After weeks of speculation, the disagreement about how to operate the popular Bitcoin cryptocurrency has finally led to a "hard fork" that divided the digital currency and gave birth to a new one. "At 18:24:41 UTC, ViaBTC pool produced a 1.9 MB BCC block, which was not valid on the legacy Bitcoin network".
In response there has been massive exodus of Bitcoin from such exchanges and into offline wallets and services where users can control their private key.
The power brokers behind Bitcoin were trying to bring all parties involved to a single solution which would have allowed for the continuation of a unified digital currency. Do note that we will be pointing our analysis only towards bitcoin for now and not torwards bitcoin cash. But the first bitcoin cash was reportedly mined at about 2:20 PM, according to CoinDesk.
Bitcoin is in the middle of a contentious "hard fork" that could cleave the cryptocurrency in two for the first in its almost nine-year-long history.
The Bitcoin split, or "fork", has been discussed at length in the days leading up to August 1st. Most Bitcoin exchanges have said they won't support Bitcoin Cash, which limits how many people can buy into or effectively use the new cryptocurrency.
Bitcoin Cash is an independently developed alternative coin to Bitcoin.
The delay in the bitcoin split could be a result of a lack of miner support for the new cryptocurrency. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.
The cryptocurrency duo of Bitcoin (BTC) and Bitcoin Cash (BCC or BCH) has proved to be one to look out for as the combined value of the two has breached $3500 levels - a position that was forecast by many analysts. So now there are two: Bitcoin and something that is now known as Bitcoin Cash. And unlike most modern currencies, Bitcoin is not a decimalized currency. We are receiving a lot of off market orders for Bitcoin cash - they're exploding!
Earlier this month, the majority of miners had reached a consensus to adopt SegWit and most thought that the bitcoin ideological 'civil war' was over.