Bitcoin Cash to fork Bitcoin on August 1st

On August 1 2017 12:20 UTC, Bitcoin Cash developers will split off from the original Bitcoin blockchain thus creating a new coin called Bitcoin Cash.

Bitcoin Cash is essentially a fork of the ledger, that means Bitcoin owners will own the same amount of Bitcoin Cash and Bitcoin at the time of the forking block. One important thing to consider is that if Bitcoins are stored by a third party such as an exchange then it is not clear if the exchanges will keep the Bitcoin Cash Coin for themselves or if they will trade at all the new coin.

After BIP91 reached consensus it seemed that Bitcoin and its community were moving along a new path while this new development spreads new uncertainty about the future of Bitcoin.

Bitcoin Cash has two new features as compared with Bitcoin as it is right now:

  • It will not have SegWit on board;
  • It will increase the blocksize to 8MB.

Why is all this happening right now? In the words of the Bitcoin Cash devs: “The legacy Bitcoin code had a maximum limit of 1MB of data per block, or about 3 transactions per second.  Although technically simple to raise this limit, the community could not reach a consensus, even after years of debate”.

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