So yeah it finally happened. Bitcoin has been forked into Bitcoin and Bitcoin Cash (BTC and BCH respectively).
Before anything, grab a BCH wallet now and get ready to make that coin!
Major trading platforms like Poloniex have been doing their best to be fair (and even generous!) to their users:
Those who had BTC in their account balance on 8/1/17, 13:16:14 UTC have been credited with matching BCH – BTC, ETH, & USDT markets added.
— Poloniex Exchange (@Poloniex) August 14, 2017
What was the Bitcoin Cash hard fork?
Creation of Bitcoin Cash was a result of a “user activated hard fork” that took place on August, 1st. Many Bitcoin users were unhappy with the 1 MB code limit that was set in the early days of the cryptocurrency to prevent spam attacks. Today, however, the limit is hindering normal operation of BTC as currency (since its’ popularity and price have risen).
Segregated-witness style transactions are also a problem for many power users, and they wanted to fork before the whole Bitcoin network gets transferred to them. Read here, why. There is also a better, SegWit 2x network, that would increase the block size to 2 MB. At the same time, Bitcoin Cash plans to use an 8MB block size, thus creating sufficient reserve for future loads. Read more at the above links if you want to get techy, and we’ll move on to our gorilla cryptocyrrency earners’ business.
What’s the Bitcoin Cash (BCH) Price?
At the beginning BCH cost about $400 while the regular Bitcoin was around $2000. As I’m writing this (Aug. 21) BCH is around $600 while BTC is at $4000. Basically the price of BCH has been at 1/5th of BTC price:
Bitcoin Cash difficulty
You can currently watch Bitcoin Cash difficulty online, and so far it’s way more profitable to mine Bitcoin Cash than Bitcoin.