Bitcoin Cash: Bitcoin’s “civil war” and how to Profit
Just as the bitcoin world thought it was safe, a new threat to the cryptocurrency’s stability has emerged.
Last week, the price of bitcoin rallied near all-time highs as a proposal to increase its transaction capacity was backed by over 97% of the cryptocurrency’s miners, reducing the odds of a so-called “hard fork.” But now, a weird new proposal has emerged that guarantees a split in the currency on Aug. 1. This time, however, the bitcoin world isn’t freaking out about it.
Last week’s relief rally came in response to what was called Bitcoin Improvement Proposal (BIP) 91. Nearly all miners—who process transactions and introduce new bitcoins to the money supply—backed it. But BIP 91 stops short of delivering what a vocal faction of the bitcoin world wants: A greatly increased limit on the number of transactions the network can handle, also called the “block size” limit