Nov 30, · The result of the August 1st hard-fork of Bitcoin, Bitcoin Cash is BTC’s de facto sibling. But where Bitcoin’s answer to the question of scaling is the implementation of SegWit and the Lightning Network, Bitcoin Cash’s response is to increase its chain’s block size to 8MB. Mar 24, · Just over a week ago, the price of bitcoin dropped an unprecedented 50%, falling from $7, to $3, in 24 hours. However, that price-point didn’t last for long and is now up 80%. Jun 16, · Bitcoin vs. Bitcoin Cash: An Overview. Since its inception, there have been questions surrounding bitcoin’s ability to scale effectively. Transactions involving the digital currency bitcoin are.
Bitcoin cash will take over bitcoinWhat's the Next Bitcoin? 5 Cryptocurrencies Which Could Unseat the King
Further commenting, Max expressed that the availability of bitcoin to individuals would birth a new era and instigate the collapse of individual states. He made this known on Twitter recently. However, Max is entirely bearish on alts and has always maintained that alts have taken a drastic price fall and are never going to be able to recover from the shock.
In a recent tweet, Max maintained that only a few alts without any particular reference will be able to withstand the test of time. All Rights Reserved. Search for:. Price Analysis. A Redditor I've seen before PMed me this. I'll leave it up to him if he wishes to identify himself. Bitcoin segwit is expected to approximately double the block-size, even if everybody adopts it.
Even with an immediate block-size doubling which segwit2x was , BTC would struggle to handle the expected transaction volume. Bitcoin Cash has 4x the capacity that Bitcoin-segwit has. If more capacity is needed, it can be scaled within 18 days rather than 18 months. If you don't believe me, look into the November 13th Bitcoin Cash fork: announced with only 14 days notice. That fork required several implementations to do code changes; raising the block-size is a configuration file change the miners can simply agree to.
You may not have heard about it in this sub, but Bitcoin Unlimited and nChains are testing Gigabyte blocks. The initial bottleneck: transaction admission into the mempool. The lightning network is largely vaporware. If you want to hold your own bitcoin, it is more expensive to open a channel than it is to simply send the funds. Most users will probably get a pegged token from their local lightning hub aka: bank Banks will be hubs because routing is an unsolved problem. Only those with lots of capital will be able to maintain lightning channels.
I should point out that literally everything he said about LN is false. Right now LN theoretically scales worse than bitcoin, it would need more data to be sent through LN nodes, which would lead to centralization. This problem is not solved at all, you can test all you want, but on a big scale you will not be able to have cheap LN nodes.
Maybe you could point out what he said was false? Cause it looks correct from how I understand it. Running a full node with 10GB per day once Bitcoin cash really starts being used for paying for coffee and electronics as its used to?
You can't duplicate an entire transaction network history over all users AND have trillions of small spam transactions. Try it. Bcash has no future for many reasons, but this is the most important to point out and easier to understand: It is a centralized altcoin with a few crappy devs, controlled and manipulated by a few rich unethical and non-technical individuals and some Chinese miners.
They have money to pump and they have tools to deceive like Bitcoin. Because we cant factually exain bitcoin cash and stand behind it without being called a shill, and scamcoin, an alt coin, as well as just plenty of nasty insults. Just because we stand behind bitcoin cash. I hope btc falls in the next week well suck up all that value and stick it right in bitcoin cash thank you very much. Yes many of us are in denial. This is for sure swallowing a lot of value of BTC, but in only one week if not two days things will turn back like never before.
This is the hardest obstacle in face of Bitcoin. After this there is really no further barrier anymore. Other coins do not have this. BTC is a payment system, and that's the attraction to the mainstream consumer. This gives BTC a backbone, a solid foundation, that is a physical investment which cannot be easily ditched in favor of a new coin.
No other coin has the physical infrastructure that BTC does. This, to my mind, along with the notoriety and widespread awareness of its existence as the crypto is what it has over anything else. Also, a random Pastebin post from months ago and a sourceless image are the entire origin of this shift.
Word will spread that it's a dump, and people will get nervous, see the low price of BTC, and jump back. We'll probably see the price fluctuate for some time, ebb and flow, between the two.
BCH doubled, on it's way to tripling? Well BTC hasn't even halved yet - that tells you it has more going on for it than how much money people have in it. Here's the thing, BCH isn't some "other coin. There's an interesting difficulty adjustment coming tomorrow, but it's basically the same.
Super easy to switch from a programmatic perspective. I agree with you but the Core devs have decided to deem it as a store of value system aka gold and not a payment system. With a saturated mempool and fees on the rise, Bitcoin has become pretty awful as a payment system.
Its not like people can panic sell because of the unconfirmed tx. I don't think we've seen the worst of it yet. Saying ' blank is the biggest pump n dump' is like saying a political figure is 'literally Hitler'. Bitcoin is being attacked. The level of misunderstanding here is insane. If transactions come to a halt and price dives then bitcoin cash will be the only chain that miners stick with.
The only hope for bitcoin is that this difficulty adjustment for bitcoin cash coming within the day encourages mining support back to bitcoin. Otherwise, bitcoin is done. Reward will go up, and more people will mine BTC again.
Here's the thing though, Bitcoin only adjusts the difficulty every blocks. If Bitcoin were to have a high difficulty after recently hitting that block, and then suddenly lose all it's hashing power, the meager hashing power still left on the network would take forever per block, slowing confirmations to a crawl and taking an eternity to get to that block to readjust. So yes, in theory, if the reward got low enough BTC value , and it had recently had updated the difficulty, it could die.
