It's official: Bitcoin is splitting in two

Bitcoin is splitting into two currencies this week – sort of

Bx.in.th, Thailand's largest bitcoin exchange, wrote in a blog post that it will not support BCC, calling it "simply an attempt at manipulating the situation in order for the promoters to gain more real Bitcoins". This was demonstrated on Tuesday when Bitcoin, the oldest decentralised currency, faced a hard fork.

Following months of speculation and shifts in sentiment towards the various protocols proposed by members of the Bitcoin community with most to lose, judgement day has finally arrived as the Bitcoin world prepares for the launch of Bitcoin Cash.

As previously reported, Bitcoin Cash - which raises the size of the network's transaction blocks while doing away with other capacity upgrades - is being advanced as an alternative to existing scaling efforts. The reason is that Wallets will be treating the fork in different ways and some will not honour the Bitcoin Ccash tokens. But if you've considered investing in Bitcoin - or a competing currency like Etherium - you're coming into a market that's as unpredictable as it's ever been.

There are those who think that it will be a non-event because bitcoin is already well-established and merchants and miners will be reluctant to support Bitcoin Cash.

As a prelude to the split, Bitcoin trading platforms like CEX.io suspended Bitcoin withdrawals beforehand.

Not long after 8am EDT, a new currency called Bitcoin Cash is due to appear, split from bitcoin in a technical maneuver called a "hard fork".

Note: Bitcoin ABC is an open source fork of Bitcoin Core. Bitstamp said, "Bitstamp would not be in a position to support Bitcoin Cash (BCC), the coin associated with the Bitcoin Cash proposal".

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We want nothing but the best for Bitcoin or whatever cryptocurrency manages to make the model work.

Less than a decade later, investment has reached new levels, with a bitcoin passing the $2,000 mark earlier this year, showing signs that its popularity is here to stay. On the other hand, VISA has the capacity to process more than 1,600 transactions per second. However, it would also increase the blocksize from a maximum limit of 1MB, or about three transactions a minute, to 8MB.

The very short timeline for UAHF compatible client development is a reaction to the UASF's own August 1st activation date. It aims to bring code optimization Segrated Witness (SegWit) to change the way data is stored on the Bitcoin network. The main bitcoin currency is adopting a system called Segwit2x that moves transactions out of the current blockchain. But, if BCC develops into an actual chain and market, you will be able to use your recovery phrase to export your funds and use them on that chain, regardless of whether or not Blockchain chooses to support it. As a result, people have made a decision to create their own hard fork.

Bitcoin was invented by a programmer (or team of such) who went by the name of Satoshi Nakamura. What will happen to the price of bitcoin? I know there is one backup in a Mac that doesn't turn on, and another back up on a couple of USB thumbdrives.

Now comes the most important part.

The creation of Bitcoin Cash, announced only about a week ago, results from controversial plans aimed at speeding up Bitcoin transaction times. Besides, as a general rule, bitcoin holdings should not be kept on exchanges, except for the amounts being actively traded.

The fork is set to take place at 12:20 GMT. If you have the control of your keys, you'll have access to your cash.

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