with so much money on the line opposing parties have naturally come forward with plans to save it. In the past day alone, the bitcoin cash price has declined 24% against bitcoin, bringing its present value to about $278 according to CoinMarketCap. Much to the annoyance of Coinbase clients, the exchange has instituted a "temporary waiting period" for those wanting to move their coin.

In order to address the concerns of existing Bitcoin users, and to prevent the movement of coins on one chain being replicated on the other, something called "replay protection" was added to Bitcoin Cash. This has been interpreted by market participants as a good thing for the ecosystem.

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Did you find this article on Bitcoin Cash useful? The ethereum price, meanwhile, has experienced a 24-hour surge, vaulting it past the $200 barrier.

A "civil war" in the bitcoin community has resolved itself with two different currencies, but one appears to be the favourite to outstrip its new sibling. There are two main schools of thought.

The result of the bitcoin split is that there are now two versions of the cryptocurrency.

Others beg to differ.

While the markets will ultimately decide, Taylor doubted Bitcoin Cash will be successful in the long-term.

And where there is confusion there is opportunity for bad actors. That step, set to occur in August, is backed by Bitcoin developers.

It's also possible to exchange bitcoin for USA dollars and other currencies.

"My sense is that the split can be managed if exchanges and wallets take the necessary precautions", explained Dr Garrick Hileman, Research Fellow at the Cambridge Centre for Alternative Finance.

Vinny Lingham, who has a strong record on predicting bitcoin price movements, sees a "turbulent few months" ahead and advises participants to stay out of the way of the traffic by removing all bitcoin funds from exchanges.

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