Now let us discuss a few interesting points about the new kid in town, the Bitcoin Cash. Still, it is hard for the miners to judge the Bcash versus Bitcoin. Its popularity has been associated with this lack of intermediary.
Officials will call the members who are owning the BTC (Bitcoin Blockchain) as BCash.
Elsewhere, attendees were thinking about how they could try to profit as well; openly mulling whether to hold or sell their Bitcoin Cash. It has many detractors, notably billionaire investor Howard Marks, who accurately predicted the dot-corn bubble, calling it a giant pyramid scheme. Though, it's worth noting that bitcoin and bitcoin cash do not have the same currency value, so duplication is not the same as a doubling in worth. The exchange rate for the currency, which began trading on August 1, briefly reached $700 on Wednesday and is now trading around $400. Some Bitcoin communities are trying to bring modifications. Last year, another major cryptocurrency etherum forked. Only 1 MB of transactions could be processed in 10 minutes, making the process slower. Only one transaction could be processed at any one time. However, according to bitcoin analysts and experts including Tone Vays and Paxos principal architect Jimmy Song, such precaution is necessary and investors should be extremely careful throughout the process of claiming BCH. BCH is capable of transacting 8 MB at a time.
Those 10 Bitcoin Cash were worth almost $8,000 then.
Meanwhile, reports suggest a large percentage of Coinbase's customer base elected to leave prior to August 1, which is when a so-called fork in bitcoin's underlying software took place that gave rise to Bitcoin Cash. Much can happen in the cryptocurrency scene in a matter of days. Coinbase, the world's largest digital currency exchange, has rejected Bitcoin Cash, arguing that their system can't support it, however, a number of others have embraced it. Users, already holding bitcoins, will have the same amount if they use Bitcoin cash.
Bitcoin and Ethereum each rose in the days after the fork. It was launched on August 1, trading at an introductory rate of $210 per coin. On Wednesday, August 2nd, 2017 the price reached $727. It had, in a day, surpassed the market cap of Litecoin. Prices declined again on Friday, and the new coin is now trading at $238 - with a market capitalization of just under $4 billion.