Hard Fork Alert… Bitcoin Cash!
Yet another fork or should we say proposed hard ford is expected to take place today. This one is as controversial as the previous one (or many others) when Bitcoin Cash (BCH) parted ways with Bitcoin (BTC) on August 1, 2017. Despite all the skepticism & doubts BCH has survived and actually gained respectable acceptance in the Fintech mainstream.
The BCH supporters have been an excited bunch with the anticipation of the upcoming hard fork which is literally upon us as I write this. Actually BCH has been one of the best performing Cryptos recently with the price touching $1830 before receding with the other coins. The BCH HODLers are expecting the price to jump big time with this fork & give them some nice profits. We will find out soon enough with the price action after the fork, but let’s look what we do know for sure.
- This will be kind of soft fork actually… therefore two chains will be created from the fork, of which only one would have any economic value while the other one becomes obsolete so you would not be receiving any extra coins as when the original fork happened from BTC. This is pretty evident from lots of Crypto exchanges dropping BCH from their platform to avoid any confusion. Sorry to bust your excitement about new coins!
- The biggest advantage of the fork would be the increase in the block size from 8MB to 32MB which would address the cost & scalability issues — in simpler terms more transactions per second & a lower transaction fees
- Script operation codes (op codes) will be added to the existing code which would make it possible to create smart contracts like the Ethereum platform
- Data carrier size will be increased to 220 bytes from 80 bytes which will allow the creation of tokens (similar to ERC-20 tokens on Ethereum blockchain) to track real world assets
This fork seems to be adding real value to the existing BCH functionality which should not only help it secure its position as on the Top 5 Cryptos, it would help address some of the core issues plaguing the BTC/BCH blockchain.