Btc fork monitor
It was created in 2009 by "Satoshi Nakamoto" (an anonymous person/group) in 2008 and officially released a year later. At first Bitcoins could only be mined and not bought. Mining is the process where computers run software and exchange computing power for Bitcoins.
What is a fork?
A fork is when a cryptocurrency splits into two, yeilding free additional currency of another type.
It occurs when a cryptocurrency’s existing code is changed, resulting in both an old and new version. While the old version of the code continues to exist and function as it did before, the new version/currency is recognized as an entirely different cryptocurrency. Forks happen at a predetermined blockchain height (block). The new currency then will be airdropped to the holders of the old currency (they will automatically receive the new currency for free). We try our best to update forkCountdown.org with all upcoming forks. We feature a live countdown to the next fork along with other important information such as a list of exchanges/wallets that support it.
How can I buy Bitcoins?
Depending on where you reside, you may purchase Bitcoins with fiat money.
Coinbase is a US based company founded in 2012 that allows purchasing of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with cash or Credit Card.
Coinmama is another place to buy Bitcoin with Credit Card.
How can I take advantage of these forks?
Exchanges and wallets support various Bitcoin Forks
Exchanges that support Bitcoin forks:
Binance, HitBTC, Gate.io These exchanges have supported Bitcoin forks in the past.
Wallets that support Bitcoin forks:
QoinPro Supports most forks. Automatically sends free coins to your wallet every day.
More Forking Forks in 2018?! (BTCP, BTC, and ZCL Analysis)
January 30, 2018 19:00 by JaketheCryptoKing
Forked coins dominated the atmosphere in 2017, with the Ethereum we are all familiar with being a Fork of ETH Classic. Bitcoin had many forks in 2017; Bitcoin Cash, Bitcoin Gold, and Bitcoin God to name a few. The question persists is there any value to these forked coins? Yes. The most valuable fork of them all, in the author’s opinion, is coming within thirty days; Bitcoin Private.
What is a Fork?
To keep it simple there are two types of forks; a hard fork and a soft fork. A hard fork occurs when a blockchain splits into two new chains (incompatible with each other). These hard forks often result in a software upgrade or an expansion of the rules governing the blockchain. A soft fork occurs when there is a change of rules that creates blocks recognized as valid that would not have been previously. A user-activated soft (“USAF”) fork is controversial as it explores how to perform blockchain upgrades that are not supported by the network’s original hashing power. The differences between a soft and hard fork enters into the technical side of the blockchain. The important part to understand is some forks result in new coins and other forks solely result in a change to the original structure of the coin’s blockchain. The upcoming fork occurring with Bitcoin (“BTC”) and ZClassic (“ZCL”) will result in Bitcoin Private (“BTCP”).
A hard fork is when a single cryptocurrency splits in two (in some instances). It occurs when a cryptocurrency’s existing code is changed, resulting in both old an old and new version. In some instances the old version becomes obsolete, so solely one coin remains. The case between BTC and ZCL is unique because they will be “co-forked” into BTCP.
ZClassic and Bitcoin (ZCL & BTC)
BTCP has been in discussion since early December when ZCL had a run from under $2 to over $100. In January ZCL approached $200 and then the market correction occurred. This was coupled with most expecting BTCP to be a January fork. The result was ZCL losing 40 percent of its value in weeks, as did most of the market. Most would say ZCL has peaked (given its 70x run in two months). However, the forked coin being provided to ZCL is the same value of the forked coin being provided to BTC. BTC costs almost $12,000 per coin and ZCL currently is $140 per coin. The IGNIS airdrop drove the market cap of NXT to over $2 billion, solely because of the FOMO (fear of missing out) associated with free coins.
There will be FOMO associated with BTCP, but there will also be real-life use. ZCL has a market cap of approximately $400 million. BTC has a market cap of approximately $190 billion (yes with a “b”). Yet they are both providing the same forked coin, BTCP. To an investor a forked coin looks very much like a dividend, and here you have a coin worth $140 providing the same dividend as one valued at $12,000. A discussion of the valuation of BTCP will occur later, but whatever the future value of BTCP is should correlate to the current minimum price of ZCL.
