Bitcoin Cash (BCH) Hard Fork May 15,2018 Details & Action Plan Guide

Bitcoin Cash, the world’s fourth-largest cryptocurrency by market cap, is preparing for a hard fork on May 15.

The cryptocurrency famously launched with a hard fork in August 2017, when BCH split from the original bitcoin (BTC) chain. Now, BCH is using the same strategy to enhance the real-world usefulness of its cryptocurrency.

The May 15 hard fork is known as Bitcoin ABC. It quadruples the block size from 8MB to 32MB.

“Legacy” bitcoin (BTC), meanwhile, continues to have a block size of 1MB. BTC has maintained the 1MB block size since launching in 2009 and has experienced significant scaling issues as a result.

Today, BTC can only process approximately seven transactions per second. Credit card networks like VISA and MasterCard, meanwhile, can process over 50,000 transactions per second. BTC has proposed a centralized solution called the Lightning Network that runs outside the original BTC blockchain, while BCH developers emphasize larger block size as an on-chain scaling solution.

Bitcoin Cash was founded on the belief that larger block size will lead to greater transactional capacity. We’ve already seen that belief in action as BCH continues to have lower fees and higher transactional capacity than BTC.

This latest hard fork was first proposed when seven Bitcoin Cash development teams met in London in November 2017 to discuss the direction of the cryptocurrency.

In addition to a block size of 32MB, Bitcoin Cash will reduce block intervals to 2.5 minutes, giving the blockchain speeds similar to Litecoin.

Plus, the hard fork could also potentially activate dormant bitcoin code that would allow the BCH network to offer features similar to ERC20 tokens on the Ethereum network – including allowing users to launch ICOs.

The price of Bitcoin Cash, meanwhile, has surged 20% in the last week. The price of BCH has doubled since the beginning of April.

Bitcoin Cash Hard Fork Changes and Upgrades

The main upgrades in this latest hard fork include:

  • Block size will be raised to 32MB, which is the largest possible block size available without changing peer-to-peer protocols
  • The hard fork will re-enable the existing opcodes that were disabled earlier (these opcodes are the building blocks for some of the more advanced smart contracts)
  • The upper turn size will be increased to 220 bytes from 40 bytes, allowing users to add more data on the upper turn for archiving on the blockchain (this could lead to the launch of “colored coins”, allowing you to track other assets that aren’t validated by miners)
  • The possibility of timestamping data (this is also a result of increasing the upper turn size); this would allow users to hash a document and add it to the blockchain in order to prove existence of the document

All Bitcoin Cash node operators are encouraged to adopt version 0.17.0 prior to the May 15 hard fork.

The next Bitcoin Cash hard fork, meanwhile, is scheduled to take place in November 2018.


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Can Ripple (XRP) And Bitcoin Cash (BCH) Sustain Their Recent Gains?

 

Ripple (XRP) and Bitcoin Cash (BCH) are exactly the type of coins that you could expect to make moves like these for no specific reason. Surprisingly, both coins are up double digits today with Ripple up 19% in the last 24 hours and Bitcoin Cash up 18% in the last 24 hours at the time of writing. Every time something like this happens, Ripple becomes the darling of news outlets. Everyone starts talking about how Ripple (XRP) is the best coin to expect the most gains even though Bitcoin (BTC) may be the market leader.

Ripple has had a lot of things going on, it has had partnerships signed (some of which the media did report) but a lot of technological developments remain under the radar buried under the heap of hate targeted against Ripple by ‘champions of decentralization’. However, the irony is that when Ripple makes such gains, all is suddenly forgotten and even those who hate the coin start buying and talk about it on online forums.

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Developments like these give credit to concerns raised by pioneers like Vitalik Buterin that people are more interested in profits and gains rather than the technology itself. Perhaps this is also the reason why a coin like Verge (XVG) is all over the news three days in a row but then is not heard of for weeks.

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This brings us to our debate of whether Ripple (XRP) and Bitcoin Cash (BCH) can sustain their recent gains. For the most part, this depends on whether FOMO still rules over logic and reason. Charts for Bitcoin Cash (BCH) or Ripple (XRP) do not look favourable for a new rally.

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If this was any other market, no sensible investor would go long at this point. However, with cryptocurrencies you cannot be sure considering most gains happen over a course of just a few days. It should be borne in mind though that big losses also happen in a matter of days so it is best to take profits and wait for a good entry point rather than to be left holding the bag when the price bounces off a strong resistance line and sharply heads towards lower levels.  The RSI levels for both coins are near overbought levels and the most likely scenario would be a fall instead of a further rise.

Altcoins have had a good run for the past few days despite Bitcoin (BTC) lagging and trading indecisively. This shows that the excitement is there and investors are waiting to get on-board to start the next bull run. However, rejection at critical levels also show that institutional investors are not prepared to buy yet at these levels and the market will probably retest lower levels to gain support before new rallies. Prices of Ripple (XRP) and Bitcoin Cash (BCH) both seem to have topped for now and could slowly start to slide lower in the next few days as Bitcoin (BTC) confirms a daily close below the logarithmic downtrend line.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Ledger wallet users unable to access BCH accounts for over 24 hours

According to reports, bitcoin cash users are frustrated with the Ledger hardware wallet as users have complained they cannot access their accounts. The firm’s chief technical officer, Nicolas Bacca, explained on Reddit forums that the team was still investigating the matter.

Ledger Wallet BCH Accounts Have Been Unavailable

Recently on the Reddit forum /r/ledgerwallet, a user complained about bitcoin cash (BCH) accounts being down for well over twenty hours. At the moment the issue is still unresolved as of April 10, 2018, 6:17 PM UTC as the company says a “data transfer” is now 81 percent complete and “the ETA for the end of the transfer is unchanged.” The Reddit post has a number of comments from BCH users “freaking out” and unable to see their coins or make transactions. Ledger has issued a status report concerning the issue stating:
“The new version of Bitcoin-ABC (Bitcoin Cash node) breaks compatibility with our parser — As a result balances shown on the Ledger Wallet are incorrect — Our engineering team is currently working on a fix.”

 

“Funds stay secured and you can safely receive transactions — In case of emergency, you can use Electron Cash to access them.”

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A Complex and Serious Issue

Many BCH users have been upset with how long it is taking Ledger’s development team to address the problem. Ledger’s CTO Nicolas Bacca did talk about the matter with individuals commenting on the Reddit post and stated the fix could take days.
“The team is still investigating,” explains Bacca. “I’m not following this closely, but if invalid data was fed into our parser it could be necessary to reparse the whole chain which will take a few days. Thanks for your patience, and feel free to open an issue on Electron Cash Github if it isn’t working properly.”

“For any blogger trying to misquote me — this means that another team is working on it as fast as they can, but not myself.”

Eric Larchevêque the CEO of Ledger Wallet has also commented on the issue with BCH accounts.
“All of our infrastructure engineering team is working on fixing the outage since we have been aware a day ago — The issue is complex and we are taking this very seriously — Our CTO is not in charge of the infrastructure and is therefore not following this specific question closely — Others are,” Ledger’s CEO explains commenting after the company’s technical officer.

“We are now in the process of reindexing all our BCH nodes. Funds are safe and users can immediately access their funds through Electron Cash. Thank you for your patience.”

“The file transfer is over,” details Ledger’s status report, thirteen minutes later at approximately April 10, 2018, 6:40 PM UTC. “We’re now restarting the blockchain explorer to resync from block height 524442.”

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Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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