The Forkening 🍴 Recently, there has been a big shake up in the Bitcoin world concerning how Bitcoin transactions can be more efficient. . If you are unfamiliar with , , and terms like and , this article probably is not for you. 😬 A segment of the community has decided to create their own version of Bitcoin Bitcoin blockchain hardfork softfork Download Coindex — Crypto price tracker for iOS _Read reviews, compare customer ratings, see screenshots, and learn more about Coindex. Download Coindex and enjoy it on…_itunes.apple.com Coindex on the App Store Ok, so what the crypto is going on?! There are basically two types of people in the Bitcoin world 🌎— and (well, and those who just don’t care). Each have different opinions on how Bitcoin can scale better. Today’s Bitcoin can handle seven transactions per second compared to Visa’s . big blockers small blockers 56,000 transactions per second . A block size update of more than 1MB (current size) requires a change in Bitcoin’s rules, resulting in a (non-backward compatible update). Essentially, the hardfork is a clone of Bitcoin, but uses a different set of rules. Big blockers ( Bitcoin Cash supporters) believe in Satoshi’s original roadmap of increasing block sizes as needed hardfork Source: Bitcointalk.org History of Bitcoin : 5KB > 10KB > 100KB > 0.2MB > 0.5MB > 0.8MB > 1MB. block sizes Big blockers and small blockers disagree on how Bitcoin transactions can be more scalable, and have decided to run seperate versions of Bitcoin. Though it was not a big deal in the past to update block sizes, Bitcoin’s growing popularity makes it a much bigger deal now. The hardfork would require users to update their Bitcoin client in order to operate on the network, jeopardizing Bitcoin’s adoption and user experience. The two parties disagreed on the scaling approach, so they decided to split ways. As a result, a hardfork was executed and Bitcoin Cash was created. Example: Apple releases a iOS update with new emojis — You try to send your mom a text with one of the new emojis_._ _💁 Y_our mom has not udpated her iOS, so she cannot view the new emoji. 🍎 📲 📵 Thus, avoiding a hardfork. Small block supporters propose to update the code with (Segwit) so transactions are smaller, allowing for higher transaction volume (and eventually providing the possiblity of implementing lower costs and faster transactions using ). It is not a matter of “if”, but rather “how” scaling can be achieved. Segwit is widely considered the best near term solution to avoid a hardfork and is supported by majority of the Bitcoin developers. Small blockers ( Bitcoin supporters, or those who oppose Bitcoin Cash), prefer to keep the 1MB block-size limit rather than increase it. Segregated Witness Lightning Network Comparison of Bitcoin and Bitcoin Cash. How can I get Bitcoin Cash? As of August 1, 2017 — Bitcoin has officially forked. A snapshot of the blockchain was recorded, and a (BCH, BCC) is currently trading on major exchanges like and . 1:1 BTC:BCC ratio was “airdropped” for anyone with their Bitcoin private key to claim their Bitcoin Cash. Bitcoin Cash Bittrex Bitfinex and have released statements confirming they will credit Bitcoin Cash to users holding Bitcoin on their exchanges during the hardfork. *UPDATE: Coinbase Poloniex Many popular exchanges will credit users with Bitcoin Cash. Questions? Join our crypto community chat. 🐳 _The Crypto Aquarium is a community made up of blockchain and cryptocurrency enthusiasts, miners, developers, and…_cryptoaquarium.com Crypto Aquarium - A place to talk about Bitcoin, Ethereum, Litecoin, and more. Additional resources: Crypto Aquarium blockchain community — https://cryptoaquarium.com Cryptocurrency price tracking on iOS — https://coindexapp.com Market updates and news— https://t.me/cryptotradingadvice Claim your BCC/BCH — https://bitcoinmagazine.com/articles/beginners-guide-claiming-your-bitcoin-cash-and-selling-it/ Bitcoin scaling debate — https://www.youtube.com/watch?v=XdyIJ-BUPaU&feature=youtu.be Previous posts by Josh Petty Introducing Coindex📱 — https://medium.com/@jashpetty/introducing-coindex-cryptocurrency-price-tracking-on-ios-3d3cc24217f4
