Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Plucky Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the purpose that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take toughly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a puny number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and truly just a question of market viability.”

Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Plucky Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the aim that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take harshly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a puny number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and indeed just a question of market viability.”

Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Courageous Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the purpose that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take toughly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a petite number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and indeed just a question of market viability.”

Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Plucky Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the objective that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take harshly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a puny number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and truly just a question of market viability.”

Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Plucky Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the purpose that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take harshly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a petite number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and truly just a question of market viability.”

Bitcoin cash rallies almost 200% following blockchain split

Fresh digital currency ‘bitcoin cash’ rallies almost 200% following blockchain split

A fresh digital currency called “bitcoin cash” (BCC), created by the splitting of the bitcoin blockchain, is rapidly rising in price despite lacking crucial support from parts of the cryptocurrency community.

“There’s no infrastructure available out of the box, to support BCC,” warned Fran Strajnar, co-founder and CEO of data and research company Courageous Fresh Coin.

“The network needs further support and infrastructure needs to be as effortless as bitcoin; otherwise it’s over for BCC,” he told CNBC via email on Wednesday.

The fresh currency token, “bitcoin cash”, was created on Tuesday when a section of the bitcoin community compelled the blockchain (the digital ledger which records every bitcoin transaction) to split into two separate chains.

Everyone who held bitcoin before the split was entitled to the same number of “bitcoin cash” tokens, effectively receiving a free dividend.

In the hours after the blockchain split, the price for the fresh token fell close to $214, according to CoinMarketCap. But the price has since rallied as more transactions of the fresh token take place. It is presently trading around $628.37.

Despite the rapid price rise, it is worth just a fifth of the original bitcoin, which is presently trading around $Two,763.92, according to industry website Coindesk.

The blockchain split is the culmination of a long-term scaling debate within the digital currency community. Before the split, only one megabyte of transactions could be processed at any one time, which led to delays.

One solution was SegWit2X, which uses a system called “segregated witness” to increase the network’s capacity, and will later dual the number of transaction to two megabytes.

A sector of the community unhappy with this solution instead shoved to split the blockchain and create “bitcoin cash”. This fresh chain has a transaction limit of eight megabytes.

The blockchain split may mean the two sides of the community will now stop arguing, hopes Linus Lindgren, strategic investor and advisor at BTCXIndia.

“Instead (they can) concentrate all their energy on developing their respective project, in whichever direction they deem best to achieve the purpose that’s significant for them,” he told CNBC via email.

“And if both sides goes back to coding instead of arguing, I think that’s likely to be positive for the ecosystem overall.”

The blockchain split occurred at 08:37 a.m. ET on Tuesday, at which time “bitcoin cash” traded around $290.

But a big problem facing “bitcoin cash” is a lack of support from the mining community. Miners are needed to verify transaction on the bitcoin blockchain and this requires a large amount of computing power. The process is meant to take harshly ten minutes, but the less power that is available, the longer the process takes.

After the blockchain split, it took more than five hours for the very first block of “bitcoin cash” transactions to be mined. This indicates that only a puny number of miners are working on the fresh token.

So far, only twelve blocks of transactions have been mined. The last block was around ten hours ago, at the time of writing, according to data website Blockdozer Explorer. So far, only one of these blocks has taken advantage of the larger transaction limit suggested by “bitcoin cash.”

This lack of support and long processing time means several digital asset exchanges are freezing deposits and withdrawals until the process time gets back to under one hour, according to Strajnar.

The market concentrate will now turn to the original bitcoin, where the transaction limit remains at one megabyte. It is expected to dual to two megabytes later this year, but it is possible the miners supporting it could renege on this decision, which would create problems.

“There could be yet another split and a resulting third bitcoin branch,” digital currency investor Joseph Schweitzer warned CNBC via email.

“Like any open source code, the number of splits that can take place are limitless, and truly just a question of market viability.”

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