Bitcoin Cash Paves Way to Bitcoin’s Split

Published By : 02 Aug 2017 | Published By : QYRESEARCH

All thanks to bitcoin cash, Bitcoin will be divided into two separate currencies in the near future. For many years now, bitcoin power brokers have been arguing over the blockchain network’s structure, which powers up the sizzling currency. The disagreement is in between the core-developers and the miners as the core developers want to keep the network limited by retaining the current size of the blocks in a bid to protect against hacking, whereas, the miners want to resize the blocks in order to speed up the network.

To get to a common place, miners and some of the business executives have come up with a proposal, called SegWit2x, which will augment the bitcoin block size to 2 megabytes. Up until last week, it looked like everyone is on-board with the idea. However, with the advent of bitcoin cash, an efficient alternative to both, the original and the SegWit2x version of bitcoin, it is likely to be separated into two individual currencies.

Charlie Morris, the CIO at NextBlock Global, an investment firm with digital assets, stated that the origin of bitcoin cash is still unknown. “A group of miners, who weren’t in the favor of SegWit2x, will opt for this new software, which is going to increase the bitcoin block size to 8 megabyte from the current size of 1 megabyte. This, as a result, will lead to a split in bitcoin,” he added. The bitcoin cash has been trading for nearly US$200 to US$400 in the future market. 

Back To Top