Bitcoin Cash has been evolving significantly in recent days. Most people have continued keeping a close eye on the BCH price, which is not entirely surprising. However, it seems a lot more is happening behind the scenes, showing that this ecosystem is slowly growing. Do keep in mind this altcoin has only been around for a little over a week now. Good things are happening for Bitcoin Cash, yet there is still a lot of work to be done.
Recent Bitcoin Cash Ecosystem Updates
One of the biggest Bitcoin Cash developments in recent days is how the mining profitability difference has slowly come down relative to Bitcoin. As long as the latter remains more profitable to mine, very few people will switch to BCH. Miners want to maximize their earnings for obvious reasons. Right now, BTC is 42% more profitable to mine than BCH, but that difference was a lot higher not too long ago. Reaching parity will take several more weeks, if not months.
It appears Multipool has finally mined its first Bitcoin Cash block. The pool had announced they would support Bitcoin Cash at some point, without going into specifics. It has taken Multipool some time to get things in order, but now that its first block has been found, things look rather promising. It remains to be seen whether they will continue mining BCH blocks in the future. Having more hashpower pointed toward this network can only be a good thing.
It seems one particular Bitcoin wallet has introduced a new feature which is relevant to Bitcoin Cash. Few people may have ever heard of the BitPie wallet, even though it supports multiple blockchain-based assets. In the latest update, it now allows users to instantly exchange between BTC and BCH. That is an interesting feature to note, as it could be of great interest to a lot of users in the future. BitPie was developed by the Bither team, which lends it some more credibility.
Many Bitcoin Cash supporters have also been discussing how SegWit2x will affect the network come November 2017. The fact that the updated Bitcoin Core client will disconnect SegWit2x nodes from the network in the near future has been causing a lot of speculation. It is very likely that we will see three different Bitcoin blockchains come November, unless supporters of SegWit2x support either Bitcoin in its current form or Bitcoin Cash. Though BCH provides bigger blocks, it does not incorporate the SegWit upgrade.
Bitcoin Core is forking when SegWit2X activates. There will be 3 chains, SWC, B2X and BCC. https://t.co/NXWVrrsN2u More info coming #Bcore
— Bitcoin Core (@BcoreProject) August 11, 2017
All things considered, things are looking quite good for Bitcoin Cash as a whole. Although the ecosystem is still trying to find its place in the market, things are slowly coming together as we speak. That said, there is still a lot of work to be done. For instance, the BCH network still does not have a feature similar to SegWit’s transaction malleability fix. Ensuring that no one can exploit this malleability bug should be a top priority for developers. So far, no real proposals have been introduced to make that happen.
Last but not least, Germany’s largest cryptocurrency exchange is experimenting with Bitcoin Cash trading. Bitcoin.de is a well-known platform among German cryptocurrency enthusiasts. It is currently conducting a private beta with BCH, according to Reddit. It will be interesting to see how this situation plays out in the coming weeks and months. Such a platform supporting BCH could mean big things for Bitcoin Cash as a whole.
“What’s New With Bitcoin Cash?” Well, nothing. It has the same problems as the old Bitcoin, refusing to support segwit will mean it will be antiquated, open to attacks and issues, and be far harder to upgrade. It is a 100% downgrade, so it has a downgraded price.
I still don’t get the Segwit hate… I seriously don’t. I would see critics spout how Bitcoin was never meant to be a settlement thing or other “This isn’t what satoshi wanted”… What??
All segwit does is Segregate the Signature data (aka Witness) from the main block. This allows the block itself to hold far more transactions while by removing the signatures from the main block security increases. It doesn’t do anything of the “Not what satoshi wanted” or settlement. It can allow such tech to be created yes, but it doesn’t do anything else. Let alone some of the “Corporate conspiracy” stuff ive read. :<
Cash seems so unusual for me in that regard. Rather than evolve the tech to be more secure it chooses to keep bitcoin stagnant. It is still vulnerable, less efficient and the blocksize increase would mean the Blockchain will now grow 4-8 times as fast than the main chain. All it has is a block-increase. Banking on the anti-segwit sentiment and hoping that Eventually Hashing will dictate value which is a correlation i consider a fallacy. Remember: Correlation does not equal Causation!!
Yeah Merkle. A short time ago I read your articles on bitcoin and thought gee these FinTech guys are lagging behind. It’s great to see you on top of things. After all this is the biggest tech intervention of our times. Hate to open a can of worms but I don’t understand why bitcoin believers are not all in on Bitcoin Cash. It’s a win-win situation. I’m in la, la, land over bitcoin hitting 4000 but also Bitcoin Cash holding 300. After the Wall St guys run bitcoin up to 10,000 I’m going to trade for Bitcoin Cash. I have reasons but to long to go into. The miners knows what’s best. I don’t want the bitcoin network running on raspberries pies and Wifi networks. I want the baddest network possible. And that only happens in Capitalism and free markets. Which is what the miners want.
BitcoinCash will rally soon. Those that missed the boat with Bitcoin now have an opportunity to buy at low prices. Buy atleast 1 put it aside. Thank me later ❤️
LoL it’s the original version of Bitcoin without the modifications LoL
Buy atleast 1 put it aside … watch and see xx
I have BTC and Bitcoin cash… both will do well ?
ummmmm…..”Which is what the miners want” China is roughly 70-80% of all hashing power right now. China being one of the very last hold outs to communism (Cuba maybe?) is exactly the opposite of capitalism. They also have gone anti-U.S in the last week, kicking the U.S out of their markets(Bitfinex). Yeah, I realize Bitfinex is not “owned” by the Chinese govt. but they are incorporated in Hong Kong. They have the leverage to force the French CEO (rotflmao) to close the markets to the U.S. I wonder if the CEO figure head, which has no Bloomberg or S&P profile whatsoever, has a bobble head. I would buy one of those….
Have been arguing that the false dichotomies and circular reasoning surrounding this issue needs to be looked at with some paradoxical thinking. People are so quick to “jump on the bandwagon” without looking at things from different sides and perspectives before making a logical conclusion or argument.