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Why bother using it? They are in favor of smaller bitcoin blocks, which they say are less vulnerable to hacking. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes. But while fraudulent credit-card purchases are reversible, bitcoin transactions are not. Miners were able to seek out bitcoin cash beginning Tuesday August 1st 2017, and the cryptocurrency-focused news website CoinDesk said the first bitcoin cash was mined at about 2:20.m.
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In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Until just before the decision, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, seemed to have universal support. True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker, cheaper, and more reliable form of payment than money tied to individual countries. Then bitcoin cash came along.
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Only bitcoin is entirely digital; no one is carrying actual bitcoins around in their pocket. Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds. In addition, it's the only form of money users can theoretically "mine" themselves, if they (and their computers) have the ability.
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But with more bitcoins in circulation, people also expect transaction fees to rise, possibly making up the difference. "A group of miners who didn't like SegWit2x are opting for this new software that will increase the size of blocks from the current 1 megabyte to 8 Morris told Business Insider.
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Every four years, the number of bitcoins released relative to the previous cycle gets cut in half, as does the reward to miners for discovering new blocks. 21 Million, bitcoin is unique in that there are a finite number of them: 21 million.
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Bitcoin power brokers have been squabbling over the rules that should guide the cryptocurrency's blockchain network. Several hundred of these back-and-forths make up a block. And since there is a finite number to be accounted for, there is less of a chance bitcoin or fractions of a bitcoin will go missing. One of the biggest moments for Bitcoin came in August 2017.
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Unlike US dollars, whose buying power the Fed can dilute by printing more greenbacks, there simply won't be more bitcoin available in the future. When the digital currency officially forked and split in two: bitcoin cash and bitcoin. On the other side are the miners, who want to increase the size of blocks to make the network faster and more scalable. But that doesn't mean the value of investors' holdings will double. It could go to a 1,000,000 or it could go.