Bitcoin Volatility Surges Ahead of Tuesday's Key Fork Decision

ViaBTC Is Claiming Neutrality as Bitcoin Cash Heads Toward Likely Launch                          Jul 29 2017 at 09:30 UTC by Pete Rizzo

The First Bitcoin Cash Block Was Mined at Block Height 478558The start of the Bitcoin ABC/Bitcoin Cash fork took place at block height 478558 according to BTC Fork Monitor.

Here's a look at what's going on and why some investors are nervous. We got 'em. Want a good-looking t-shirt? Proponents say this system creates a trustworthy currency free from political oversight, and capable of faster, cheaper digital transactions than possible with conventional currencies. Blockchain is the technology used for verifying and recording digital currency transactions.

Bitcoin prices have remained relatively stable in contrast to what Ethereum experienced previous year with the prices plummeting substantially. However, not all bitcoin exchanges (where people store their bitcoin) will accept Bitcoin Cash, and that could potentially hinder the widespread adoption of the new digital currency. Here's a very good primer from Medium's Jian Li.

Bitcoin can be slow.

As it has grown, payment delays have become more common and worrisome. But it began to decline in the hours before to the bitcoin cash deployment.

Well, there were differing views on the right solution. Bitcoin will continue as normal, but Bitcoin Cash will increase the size of blocks in the chain to 8MB, compared to 1MB for traditional bitcoin.

Reformers had threatened to stop recognizing transactions confirmed by miners who hadn't adopted the upgrade. Bx.in.th, Thailand's largest bitcoin exchange, wrote in a blog post that it will not support BCC, calling it "simply an attempt at manipulating the situation in order for the promoters to gain more real Bitcoins".

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate.

The show of support has helped reverse a slide in the value of bitcoin from around $1,900 two weeks ago to roughly $2,800 on Monday.

Dr Hileman said the price will depend on which exchanges allow trading on bitcoin cash and whether users decide to sell, buy or hold it.

"We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value", David Farmer, Director of Business Operations at Coinbase, wrote in a blog Thursday.

New Zealand headquartered altcoin and cryptocurrency exchange Cryptopia has announced that its development team worked meticulously through the weekend to design and create a process to automate the split between BTC and Bitcoin Cash Coin (BCH) safely for the company and users. He now holds a small amount of bitcoin (worth $32.70 at the time of writing) to better understand the cryptocurrency for SiliconANGLE. Greyscale Investments plans to cause any liquidation of Bitcoin Cash and distribution of the proceeds therefrom to be effected in a manner meant to permit the Trust to continue to be treated as a grantor trust for USA federal income tax purposes, and expects that any Bitcoin Cash will be segregated from the Trust before its liquidation.

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