Bitcoin Cash disappoints in its early days

The bitcoin community tried for a long time to delay the hard-fork of the crypto coin but last Tuesday the inevitable happened, despite the efforts to keep it united viaBTC completed the Hard-Fork this first of August.

An Altcoin was born, which we all know as Bitcoin Cash (BCH BCC) that emerged from a disagreement about the speed of transactions that revived the debate over the validity of this kind of currency.

A part of the bitcoin community launched the proposal to improve the virtual currency and accelerate the transactions that are made, to understand the problem we must consider the following: Currency transactions are validated as more currency is mined by the nodes of The network, and transactions generate blocks, the larger the block, the greater the number of transactions that can be validated for a second.

Currently, the blockchain with Bitcoin (BTC) supports blocks of the 1MB maximum that allow only 2 or 3 transactions per second, so that we give an idea banks do about 3 thousand transactions with credit cards per second. In this way, a payment in Bitcoin can take an hour to run which makes it unfeasible to use as a common payment, for example buying a hamburger or buying a few beers at the bar. On the other hand, Bitcoin Cash (BCH) uses blocks of up to 8MB which represents a smaller wait and promises a faster adoption of users for payments and purchases.

The currency had a very speculative start that was around the 550 dollars during the week of launch, and from its official launch reached the 756 dollars for each unit, this represents a normal behavior since many people that had Bitcoin they remained Bitcoin Cash and Hence the abrupt rise in the market on the first day, but from there began with a bearish behavior until reaching 274 at the time of writing this article but that went up to about 220 dollars, although it is too early to be able to indicate a trend Of this altcoin, we could say that it has not gone very well as they expected, however, we can not forget that the original Bitcoin took 2 years to reach the value of 1 dollar, clearly taking into account that was the first of its kind and the That evangelized and marked the way forward of the other markets of crypto coins.

Cryptomoneda experts and experts point out that it is unlikely to predict what the effect of this Bitcoin bifurcation will be and some have expressed fears that the birth of Bitcoin Cash, specifically the way it occurred, could cause chaos in the very virgin market. Virtual currencies. Imagine that later another group of cyber punks decide to bifurcate again the bitcoin, or even the Bitcoin Cash or some other crypto coin and this becomes a constant with all the currencies of the market would begin an era of the end of the crypto coins, we do not see it so Distant and take into account that governments and banks do not agree that there are such assets.

The hard fork did not affect the value of Bitcoin

The one that left “unharmed” of this bifurcation was the Bitcoin that in spite of the division and of which lost power of mine has recovered in these days and I touch again the 2900 dollars and of has maintained the last hours in 2800-2850 In a period of recession, where it is expected to finally reach the $ 3,000 for the first time.

Elias Carrillo

Elias Carrillo

Entrepreneur, I love technology , science and lover of de world of cryptocurrencies