Bitcoin Cash (BCH) hard forks and prices surge by 20%! What lies ahead?
Bitcoin price surged sharply on November 2 and continued to spike around 1:00 a.m. on November 5, just after the weekend.
According to CoinGecko, Bitcoin price rose from October 29 (1 BTC = 711,690 yen) to November 7 (1 BTC = 752,060 yen),up about 0.6%during this period.
Bitcoin Cash (BCH) up about 20% in the past 7 days
Bitcoin Cashwas created in August 2017 through a hard fork to overcome Bitcoin’s technical limitations.Hard forkwas conducted to achieve this.
The purpose of the hard fork was to enlarge Bitcoin’s block size, expanding it from 1 MB to 8 MB, and with subsequent updates, by May 2018 BCH’s block sizeincreased to 32 MBthereby achieving a substantial improvement in processing capacity.
※ Block size refers to the amount of information that can be written in a single block on the blockchain.
A smaller block size increases the cost to generate the next block, leading to higher fees and delays in transaction confirmation.
About the BCH split issue
At the core of the Bitcoin Cash split issue is the dynamic ofBitcoin ABCVSBitcoin SV.
Bitcoin ABC is one of Bitcoin Cash’s largest supporters and argues that the hard fork should implement the following features.
- CTORIntroduction (reducing computational load)
- Enforcement of op codes
- Enforcement of minimum transaction size
- Enforcement of the “push only” rule
- Enforcement of the “Clean stack” rule
There are companies that strongly oppose these claims by Bitcoin ABC.
One such group is led by self-styledSatoshi Nakamotoand is represented by the blockchain company nChain.
The “anti-Bitcoin ABC” group centered on nChain is called Bitcoin SV (Bitcoin Satoshi Vision) and argues the following:.
- Expand block capacity from 32 MB to 128 MB
- Re-enable four previously banned op codes
- Increase op code scripts from 201 to 500
Notable figures like Ethereum co-founder Vitalik Buterin and Zhaohang Wu of Bitmain, a major Chinese mining company, have participated in these discussions,and both support Bitcoin ABC’s position.
Price rise of Bitcoin Cash (BCH) stemming from the split issue
As mentioned above, the Bitcoin Cash split issue has not been resolved, and there is no consensus between the two sides.
In such a situation, .......Continue reading here ⇩
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