Will there be a new Bitcoin? Bitcoin Cash is close to a hard fork

Bitcoin Cash is a cryptocurrency thanks to which we learned for the first time that block separation and the so-called hard fork, i.e. the separation of a completely new cryptocurrency from one chain. Everything indicates that any day BTC Cash will share again. What is going on? Of course about money.

Recall: Bitcoin Cash is a cryptocurrency that has ignited emotions for years. On the one hand, we have opponents who say it has nothing to do with Bitcoin and in her name, they don't even pronounce the word using the abbreviation Bcash. On the other hand, there are enthusiasts who claim that Bitcoin Cash is the real Bitcoin, but slightly improved - with more scalability and lower transaction fees.

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How the first Bitcoin hard fork was created

Regardless of who is right, the fact is that on August 01.08.2017, XNUMX, some Bitcoin owners decided to start a new project. It was on that day that the blockchain was split into two different networks. This date is considered the first-ever hard fork in the cryptocurrency market.

Each BTC holder could decide whether to stay with Bitcoin or get Bitcoin Cash (BCH) units in a 1: 1 ratio. The creators of the new Bitcoin wanted to work on increasing scalability and reducing transaction costs. This was achieved by increasing the capacity of one block from 1 MB to 8 MB. From May 15.05.2018, 32, the block size is already XNUMX MB, but it must be admitted that Bitcoin is also developing towards increasing scalability, focusing on micro-transactions through Lightning Network, that is, moving some of them outside the main blockchain.

Be sure to read: Blockchain Fork - what is it and how does it affect the price of cryptocurrencies?

It's hot again with Bitcoin Cash holders

Meanwhile, it turns out that among Bitcoin Cash holders it is boiling again. On November 15.11.2020, 8, another hard fork may come. This time, the Bitcoin Cash chain will be split. The group led by developer Amauri Sechet proposed to pay itself 75% tax on the award for each block excavated, in order to receive remuneration for its contribution to the development of the BCH code. However, it is in the minority, because about XNUMX% of the other members of the network, calling themselves Bitcoin Cash Node (BCHN), do not agree to such an idea. How will it end? For now, both sides are firmly entrenched in their positions, and if it remains so, there will be only one way out: a split and a new cryptocurrency.

An opportunity in a few days, because on November 15.11.2020, XNUMX, there will be a fork that even the biggest ones on the market are waiting for. Trezor - a company that produces hardware wallets for cryptocurrencies - has already announced that it is ready to introduce technical support for the new cryptocurrencies Bitcoin ABC or Bitcoin Cash Node. But that means everyone who disconnects from Bitcoin Cash will have to transfer their new cryptocurrency to other wallets on 15.11.2020/XNUMX/XNUMX.

Trezor emphasizes that he does not want to interfere in any way with what is happening on the cryptocurrency market and take either side. Therefore, he will be waiting for what will happen.

“SatoshiLabs will not participate in the hard fork until the community makes a decision. If you want to fork, you should transfer your BCH balance to another wallet that supports chain splitting to make sure you get your new coins. " - the controlling company of Trezor informed in a statement.