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Everything You Need To Know About The Bitcoin Fork

02 August 2017, 12:52 | Melanie Burgess

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That uncertainty surrounding bitcoin is leading people to back away from the platform entirely, causing its price to fall and Ethereum's to rise.

Fundamentally, at issue is something called block size.

What will emerge is a bitcoin rival called bitcoin cash.

Bitcoin cash will increase the size of transactions that can be processed on the network, but it has had a slow start, Grandham said. Analysts had estimated the split into bitcoin and "bitcoin cash " would occur by around 10 a.m.

Check out our new Trading Guides: they're free and have been updated for the third quarter of 2017. Also, it is not certain that the so-called user activated hard fork (UAHF) will happen, but it is very likely.

Trading in bitcoin cash was still limited. We have absolutely no plans to integrate Bitcoin Cash at our machines at this time.

The world's most popular digital currency exchange, Coinbase, is under fire from angry customers over its decision not to support a new version of bitcoin that could also make it vulnerable to "ruinous legal trouble", Fortune cited a prominent legal scholar as saying. "There are many misconceptions about Bitcoin Cash and what it represents".

Now in addition to classic Bitcoin (BTC), there's Bitcoin Cash (BCC or BCH), and those holding previously mined BTC can obtain an equal number of BCH in a process similar to a stock split, at least at some Bitcoin exchanges. Still, bitcoin price is gradually approaching its previous all-time high price established at $3,095.

Coinbase is one of the exchanges that it refusing to deal with bitcoin cash.

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Best is to stay out of the market till the volatility and confusion subside. It will only be successful if people decide en masse to create the blocks for the Bitcoin Cash blockchain. The ethereum price, meanwhile, has experienced a 24-hour surge, vaulting it past the $200 barrier. As a result of the power struggle, the currency could split and create a clone that could divide the investor community driving Bitcoin's prices. There are two main schools of thought.

Support for Bitcoin Cash has come largely from digital miners in China, such as ViaBTC.

Others beg to differ. Just like Bitcoin (BTC), Bitcoin Cash is a peer-to-peer, decentralized electronic cash for the internet.

And where there is confusion there is opportunity for bad actors.

Asked what outcome this will have on investors, he added: "It depends, but probably making BTC holders more wealthy, since Bitcoin is better with SegWit".

"My sense is that the split can be managed if exchanges and wallets take the necessary precautions", explained Dr Garrick Hileman, Research Fellow at the Cambridge Centre for Alternative Finance.

However, volatility remains high and the potential for a sharp fall in the next 24-36 hours as the hard fork picture becomes clearer, can not be discounted. The exchange earlier suspended bitcoin deposits ahead of the split.

Bruce Fenton, founder of Atlantic Financial Inc. and a board member at the Bitcoin Foundation, said both currencies should trade heavily on Tuesday. "Second, bitcoin will retain the network of integrated services that make the bitcoin network useful to businesses and consumers".

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