Many people are well aware of the issues that have been plaguing Bitcoin for years. The cost of transactions, the transparency of the blockchain (positive or negative depends on your view), the time it took to transact, the minimal number of total tokens, etc. The list of what was wrong with bitcoin was longer than what was right. Bitcoin was the first, it will always be respected (deservingly so), but the purpose of forks is to improve in the imperfections of the original. To deal with scalability issues, bitcoin implemented SegWit. Part of the main plan was to remove signature data from each block. Signature data had been estimated to account for 65 percent of all data processed in each Bitcoin block. This along with a few other upgrades attempted to solve bitcoin’s scalability issues. However, Bitcoin Cash forked and took another approach to the scalability issues plaguing BTC.
Bitcoin Cash (BCH)
BTC miners and developers grew concerned that BTC, even with the SegWit2x update wouldn’t be able to scale effectively. They also thought it did not address fundamental problems or follow the roadmap outlined by Satoshi Nakamoto. Their main concern was how the introduction and implementation of SegWit2x were not transparent which undermined the decentralization and democratization of currency (which is what BTC was meant for). Bitcoin cash implemented an increased block size of 8MB. This greatly accelerated the verification speed, regardless of the total number of miners supporting it. The more miners supporting a coin generally, the safer the blockchain, this is where any security-related concerns of BCH are generally raised. However, BCH set out to accomplish aspects it believed BTC was failing in and has become a successful cryptocurrency.
Bitcoin Private (BTCP)
BCH is currently trading around $1600 after having broken $3000 on their Coinbase news. Similarly, for most coins, they had their 40 percent correction in January as well. The question becomes what will the market adoption of BTCP be and will the price of BTCP be above the current price of ZCL. The answer seems to be a resounding yes. Bitcoin Gold is trading at $185 per coin following January’s correction. Bitcoin Cash is trading at $1600. Even Bitcoin God which had significantly less support is valued at almost $100 per coin and was well above $150 prior to the January correction. It is likely BTCP is priced in the $300-$1000 range in the short term, making it a 100-800 percent one to three-month play, if you plan to purchase ZCL shares to accumulate BTCP.
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The snapshot date was announced January 28, 2018, and will be occurring on February 28, 2018; this means the price of ZCL should increase rapidly as February 28 approaches. The mainnet launch for BTCP is approximately two days later. It is highly recommended keeping your ZCL and BTC off exchanges for the fork if you intend to take advantage of the free BTCP. It took Coinbase over six months to provide support for BCH. If you have any desire to exchange BTCP, do not rely on exchanges immediately, hold it in a wallet. It is likely in the next three weeks there will be many announcements regarding which exchanges will support the fork. With the announcement of each new exchange expect to see the price of ZCL to increase dramatically.
The total number of BTCP will be very limited at under 30 million total coins; the exact number will not be known until the day of the fork as individuals are still mining ZCL and BTC. However, what is known about BTCP is very exciting! According to the BTCP homepage:
“Bitcoin Private will use the same privacy technology as ZClassic. This means payments are published on a public blockchain, but the sender, recipient, and other transactional metadata remain unidentifiable.”
The BTCP Team is attempting to make BTC a privacy coin while still solving the issues associated with BCH and BTC. The benefits of decentralization will remain, but BTCP will get an upgrade compared to BTC as it will be a much faster blockchain. By slightly increasing the block size while being more anonymous they are able to be more secure, privacy-oriented, and BTC branded, while not sacrificing transaction speeds. BTCP’s entire codebase is publicly available for viewing because it is Open Source.
With a team of over seventy individuals and more than twenty developers, it seems this fork has a true Dev team and enthusiastic community. There is no “founder’s reward” no “tax” to the creators with BTCP, and it incorporates privacy and speed into the BTC blockchain. BCH made a significant splash when it entered the crypto space by speeding up BTC transactions. BTCP accomplishes the same speed advantages as BCH while also providing the anonymity so many chose to enjoy. Now the public has a choice to use a BTC branded privacy coin, that choice has significant value.
The Valuation of BTCP
This is by far the most difficult aspect to correctly predict. In analyzing other BTC forks, we see BCH trading at $1600, Bitcoin Gold trading at $185, and even Bitcoin God (the most recent fork) trading at almost $100. These are all down 40 percent from where they were one month ago. Assuming the market corrects and these return to their former fame they should all be trading 10-20 percent higher by February’s end. None of these forks of BTC provide one very unique aspect, privacy. There are entire coins solely dedicated to being privacy coins, but now there is a Bitcoin branded privacy coin. If you are asking yourself what is a brand worth or what is the BTC brand worth? Well, you my friend are in the wrong space. A brand is everything. Look at cars, watches, perfume; if it is labeled with a recognizable brand, it is worth exponentially more than if it solely served its purpose (even if it served its purpose well).
