Breaking down the May 15th Bitcoin cash [BCH] hard fork

Bitcoin cash was created as an alternative that serves better than the Bitcoin network, and a hard fork helps in the creation of a new blockchain network. Every Bitcoin holder can have access to owning Bitcoin cash at extremely reasonable fees.

Several independent teams have been creating secure software applications to maintain a global decentralized development. Hence, not a single group can have control over it. Bitcoin Cash is widely popular in Asia, South Korea, and Japan.

Ryan Charles, the founder of Yours.org says:
“The most noticeable thing will be on memo.cash. It’s a decentralised twitter, so you can fit more room in between.”


Don’t forget to join DollarDestruction’s NEW telegram channel! At least 15 news articles delivered to you daily!


The necessary first step towards global adoption of Bitcoin cash shall take place on the 15th of May 2018. Bitcoin cash will go through a hard-fork where the block size will increase to 32MB and there will be changes pertaining to adoption of smart contracts. For better reference, we can come to an understanding of the recent surge in Bitcoin Cash’s price in mid-April which was over 100%. Basically, all the Bitcoin Cash node users are required to upgrade to Bitcoin ABC 0.17.1 or any other software that’s compatible.

Bitcoin Unlimited and Bitcoin ABC are user-friendly nodes. BCH is definitely making a comeback with the recent rise in valuation with this hard fork. This will benefit the upsurge of prices in the coming days. Bitcoin ABC is software that is used to run Bitcoin cash node that will hard fork for regular network upgrades.

New upgrades will have:
* Block size increase from 8MB to 32MB.
* The OP_RETURN data carrier size is increasing to 220 bytes. This will enable smart contracts.

Bitcoin Unlimited [BU], the full node implementation for Bitcoin and Bitcoin Cash networks plays an important role in the upcoming hard fork along with ABC developers.
Writing and operating software updates with the recent launch of Bitcoin Cash. Large transaction volumes can now be tested and experimented with. A maximum of 200 transactions is possible per second which you can adopt through the usage of the blockchain without other fundamental changes.

BCH is currently priced at $1.432 with a circulating supply of 17,128,575 with an upsurge of 3.04% in the past 24 hours.


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!

Source
Author: Prerana Sarkar
Image Credit


Bitcoin Cash: What Fuels its Growth in April?

  • Bitcoin Cash has gained more than 120% since early April.
  • The upcoming hard fork likely responsible for most of the gains.

Bitcoin Cash has been getting a lot of attention again recently. The Bitcoin spin-off that came into existence as a result of a hard fork on the Bitcoin blockchain in August 2017 has now gained more than 120% since it bottomed out in early April.
When measured against the original Bitcoin, the gain has been 66% in a market where Bitcoin has also rallied strongly against the US dollar.


ICO of the week:
Vanywhere.com:
Working product – ✅
Major player involved – ✅
Experienced team – ✅
Active community and social channels – ✅
Potential of mass adoption – ✅


Antpool Burning Bitcoin Cash
One reason behind the recent price surge in Bitcoin Cash could be a recent announcement from a mining giant Antpool. The mining pool announced in a tweet on April 20 that they would start burning 12% of the transaction fees they receive in an effort to reduce the supply, and thus boost the price, of Bitcoin Cash. Antpool has also invited other miners to start burning 12% of the transaction fees collected.

A key question for investors in this regard is how much of a reduction in supply 12% of Antpool’s transaction fees really constitutes. Some members of the crypto community have simply called it propaganda on the part of Antpool in order to artificially boost prices, while accusing Antpool of acting like a central bank that regulates money supply in pursuit of its own self-interest.

Regardless of that, however, the news has now made its way around the Internet and it may have lead to at least a perception of increased scarcity in the BCH market, which is always good for the price.

Hard Fork Effect
In addition to the announcement from Antpool, the Bitcoin Cash price has likely been benefiting from market expectations to an upcoming hard fork on the network.
The hard fork, which is scheduled for May 15, will increase Bitcoin Cash’s block size from today’s 8 megabytes to 32 megabytes, significantly increasing the number of transactions that the network can handle. However, the largest average block on the Bitcoin Cash’s blockchain in a few past weeks was only 162 kilobytes, according to bitinfocharts.com data. In comparison, it was almost 900 kilobytes in case of the Bitcoin’s blockchain.
Cryptocurrency prices have a tendency to rise in anticipation of hard forks, which is what we are seeing this time as well. When Bitcoin Cash was forked off of Bitcoin last year, Bitcoin prices rose by an average of 10% across exchanges in the two days leading up to the event.

“Potentially Overbought”
Despite these positive developments for the price of Bitcoin Cash, it is not obvious that the price will continue the strong gains from here.
Cryptocurrency veteran and Head of Research at Fundstrat Global Advisors, Tom Lee, said during an appearance on CNBC on April 25 that he would prefer to put “fresh money” into Bitcoin rather than into “something that is potentially overbought” at the moment, referring the strong gains we have seen recently in Bitcoin Cash.
Interestingly, when asked who he believes will come out as the winner in the battle between the two currencies, Lee said that he “prefers not to pick winners and losers” and that “I think both have merits.”

BCH community shifting its focus
While the original goal for the members of the Bitcoin Cash community was “the flippening,” meaning to overtake Bitcoin in terms of price, popularity, and number of users, the focus now seems to be shifting to fill another niche in the market for cryptocurrencies: Everyday payments.
Among other things, this is evident from the integration of Bitcoin Cash into the commercial payment processor BitPay’s platform, a huge step forward in achieving real user and merchant adoption of the currency.

In addition to being potentially overbought at the moment, a clearly defined objective and purpose for the digital currency, other than attempting to dethrone Bitcoin, may mean that growth in the future will become more muted, and prices less volatile, than what we have seen over the past few weeks.


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!

Source
Author: Fredrik Vold
Image Credit