Just a few days ago last August 1st, Bitcoin took another split with the birth of Bitcoin Cash. What does it mean to consumers?
What’s Up With Bitcoin Cash?
Bitcoin Cash has been in the pipeline for months now, as it seeks to improvise on the existing Bitcoin that we are familiar with. One of the primary reasons for Bitcoin Cash is the fact that that Bitcoin can only accommodate up to one megabyte (1MB) of blockchain every 10 minutes. Blockchain is the digital ledger for Bitcoin that records every single transaction was done worldwide.
8MB blocks for Bitcoin Cash
With a bigger block that Bitcoin Cash can accommodate, this means that transactions can be processed at a much faster rate and more cryptocurrency can be mined.
More Storage Capacity, More Servers Required, Bigger Budgets Needed
In other words, Bitcoin Cash is indeed for the big boys who have access to large server farms dedicated to mining. This means that smaller players or individual miners might suffer a huge disadvantage, especially if you are just starting out.
Opens at $250, Up to $700 But Closed at $450
Bitcoin Cash brings with it a sense of optimism that it shot up to almost triple its original listed price to $700 USD but later closed at $450. We sense that volatility will be a sure thing, with this new currency so new and fresh in the market.
Too Many Forks Can’t Be Good Though
A fork is when a split in the original cryptocurrency happens. Well, in this case, Bitcoin Cash split up from the original Bitcoin and took a life of its own. Not bad of a start though, as Bitcoin Cash currently has a valuation of close to $8 billion USD in size. But will it be for the greater good for Bitcoin in general, we have yet to see it.
1000’s of Digital Currency Right Now in The Open Market
With prices ranging from thousands to pennies, it is a sea of digital currency out there right now. With more countries and organisations becoming more open to cryptocurrencies, who knows what the future holds for us?
Category: Team WhaTechCompany profile: Tech junkie by profession and passionate about anything from the digital world, movies, games and reading. He loves writing and hopes you enjoy his writing as much as he does. Eza, is also known as Don in the virtual world, but don’t him me wrong, he's not a mafia type he's really a nice chap and a devout family guy.