Next morning of Bitcoin Cash: what now?

The Bitcoin split aftermath for Bitcoin and Bitcoin Cash
02 August 2017   1086

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. 

UCLA Blockchain Crypto Conference to be Held in LA

The UCLA Conference will be held on February 17-18 of 2018, gathering together the most experienced and exciting thinkers
17 February 2018   231

UCLA's Blockchain Lab and Far from LA are holding the Blockchain Cryptocurrency Conference, gathering together the most experienced and exciting thinkers across SoCal, in order to foster both economic and educational progress. The conference will concern cybersecurity, cryptocurrencies, and blockchain.

The UCLA Conference will be held on February 17-18 of 2018.

Location: The University of California, Humanities Building, 415 Portola Plaza, UCLA 90095, Los Angeles

The headline speakers will include Kathleen Breitman, the co-founder of Tezos; Sandra Ro from UWIN Lab; David Moss from EOS; Jeremy Rubin, the Bitcoin core developer, and many more.

The agenda of the conference is as follows: the future of blockchain keynote, bringing humanity to the blockchain, cybersecurity, autonomous vehicles, blockchain's influence on the development of art and culture, blockchain in the music industry, government adoption of blockchain around the world, and more.