Next morning of Bitcoin Cash: what now?

The Bitcoin split aftermath for Bitcoin and Bitcoin Cash
02 August 2017   1644

What happened 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

The Bitcoin blockchain hard fork finally happened: SegWit opponents launched a user-activated hard fork (UAHF) to create Bitcoin Cash, a cryptocurrency competing with Bitcoin. 

The morning after the event, let's have a look at the aftermath of it for Bitcoin and Bitcoin Cash.

Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

To begin with, it's worth mentioning that the creation of first block took longer than the miners had hoped. Still, at about 6:14 p.m. UTC, ViaBTC mined the first Bitcoin Cash block (which was pretty ironic as ViaBTC was one of the main supporters of Bitcoin Cash), which came in at a block size of 1.915 MB. That block contained 6,985 transactions, according to public data.

Since then, several Bitcoin Cash blocks have been created, and Bitcoin Cash entered a new phase in which it became an actual network.

What now

One of the most intriguing questions is what will happen with the price of the two cryptocurrencies, which is now up to the market to decide.

Data at the time of writing on coinmarketcap.com Data at the time of writing on coinmarketcap.com

Bitcoin Cash

A new cryptocurrency representing a hard-forked version of Bitcoin, different from it in the blocksize limits

However, despite the seeming price surge of Bitcoin Cash (the cryptocurrency becomes the third-biggest cryptocurrency on the first day of creation) and price fall of Bitcoin (which is not so large), the public mood does not seem so excited as yesterday. Thus, Charlie Lee, the creator of Litecoin, sees no future for Bitcoin Cash:

As Brian Armstrong, co-founder & CEO at Coinbase, reports, the company will not rush to launch Bitcoin Cash trading:

Why is it so? Well, probably one of the answers lies in the Bitcoin Cash price. Thus, Artem Abaev, an expert in blockchain technology, posted on his social media an estimated price formula for Bitcoin Cash (note that the post had been published about 13h before the writing time, so some of the figures might be not completely updated):

Artem Abaev on Bitcoin Cash price
Bitcoin Cash price formula

As shown, the expert argues that the real Bitcoin Cash price is to be around $8. In the light of this fact, the prices shown at cryptocurrency exchanges, like Kraken, seem just insane. 

Moreover, the experts predict extreme volatility for Bitcoin Cash. Thus, yesterday, it surged to $422 just after the first block was mined. Afterwards it dropped to $383. Then the price rose again up to $433.

We'll closely watch what happens next and keep you updated. 

'Kodak Miner' Turned Out to be a Scam

KashMiner by Spotlite USA was promoted as Kodak branded bitcoin miner 
17 July 2018   132

The KashMiner bitcoin miner, exhibited at the Kodak stand during the CES technology show in Las Vegas, was in fact a product designed to mislead potential consumers and with a potentially unattainable potential return. This is reported by BBC.

Spotlite USA is licensed by Kodak's lighting division, which allows it to use the famous brand in its products. In January 2018 the company introduced its miner and announced that it intends to lease it. According to its business plan, potential users had to pay a commission before getting the device. It was expected that after depositing $ 3,400, the customer will receive a device that will allow him to easily cover expenses and receive revenue from bitcoin mining.

However the company did not have an official Kodak license to use the brand in the production of mining equipment and initially overstated the indicators of the potential profit of its device, refusing to take into account the growing complexity and costs of bitcoin mining. The advertising materials reported that KashMiner brings $ 375 a month, which, subject to a 2-year contract, would allow the client to receive $ 5,600 of profit after paying a commission. Experts from the industry of cryptocurrency call this offer a scam.

There is no way your magical Kodak miner will make the same $375 every month.
 

Saifedean Ammous

Economist

CEO Spotlite USA Halston Mikail previously reported that he plans to install hundreds of miners at the headquarters of Kodak. According to him, he already managed to place 80 miners there, but the Kodak spokesman denied this information.

While you saw units at CES from our licensee Spotlite, the KashMiner is not a Kodak brand licensed product. Units were not installed at our headquarters.
 

Kodak Spokesman

In a phone call with the BBC, Spotlite's Halston Mikail said the US Securities and Exchange Commission (SEC) had prevented the scheme from going ahead.