Saturday, August 5, 2017

Fifth day after the split on bitcoin

It is now August 5, 2017 , the fifth day after the split.  It is the separation but it is  one in purpose it is about the bitcoin and the blockchain.  In my last article i posted an article regarding the " digital split" . Now the split had happened and what i had posted was about the position of but not the hard fork.  The hard fork is the one  that  proposes the split from the former where the "blocks" limit for the blockchain was only 1 MB  and the hard fork proposed 2 MB and i was surprised that the bitcoin "Jesus" that i know before was on the side of the hard fork.  The issue of scaling which i was not aware of was a very long time issue and it was just now the split was needed because the block  which was 1 MB had resulted to some hardships.  The oppositor and Roger Ver the bitcoin Jesus clarifies his stand on the issue ; 

I think Roger Ver has a big point about the origins of bitcoin and its mission which he is on the side more on the changes for the better of consuming public. 

The number one thing that i consider regarding his position that bitcoin and the blockchain should not be "censored" which he thinks is now the position of those who dont want to change the block size.  He also describes that he believes that since the 1MB block could not accomodate the many people who will be using bitcoin. The slowness, high fees rate and the difficulty in mining which he think are result of not expanding the size of the block. I think this points and reasonable for the changes that should happen.  

The hard fork position is now called "bitcoin cash" which will be on the 2MB block of the new blockchain. It would be lower in fees, lots of room for new bitcoin users,  mining difficulty would be lessen and who would not used this "bitcoin cash" where a lot of benefits is opposite of the original.  So we will see what happens to the market.  

Lately the bitcoin original as i called it  is  priced at $3,255.00 / bitcoin and bitcoin cash (2)  is only about $400/ bitcoin though its lowered  its still on the early stage. 

I also can feel the presence of bitcoin cash on my venture for bitcoin like on eobot, they will put bitcoin cash as part of their mining cryptos.  On faucethub, i had some bitcoin cash that i can withdraw but i still have to learn about this and create my wallet. Also on Xapo and Coinbase they are open to bitcoincash. The bitcoin cash will struggle but it will be like the other cryptos but its not crypto its bitcoin (2) with a more bigger blocks. 

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