Bitcoin fork commences, first BCC block yet to be created

Bitcoin Gold Coin

Bitcoin Gold Coin

Instead, there are now two. Bitcoin Cash carries all the history of the original Bitcoin platform up until the fork on August 1, which means anyone with Bitcoin now has an equal amount of Bitcoin Cash.

To put it in as simple terms as possible Bitcoin Cash is an upgrade of sorts. And while both operate in exactly the same manner, the two are nearly completely independent, which is going to make things a lot more confusing moving forward. The Bitcoin community has been at odds in the past few months over what's best for the currency going forward. First is that it's an utter mess.

Because the old blockchain could only have one megabyte (MB) of data added to it every 10 minutes, transactions have come to be processed at slower rates. It's not the type of deferred payment that either party would want. It will also support a new transaction type with additional features such as "input value signing", for improved hardware wallet security, and elimination of the quadratic hashing problem.

The proposals that are favoured by 80% of developers is called Segregated Witness (SegWit). "If you are interested in having access to Bitcoin Cash, you will need to remove Bitcoin from your Coinsecure wallet to an external wallet by July 31st at 9pm IST", Coinsecure said in a post.

That wasn't enough for some, who started backing Bitcoin Cash, which chose the former route and increased its blocks to 8MB.

The fork occurred at 8:20 am ET on August 1, but it likely will take a bit of time for BCC miners to unearth new BCC tokens given their relatively small numbers compared to the number of Bitcoin miners. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain. It will definitely take a lot of time before those get filled up, especially considering how much work Bitcoin Cash has to catch up.

It is still a long way ahead for Bitcoin Cash to catch up with original Bitcoin that now has market capitalization of $44 billion and the price of $2,704. Two warring factions, fundamentally divided on Bitcoin's future, are coming to a head - and the impending split could either save Bitcoin or doom it. Apparently, Bitcoin's value, which suddenly spiked from over $900 Dollars per at the beginning of the year to a staggering $2700 USD per now, was too much for the company to handle.

The miners are the powerful segment in the Bitcoin community.

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