Bitcoin Fork Is Official – Bitcoin Cash Price up 32%

At 6.14pm UTC, a bitcoin miner mined the first Bitcoin Cash block, making the highly-publicised split official. Since then, four more blocks have been mined.

But only the first block was bigger than the 1MB limit that is part of the rationale behind the split. Bigger block and faster confirmation times.

So, what now?

Well, nothing really changes to be honest.

For all the hype, forks and offshoots are not really anything new in the blockchain space. Litecoin was forked from bitcoin, Dash was originally forked from Litecoin, and on and on it goes.

The good news is that if you hold your own private keys as we have been urging Secret Crypto Network subscribers to do, you now have the same amount of bitcoin cash (BCH) as you do bitcoin (BTC).

As time of writing, BTC is trading at US$2,713 and BCH is trading at US$389.

Crypto exchanges Kraken and OKCoin are offering live trading of the new bitcoin cash crypto.

What’s next for Bitcoin & Bitcoin cash?

As is the case in the cryptocurrency world, it’s a case of ‘may the best coin win.’

It’s not inconceivable that most tokens will thrive, fulfilling different needs and uses as they evolve.

Bitcoin cash does have its work cut out, though, as most of the core developers have stayed attached to the original bitcoin.

Miners, the participants that keep the blockchain secure and accurate, are mostly driven by economics. So, how the price of BCH goes in the coming weeks and months will determine whether more, or fewer, miners get behind it.

In turn, the more miners you have on a Proof-of-Work chain, the more secure it is, as it takes more mining power to solve the problem and win the block.

If the price of BCH falls far enough, miners will stop mining it, and it could fade into crypto obscurity.

It seems that, for now, it is up to the market to decide.

And remember, if you want to learn more about bitcoin, bitcoin cash or any of the other cryptocurrencies out there, you need to follow Sam Volkering. Sam is our a crypto guru here at Money Morning. But don’t take my word for it, you can get his latest report, ‘The Secret World of Bitcoin’ right now, for free. Click here to read more.

Regards, 

Ryan Dinse

Money Morning


Ryan Dinse is a contributer at Money Morning. He has worked in finance and investing for the past two decades as a financial planner, senior credit analyst, equity trader and fintech entrepreneur. With an academic background in economics, he believes that the key to making good investments is investing appropriately at each stage of the economic cycle. Different market conditions provide different opportunities. Ryan combines fundamental, technical and economic analysis with the goal of making sure you are in the right investments at the right time.  


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