Bitcoin Cash: Why is it necessary to bifurcate the Bitcoin block chain?

nnnAfter a few years of discussion, Bitcoar expansion seems to be finally settled, but no matter what the final plan, there will always be some users are not satisfied with the results. Code optimization isolation test (SegWit) has been optimized to the development of today’s Segwit2x proposal, and the activation of the program is only a few steps away. But another group said it will be on August 1 from Bitcoin, to create a new currency called Bitcoin Cash. So what is Bitcoin Cash? How is it separated from Bitcoin? What kind of support has been received? This article will answer you one by one.n
nnTranslation: Clovern
nBitcoin expansion dispute seems to have finally settled, but there are still some users are not satisfied with the results.n
nAfter a few years of discussion, it may have been expected that at least some people will eventually get nothing. The expansion proposal Segwit2x combines the two code changes proposed – code optimization isolation test (SegWit) and block chain capacity increase to solve this problem, but this expansion proposal is still controversial.n
nToday, there are only a few steps away from Bitcoin’s activation of SegWit, but some Bitcoin users are still not satisfied with this result.n
nOther people who initially supported the Segwit2x proposal seemed to have lost confidence in the final expansion of the block capacity, and they are now building their own version of the bitcores to keep their fate in their own hands – and in a short period of time Within the realization.n
nAugust 1, exactly at 12:20 pm UTC time, the group said they would be out of Bitcoin, creating a new encrypted currency called Bitcoin Cash.n
nCalin Culianu is a developer who has contributed code to Bitcoin Cash’s implementation, and he does not like SegWit and thinks that everyone else has the same feeling.n
nCulianu told CoinDesk:n
nn”If the Segwit2x protocol fails to implement the 2x part (which is perfectly reasonable and possible), then it will only be the basic SegWit and no 2x, and many miners are likely to support Bitcoin Cash.”n
nWhat is Bitcoin Cash?n
nSo what’s it? How is it separated from Bitcoin?n
nThere are two notable major changes:n
nnIt increases the block chain capacity to 8MB.n
nIt removes SegWit, and SegWit this code change may be activated at the end of August in the bitcoin block chain.n
nnSome people (including some supporters of the project) called Bitcoin Cash “cottage”, and this term usually refers to the bifurcation of the software, which creates a brand new encrypted currency and has its own market.n
nIn fact, the current price of the encrypted currency in the already open futures market is $ 461, which means that its price is 18% of the current price of $ 2068.n
nHowever, unlike other cottage coins, Bitcoin Cash’s trading history is the same as the history of bitcoins – at least until the bifurcation is so. Thus, if Bitcoin Cash is out of bitcoin, the user will have a bit currency above the two block chains.n
nAnother difference is that the project said it will support a variety of software implementation, it is not surprising, because it has been accused of Bitcoin Core software in Bitcoin network is too dominant.n
nBitcoinABC is the first software to implement the Bitcoin Cash protocol, but its goal is still to support multiple software implementations.n
nCulianu said Bitcoin Unlimited, Bitcoin Classic and other implementations aimed at expanding the block capacity of Bitcoin are working to develop a software version that is compatible with Bitcoin Cash.n
nThe software may already be ready to greet the August 1 bifurcation or may not.n
nWho is involved?n
nSo far, most Bitcoin companies, mines, users, and Bitcoin developers seem to be interested in this job. However, there are some enthusiastic supporters.n
nLocated in Beijing, the mining company ViaBTC has nearly 4% of the bitcover, which is the primary leader of the counterweight bifurcation.n
nThe company also operates an exchange that became the first exchange to list the encrypted currency and plans to launch a new mine pool specifically for Bitcoin Cash.n
nWhen asked if he thinks Segwit2x will implement its road map, the company ‘s CEO, Yang Haibo, replied, “I am skeptical.n
nIn addition, Bitcoin Cash has attracted support from developers who want to expand the capacity of blocks, as well as developers of other proposals such as Bitcoin Classic and Bitcoin Unlimited.n
nHowever, it is true that people who are not involved are really more surprising.n
nEven supporters (including mining company and the continent) seem to be hesitant about whether or not to support the project. Now, they are still committed to the controversial expansion proposal Segwit2x.n
nThe mining company bit on the mainland even inspired Bitcoin Cash. However, the company said they only plan to make a change under certain conditions. However, the company may support both Segwit2x and Bitcoin Cash in the future.n
nIn the PSA statement, said it would allow miners in its pool to choose whether to dig Bitcoin Cash Token BCC.n
nNevertheless, the mine will still be excavated on the Segwit2x chain, but it indicates that if the SegWit block capacity expansion is expected to occur in the next three months or so, it will immediately transfer all of the company’s resources To only support Bitcoin Cash. “n
nWait, but why?n
nThere are several reasons why users and mines want to get out of Bitcoin:n
nThese users want to increase the quota chain capacity parameters of the bitcoin and assume that the future of the encrypted currency depends on this.n
nSegWit is likely to be activated soon, and some users want to avoid this feature.n
nSegwit2x block capacity increase in the chain may eventually fall.n
nConceptual and technical reasons are also associated with the user’s dialogue to show it.n
nWhen CoinDesk asks what BitcoinABC’s goal is, Culianu replied:n
nn”In order to save Bitcoin, we want to expand the Bitcoin so that Bitcoin will not die, and the Bitcoin itself is already sick and dying.”n
nWhat’s the difference?n
nMany other efforts over the past few years have shown that they can be separated from the bitcores if they get enough support from those who operate the computer that protects the network. But so far, no group has actually implemented the plan.n
nBitcoin Cash may be unique because it explicitly sets the deadline for dividing the bit currency into two, and it is less than a week away from this deadline.n
nIf the miners and the user did bifurcation, this indicates that the first time there will be a encrypted currency separated from the bit currency, but also with a bit currency trading history.n
nAs with past attempts, it is like using a new bit of coin to replace the bitcoets that are being used today. Bitcoin Cash is the same, but it seems more willing to wait to see if the user is joining.n
nAnd it is called Bitcoin, ViaBTC and some of China’s bit coins company signed an agreement to mark it as “competitive currency”, rather than “real” bit currency.n
nThis move may make the bifurcation faster, because in the past, the exchange has been very confused about how to deal with bifurcation.n
nWhat’s next?n
nIf the new encrypted currency is separated from the peer-to-peer network, it will be a precedent. So, some users are curious to see what happens.n
nHowever, without the strong support of miners and users, it may not have much impact on the main network.n
nHowever, if the lower part of Segwit2x is lost, it may be worth a visit. At that time, there may be more supporters.n
nFor example, Culianu summed up an optimistic view:n
nn”I’m intuitive to think that Bitcoin Cash may make everyone stunned. A few months later it becomes actually a bitcover that is not entirely impossible. Larger 8 MB block capacity is very attractive.”n

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