The most valuable brand name in cryptocurrency is, of course, Bitcoin. Bitcoin Private is intentionally trying to capitalize on the BTC branding, the BTC blockchain, and by incorporating the privacy aspect to BTC, truly has an opportunity to do it correctly! BTCP has its fork date predetermined for February 28 (announced yesterday). They have a huge team of developers working on the project continuously and have already begun holding meetups in Austin and San Francisco. This fork is not one of the many scams (like Bitcoin Pizza) but has potential to be the next BCH.
Conclusion – ZCL Should Increase Greatly
The only way to attain BTCP is to purchase BTC or ZCL and hold through the February 28 fork. Considering ZCL is $140, and BTC is $10,500 the easier approach is to purchase ZCL. The value of the forked coin is the exact same for both BTC and ZCL as they are providing a 1:1 ratio of BTCP for each share of BTC and ZCL that are held at the time of the fork on February 28. With the lesser accepted forks trading between $100 and $500 and the generally accepted ones trading around $1500, BTCP seems to be poised for a very successful start. BTCP has already established a large community excited about the prospect of a privacy-oriented BTC. Well, that time is here, the public is less than a month away, and the only way to accumulate BTCP is by owning ZCL or BTC.
The entire market just suffered a major correction and prior to the correction ZCL was trading at approximately $200 per coin. The correction occurred, and here we are at the $140 price mark. The value of BTCP has not decreased as it’s not even available for another thirty days. However, the value of the underlying asset to attain BTCP suffered greatly (ZCL). With BTC future traders expecting the price of BTC to climb this month with the upcoming Dallas Super Conference (and many others) coupled with the entire crypto rebound that occurs following massive corrections; there should be a sensational price climb associated with ZCL this month. BTC most likely will enjoy a similar northern price trend, but if BTC trends north 40 percent, the alts respond with greater ferocity increasing 60 percent. ZCL is considered one of these altcoins and is tied directly to the successful launch of the BTCP fork at the end of February.
Expect the entire market to trend North this month with BTC being the safest play and ZCL being a huge percentage gainer as long as the BTCP fork goes ahead as planned on February 28. There will be multiple catalysts leading up to the fork that will pump the price of ZCL and these should be exit points or sell/buy points depending on your specific trading technique. Any listing of an exchange, great market acceptance, important updates, meet-ups and continued publicity all directly impact the value of ZCL and the future value of BTCP. Look for BTC and ZCL to have very strong February’s with the release of BTC and ZCL’s co-fork, BTCP.
Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split
The start of the Bitcoin ABC (Bitcoin Cash) chain split has begun as the divide was initiated on August 1 at 12:37 p.m. UTC at block height 478558.
Bitcoin Cash Veers Off at Block Height 478558
Over the past week, the central theme of discussion has been the August 1 hard fork and the possible birth of a new token called ‘Bitcoin Cash’ (BCC). The fork has come about after months of long debates, scaling proposals, and community infighting and many bitcoin proponents from both sides are showing a sense of relief although some are still uncertain of the events that will take place, and how the bifurcation of the Bitcoin blockchain will play out.
Today a whole lot of people have been patiently waiting for the user-activated hard fork (UAHF) to commence and the coming of the new digital currency Bitcoin Cash. August 1 has arrived and the 12:20 UTC time period has officially passed. The start of the BCC chain split began at block 478558, but at the time of writing the official divide has not yet occurred.
Places to ‘Watch’ the Fork Unfold
Now the fork didn’t happen at exactly 12:20 UTC but took place six blocks later. There are a few places where bitcoin proponents can follow the behind the scenes action and watch for BCC blocks to be found at data collection sites like Coin Dance , Blockchair , and BTCforkmonitor . Further, there is a live stream “fork party” called Countdown to Bitcoin Cash with over 1400 viewers at press time. And of course, the Reddit forums r/btc, r/bitcoin, and Twitter are filled with discussions concerning today’s events. 
BTC and BCC Markets
Yesterday bitcoin markets were very active, and bulls managed to push the price up to $2929 just twelve hours before the possible fork. Now the price is down 8 percent to a low of $2700 as people sit and wait for the fork’s outcome to commence. Many traders believe the BTC price spike is currently valued with the BCC token’s value priced into it, but market predictions are very speculative. At the moment BCC futures are trading at 0.15 BTC or US$400 after seeing a decline in value over the past week. The San Francisco -based bitcoin exchange Kraken has announced it would begin crediting Bitcoin Cash shortly and trading has begun on the platform. Bitcoin Cash prices on Kraken are similar to Viabtc’s futures at the time of writing.
