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Sunday, August 13, 2017

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The Split of the Bitcoin

The recent Split of Bitcoin is all about its recent improvement proposal.


Bitcoin



Bitcoin is everyone’s favorite digital currency because it’s convenient and reliable. Recently, the Bitcoin Improvement Proposal (BIP) 91 suggested an upgrade for this technology. Bitcoin, though wonderful, needs to keep with current times so such upgrades were expected. The main purpose of this Bitcoin upgrade was to ensure quicker transactions so that users don’t have to wait too long for processing the currency during transfers. It would have made Bitcoin more efficient according to developers but many feared a split. However, there has been resentment and opposition to a certain move made by a group of Bitcoin miners based in Asia.

Basically, these Bitcoin miners have created another option for Bitcoin users which sort of makes it a competitor for Bitcoin as the leading digital currency. Companies that encourage and promote Bitcoin are divided in how they feel about this move. Today, 1st August, is a test to see how well this new move works and how the users receive it. The block chain, as the public Bitcoin ledger is known, can move in two different directions as of today. The value of this new digital currency is yet unknown and is open to speculation right now.

For those Bitcoin users, who already have a certain amount of Bitcoins in their possession, they will receive an equal amount of Bitcoin Cash (the new alternative). They will be able to trade their Bitcoin Cash for fiat currencies whenever they wish or any other digital currencies as well. The government in charge of issuing it will operate according to a legal tender for this purpose.

The mixed response to Bitcoin Cash has raised concerns among the business community and those investing in Bitcoin. There are several companies that have outright rejected the idea so they don’t support this split. This may create inconvenience for Bitcoin users who relied on them previously but the management is adamant about their stance on this matter.

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