Attempts to create an alternative version of the Bitcoin blockchain technology bring the first effects. The miners succeeded in creating a block within a new chain called Bitcoin Cash around 8:15 pm EST. As a result, docking traffic goes beyond the main BTC network.
Block extracted by ViaBTC
portal, the mining company ViaBTC was responsible for mining the first Bitcoin Cash block - this was confirmed by Twitter.
The event took place almost six hours after block 478 558, the turning point from which attempts to separate technology began. Data show that the first block contained less than 8,000 transactions (1.915 MB, virtually doubling the size of the original chain).
Change of Bitcoin Cash value to USD and BTC during recent trading sessions (significant volume increase seen). Source: CoinMarketCap
According to CoinMarketCap data, Bitcoin Cash is worth over $ 220 per coin on the Kraken stock exchange. The volume of turnover for BTC / BCH was $ 3 million since the launch of Bitcoin Cash.
Bitcoin Cash Volume. Source: CoinMarketCap
The latest developments in the cryptanalyst market have also translated into a BTC depreciation of several percent:
Bitcoin falls on August 1. Source: Coindesk.co.
At a time when daily BTC loses about 4% to the dollar, it clearly gains ETH, which before midnight increased its value by over 11.5%.
Bitcoin, Bitcoin Cash and hard fork, that is?
August 1, 2017 is the historical date for the cryptanalyst market due to the so-called "hard fork" that is a split into traditional bitcoin (BTC) and a new Bitcoin Cash (BCH) currency.
The split took place because of a technology dispute - the size of blockchain blocks used by the BTC was limited to a fixed 1 megabyte size, leading to longer transaction execution times and increased fees / commissions. BCH offers larger blogs (up to 8 megabytes), but shares Bitcoin with the history of past transactions.
PS: This my first post, thank you 