Bitcoin, Crypto currency, Blockchain

Bitcoin Cash performs successfully Hard Fork to a 32-MegaByte blocks

0598f1f978d73b3e818038b7b52cb3b3 - Bitcoin Cash performs successfully Hard Fork to a 32-MegaByte blocks

15. May at 4 PM in the afternoon (UTC time) the Bitcoin’s Cash network with a Hard Fork. The Software Upgrade brings the old functions back into the BCH-Ecosystem, and increases the block size to 32 megabytes. Roger Ver, advocates of the Bitcoin-Hard-Fork, is optimistic in terms of the BCH-price development until the end of the year.

As we are already at 20. April reported that planned the Bitcoin-Cash-Community a Hard Fork for the 15. May. The Update was successful for Bitcoin Cash. Bitcoin Cash itself is the result of a Hard Fork of the Bitcoin-network on 1. August 2017.

A higher block limit

The biggest news of the Hard Fork, the four-fold increase in the block size. In August 2017 Bitcoin Cash had raised already the Limit of 1 MegaByte to 8 MegaByte. Now these 8 megabytes have been increased to 32 megabytes. Thus, the Bitcoin-to-Cash-network should be able to process over 60 transactions per second. With an average transaction size of 200 bytes, a Block can accommodate, therefore, to 160,000 transactions. Per day can now be over 20 million transactions.

Currently, the 20,000 transactions on the Bitcoin Cash Blockchain per day approximately. The daily capacity is currently maxed so only 0,087 percent. The Website TXHighway visualizes the transactions of the Bitcoin and Bitcoin-to-Cash-Blockchain. Although the Bitcoin Cash highway now has “32 tracks”, however, the “cars” there is only sparse.

Critics of the Big Blocks suggest that the increase in the block size may lead to centralization. So the costs go up to Operate a Full Node, and the dissemination of geminter blocks is delayed (a MegaByte is faster than 32 megabytes). Currently processed in the Bitcoin network has more transactions than Bitcoin Cash.

Functional Extensions

In addition to the increased block size of the Bitcoin-Cash-Hard-Fork also activates scripting commands such as OP_GROUP and OP_RETURN. OP_GROUP can be used for the creation of your own tokens on the BCH-Blockchain itself. This means that the Bitcoin Cash will get a functionality similar to Ethereum. With OP_RETURN additional information can be stored on the Blockchain. This function could be used for Smart Contracts in BCH.

The price after the Hard Fork

Even if the Bitcoin-to-Cash Ecosystem, a lot of excitement around the Hard Fork stock, responded to the price, a negative impact on the Software Upgrade, and it fell to about ten percent. However, one must not forget that the BCH-price had doubled in the April quickly. The price level remained above the 1,000-U.S.-Dollar mark, however, stable.

Bitcoin Jesus, Roger Ver, optimistic about the price trend for 2018 and assumes that the BCH-price until the end of the year could double.

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