A division in the community of Bitcoin generates from today a new currency, Bitcoin Cash. As BBC was able to know a group of people who supported the original currency decided to create their own version, because they are not satisfied with the future plans of this.
To get more support, Bitcoin Cash will offer current investors an equivalent amount of the new virtual asset, which aims to exert pressure on the value of the original bitcoins.
According to the BBC report, the separation plan responds to the fact that the creators of Bitcoin Cash want to liberalize Bitcoin in some way, because they consider that the current system makes the transaction log heavy because it can contain only one megabyte of Aggregate data every 10 minutes.
This limitation means in practice that very few transactions are handled per minute, which means that users have to wait days for these to take effect.
Those who support the original Bitcoin as virtual currency have been trying to establish a new exchange program called Segwit2x, which attempts to address the constraints hitherto interposed for the execution of transactions. Thus, the goal of those who support this movement is that in November the transaction process widens its width to 2 megabytes, the current double.
Former Facebook engineer Amaury Sechet, who heads the group of rebels who do not support the new measure, has decided to create Bitcoin Cash, a currency that has become effective as of today.
According to BBC, Sechet and its followers ensure that Segwit2x does not give a guarantee that the duplication of the size of the block that allows the transactions is as safe as promised, and opt for the liberalization of the standard, extending up to 8 megabytes the width that Will allow transactions on your platform to be much faster.
At its premiere, Bitcoin Cash was worth US $ 267, while Bitcoin stood at US $ 2,780, according to the source.