"Over the last several days, we've examined all of the relevant issues and have made a decision to work on adding support for bitcoin cash for Coinbase customers". On Wednesday, one day after its birth, Bitcoin Cash exchanged for $700, a very promising start.
"It's still a much smaller cryptocurrency than Bitcoin, even though it's already a top-four cryptocurrency by market value".
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets.
Thanks to this strong showing, the cryptocurrency market has exceeded a capitalization of $121 billion at the time of writing this article.
One of the biggest supporters of bitcoin cash is ViaBTC, a Shenzhen-based bitcoin startup founded in mid-2016 by Yang Haipo, who had worked as a programmer at tech giant Tencent on its cloud service and defunct Tencent Weibo, China's answer to Twitter.
"It is beyond anybody's control, all the participants contribute to the bitcoin value".
"The miner-orchestrated hard fork has had limited traction and will not impact the price or future development of bitcoin", said Aurelien Menant, chief executive officer of Gatecoin, a cryptocurrency exchange in Hong Kong, referring to the split. Bitcoin's blockchain processes a block of transactions roughly every 10 minutes, but Bitcoin Cash average block times are an hour (sometimes with no blocks for 13 hours). In the event that a deposit is invalidated on the network after the funds are credited to a Kraken account, the amount of the deposit will be debited from the account. Consider that Visa can manage 2,000 transactions per second.
More to that, bitcoin analysts Ari Paul and Henry Brade emphasized that the price of BCH seems high as of current because users can't deposit BCH to exchanges and trade it for bitcoin or other currencies.
- Bitcoin Cash the standout rising by almost 35% in the last 24 hours. "Forking is valuable behavior".
That upgrade was opposed by many, with former Facebook engineer Amaury Sechet saying that the upgrade does not go far enough to scale Bitcoin's capacity. "It has merely kicked the can down the road with slightly larger blocks, but still lacks a credible technology to scale to massively larger numbers of users". Because the name is confusing, many have taken to calling it "Bcash" to avoid buyer confusion.
Bitcoin investments have undeniably become a trend among savvy investors in search of the golden goose, but one financial planner is against the use of it as part of the financial planning portfolio for retirement.
Bitcoin started the global phenomenon and is known for its innovative blockchain technology created and released by Satoshi Kakamoto back in 2009.
"The cons are the extreme divisions in the crypto community and the split of the technology into two". Last Tuesday's fork let loose the new currency (symbolized both as BCC and BCH), and it rallied for a short period, doubling in value before starting on its rapid descent, in a style reminiscent of Buzz Lightyear's ill-fated first flight through Andy's house in the original Toy Story.
Bitcoin wasn't the only one to benefit from Bitcoin Cash holders exiting the market.