Bitcoin
$32,331.97 -0.35%
BTC · 208w

Bitcoin Price Takes a Tumble After Renewed Fears Over a Bitcoin Cash Fork

Bitcoin Price Takes a Tumble After Renewed Fears Over a Bitcoin Cash Fork 2997 Views

July 25, 2017 by Evan Faggart Leave a Comment

Wasn’t the bitcoin scaling war over, like, a week ago? Yes, but it’s back again, and the bitcoin price has taken a tumble as a result.

Also read: Etherparty Wants Everyone Making Smart Contracts

Bitcoin Cash: New Drama, Same Hard Fork

The prospect of a hard fork returned fairly quickly after miners showed overwhelming support for SegWitX early last week. On July 17, bitcoin mining pool and exchange ViaBTC announced that it will designate a “Bitcoin Cash” (BCC) token for trading and mining if a User Activated Hard Fork (UAHF) happens on August 1.

When this news first hit, the community talked about it, but the markets didn’t reflect much — if any — fear over a Bitcoin Cash hard fork. But it seems that has changed.

On the 23rd, the price of the theoretical BCC token reached nearly $500 USD in China, showing that people indeed had a real interest in the coin.

Then, on the 24th, hardware wallet provider Ledger announced that it will release a tool to help its users split their coins in the event of a hard fork on August 1 — giving them holdings in both Bitcoin and BCC.

Following this announcement, the community began taking the renewed possibility of a fork more seriously, with some in the big block camp actively calling for a fork regardless of SegWit2X’s success.

However, the markets didn’t really react to this development until this morning, when Roger Ver — Bitcoin entrepreneur and the face of the big block faction — stated his intention to dump bitcoin and support BCC exclusively if the block size increase portion of SegWit2X does not go through.

Ver’s website, Bitcoin.com, relayed this message via a public service announcement:

“In the unlikely event that the 2MB block size increase portion of SegWit2X fails to activate, Bitcoin.com will imm...
Continue on bitsonline.com
Recent news
BTC -0.35% · amazon.jobs · 2h

It's happening! Amazon Payments Acceptance & Experience team is seeking an experienced product leader to develop Digital Currency and Blockchain strategy and product roadmap. The roadmap including the customer experience, technical strategy and capabilities as well as the launch strategy.

Do you want to innovate on behalf of customers within the payments and financial systems of one of the largest e-commerce companies in the world? As one of the largest e-commerce companies in the worl...
BTC -0.35% · btcpeers.com · 9h

SEC Commissioner fed up with Bitcoin ETF opposition

SEC Commissioner Hester Peirce has expressed her displeasure over the agency’s reluctance to approve a Bitcoin exchange-traded fund (ETF) on U.S. soil. Pierce, who has earned herself the title of “Cry...
BTC -0.35% · mises.org · 13h

Fiat Money Economies Are Built on Lies

Now and then, it pays to take a step back to get a broader perspective on things, to look beyond the daily financial news, to see through the short-term ups and downs in the market to find out what is...