It'd be a self-reinforcing death spiral, value crashing, miners fleeing because no profit, confirmations getting longer, so value drops, so more miners abandon. Satoshi is a one in a generation kind of genius, but he couldn't possibly foresee all the insanity he set in motion. The difficulty updating worked great, because initially the amount of hashing power was increasing quickly. Intended block time is 10 minutes, but in the early days, let's say hashing power is doubled, so block times drop to 5 minutes, well in less than 7 days it'll correct itself, so it's fine.
But I don't think you could know that ASICs would come to dominate mining, that also conveniently are equally adept at mining a competing chain, leading to sudden large losses of mining power that slow down the difficulty update, rather than causing the difficulty adjustment to speed up like you do with sudden large increases.
The expectation was that development would continue and it would fine tuned. It did not attract developers willing to fix those issues. I have just said 3, in the past -- miners, devs and "the market" Or did I miss something? This is nonsensical, you could put up another , BTC nodes and it would do nothing for acceptance of Bitcoin by merchants, acceptance of Bitcoin as a store of wealth, or acceptance of Bitcoin by the public.
Running a full mining node gives you much more importance in the ecosystem since you're literally processing the transactions. Tell me how turning on , more nodes will help BTC right now when it already has more than enough nodes?
But as I mentioned, only a small role. If the value of BCH approaches around 0. BTC chain dies. If the BTC adjustment resets block times to 10 minutes, and the BCH fork hours after sets block times at 10 minutes, would this not account for the differences in hash power and essentially mean the most profitable is the most expensive? The new difficulty jump under the current system hits tomorrow. That difference in timing is likely all they need. And part of the reason why so much hashpower jumped over ahead of the price increase.
There are no such rules. Bitcoin had worse crisis in the past. You have no power here. Some of us will stick with BTC even if it takes a year to find a block. Because we don't fall for tricks, and Bitcoin is too valuable, innovative, and secure to dump for a pumped overnight shiny object.
Not interested in being bossed around by miners. The fees have gotten too high and the transaction times too slow. I have always been a long term believer in Bitcoin, but if Bitcoin's sole purpose becomes a storage of value Think of any other storage of value They each have a secondary use besides being a storage of value.
With Bitcoin, it has become a storage of value firstly because of its easy, fast transactional use and low fees. The fees have gotten out of control and the transaction times are so slow. If people stop transacting in Bitcoin because of the slowness and the fees BTC dominance dead cat bounce looks to be over.
Network effect isn't everything. People want a fast network with low fees. It doesn't matter if BCH or Ethereum or some other coin with better tech and smarter devs wins. The point is BTC has lost a lot of market share this year and that trend doesn't look like it is over. It's already entering a bear market due to manipulation. In 24 hours? Wow, that was crazy. I hedged with BCH but was able to get out during the dump.
So fucking glad I was awake. Some shady shit going on here. Hope nobody got dinged too badly. Edit: Just check BCH again and people are still fighting it. I don't think they realized what just happened. Anyone read this. Why do people keep saying this? It's just not true. I just sent many bitcoin cash around today with only a couple of cents transaction fee. Fees that large make it uneconomical to make small transactions. Sold all my btc to bch for a while got a nice profit.
Now bought my bitcoin back plus extras. Thats what bitcoin cash is useful for. An Alt coin more than double it's price in a day and people still cannot see the Pump army behind this. A lot of people are going to lose a lot of money on Bitcoin Cash, when the Army of Pumpers starts to dump it. Smaller blocksize, meaning that if a random person wants to mine bitcoin, it will be easier because the blockchain you need to download will be smaller in file size.
Bitcoin has been hyped for over 6 years, and there is already infastructure built around it. The possibility of a Segwit2X fork is what was propping up the Bitcoin price for the last 4 months.
But for the sake of speculative discussion, what if Bitcoin does eventually lose its number 1 position? During a recent interview with the press, Swedish Pirate Party founder Rick Falkvinge suggested that this hypothetical dynamic could materialize over the long-term.
Cryptocurrency will displace the central bank money. But, with social networks we had SixDegrees, which was replaced by Friendster, which was replaced by Myspace, which was replaced by Facebook. Definitely; trying to surmise which crypto could eventually beat Bitcoin is absolutely a gamble right now. None of us have foresight. The fundamental point to consider here is a superficial, or aesthetic, one.
That fact alone could be enough to power BCH into the top spot of the crypto top 10 per market capitalization if enough choppiness were to rock Bitcoin itself. Consider, for example, how the Bitcoin network recently experienced unprecedented congestion — high wait times and high fees. To that extent, Ethereum and its associated crypto fuel, ether, has limitless adoption potential in streamlining and optimizing business, law, governance, fintech; you name it.
In other words, think of Ethereum like Microsoft. As such, ETH may conceivably be the 1 crypto one day. Another thing to consider is that Ethereum has the charismatic and prodigal Vitalik Buterin as its face and leader. He may prove yet to be an incredible steward for his project. Dash transactions are instant. Altogether attractive right?
These perks make using Dash as a crypto-payments vehicle extremely easy, which could attract commercial users and mercantile payments processors in the years ahead.
Part of every block reward released during the Dash mining process goes into a development fund for the Dash team. This dynamic earns the developers millions of dollars every year with which to better their crypto and hire a full-time staff for the purpose of doing just that.
IOTA is a crypto unlike any other; literally. Tangle is highly scalable and lets transactions be facilitated without the need for fees. The impressive possibilities of an IOTA-powered future, then, makes this idiosyncratic crypto one to keep a close on eye from here on out. Litecoin has many of the perks of Bitcoin, while having other advantages over BTC like faster and cheaper transactions.