Why Did Bitcoin 'Fork' Today and What is 'Bitcoin Cash?'

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The front of a physical bitcoin minted by software engineer Mike Caldwell.

So they chose to cause a User Activated Hard Fork (UAHF), called Bitcoin Cash (BCC).

Bitcoin.com's store features a wide range of interesting Bitcoin-related products.

Some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support bitcoin cash.

Bitcoin Cash was slated to launch Tuesday. For some, the solution to that is to make a whole new currency using similar software.

The split of the bitcoin blockchain has begun. Since the blockchain is a public ledger, anyone and everyone can see that this transaction happened. Transactions are added to "blocks" or the links of code that make up the chain, and each transaction must be recorded on a block.

Currently, Bitcoin can process up to 1MB transactions every 10 minutes, which is about 6 transactions per second. That's not very much.

Coinbase, the world's largest and often highest-rated Bitcoin exchange, has clearly set out its position concerning possible Bitcoin blockchain split. While it is the leading cryptocurrency in the market, two factions that function as the governing bodies behind it can't seem to agree which direction it should go next.

An Australian company has sold what it is calling the first "bitcoin to stock" convertible loan. Here's Jaxx decentral.ca/jaxx-statement-bitcoin-cash-bchon the bitcoin cash hard fork. It is expected that any such distribution would be made only after allowing time for evaluation of the market for Bitcoin Cash and consideration of the manner in which to liquidate such Bitcoin Cash, which may be months after the fork occurs.

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Bitcoin and other cryptocurrencies plunged in early July as news of a potential schism spread, but BTC has regained most of those losses since then.

Bitcoin Cash is not worth the same as bitcoin.

So far, exchanges Bitfinex and Kraken have said they will accept Bitcoin Cash.

Calin Culianu, who's contributing to Bitcoin Cash, told CoinDesk: "If the Segwit2x agreement fails to implement the 2x part, which is not entirely unreasonable, and only ends up being being basically SegWit without the 2x, many miners will likely defect to Bitcoin Cash". Ryan Taylor, chief executive officer of Dash Core, the sixth-biggest cryptocurrency, sees little chance that bitcoin cash will succeed in the long term. On July 30, 2015, the first (or Genesis) block of data on the blockchain was created and the network was born.

Karen pledged to credit clients with Bitcoin cash equal to their current holdings of bitcoin.

The initiative is being led by a small group of mostly China-based bitcoin miners - who get paid in the currency for contributing computing power to the bitcoin network - who are not happy with proposed improvements to the currency's technology.

And in order for Bitcoin Cash to be used for mainstream transactions like buying coffee, businesses will have to accept it, regardless of whether they already accept bitcoin or not.

"When we look back 30 days from now, this is essentially going to be a nonevent", Sheffield Clark, chief executive officer of Coinsource said in a statement.