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.
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.
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
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:
I plan to sell all my BCH/BCC for BTC and LTC. I don't see a lot of upside with Bcash (aka Bitcoin Cash). Here's a great guide. https://t.co/6IZVzMDxy3
— Charlie Lee (@SatoshiLite) August 2, 2017
As Brian Armstrong, co-founder & CEO at Coinbase, reports, the company will not rush to launch Bitcoin Cash trading:
Wanted to shared a few thoughts on Bitcoin Cash! Thx. pic.twitter.com/Sfr3GvDZqp
— Brian Armstrong (@brian_armstrong) August 1, 2017
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):
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.