Bitcoin prices hit a high of $2929 on July 31st overnight but subsequently dropped to $2700 during the August 1 morning hours. Bitcoin Cash is trading for about $400 on Viabtc and Kraken at the moment.
At the moment bitcoin proponents are glued to their screens waiting for the next course of action regarding the August 1 split. Block 478558 was the last common block found and the next event will be the first Bitcoin Cash big block found which could take some time depending on hashrate.
UPDATE: The original title of this post first indicated that the first Bitcoin Cash block had been mined, but that wasn’t entirely accurate. The post has since been updated.
How are you watching today’s events? Let us know in the comments below.
Images via Shutterstock, BTC Fork Monitor, Bitstamp, and Twitter.
Bitcoin Cash forks successfully, but investors have little access
Bitcoin survived a forking event on Tuesday, with a muted reaction from the market. Anyone who held bitcoin at the time of the fork are automatically holding an equivalent amount of the new alternative, Bitcoin Cash (BCH), which they control with their Bitcoin private keys.
After a bumpy start and rapid appreciation the price of the new asset has mostly risen, briefly touching 0.485789 BTC, worth US$1,327 at the time, on the Bittrex asset exchange. At press time, one Bitcoin Cash is worth 0.232 BTC (US$629), although other exchanges offer a wide range of prices down to 0.0482 BTC (US$222).
While customers who previously held a Bitcoin balance at many of these exchanges were given their initial BCH balance at the time of the split, and could start trading straight away, most Bitcoin holders were warned to keep their assets off of exchanges during Tuesday’s forking event.
“In case you're wondering why the BCH price seems high: It's because no one can deposit BCH to exchanges. Once this changes, expect a crash.”
- Henry Brade, Prasos CEO
The majority of BCH owners now need to deposit their assets on an exchange where they can trade them, an option that is currently hard to find. The original source of the Bitcoin Cash fork, ViaBTC has been trading the asset, as has the European exchange HitBTC . Current pricing on HitBTC is hovering below 0.1 BTC, and has been negatively affected by the mining of each new block recently.
Most blocks that have been mined recently have coincided with an immediate sell-off on both exchanges, suggesting that a large amount of the content of those blocks were transactions sent to exchanges to sell their BCH coins
The lack of deposit options has also kept global trade volumes extremely low. “No one can move coins so the price is totally out of whack,” claimed Lightning Developer and Stanford professor Elizabeth Stark in a tweet Wednesday morning.
Tuesday’s blockchain fork occurred 12 hours after the initiation of the UASF BIP 148 soft fork, as promised in Bitmain’s UAHF contingency plan announced on June 14. Monday night’s soft fork went smoothly, as core developer Luke-Jr tweeted an hour before Midnight, New York Time. "As expected, the #BIP148 #UASF was a complete success and did not split the chain. Be sure you're upgraded to be safe, though!"
Bitcoiners spent Tuesday morning with their eyes fixed on a website called BTC Fork Monitor, which displays the status of different types of Bitcoin nodes, such as Bitcoin Core, UASF BIP 148, Segwit2x, and the recently added Bitcoin Cash. At 12:37 UTC, just 17 minutes after the scheduled start time for the fork, Bitcoin and Bitcoin Cash miners mined the final block shared by both of their chains, block #478,558.
Nodes running the Bitcoin ABC client then rejected all other blocks from the Bitcoin network. At 1:07 PM UTC, all other clients move on to create block 478,559 and those following. It wasn’t until almost 6 hours later, at 6:12 UTC, that the Bitcoin Cash blockchain produced its first, forked block.
The massive block, mined by ViaBTC’s own pool, was 1.915 MB in size, proving that their blockchain could handle larger blocks than the Bitcoin Core clients would. While the fork also avoided cross-chain transaction problems, better known as replay attacks, Litecoin admin Charlie Lee speculated that exchanges are vulnerable to double-spending attacks, and most exchanges “won't open deposits for BCH until the difficulty drops to a level where it's profitable to mine BCH.”
Lightning Developer and Stanford professor Elizabeth Stark later pointed out that a block hadn't been mined in over 12 hours, a result of how little mining power was working on the new blockchain. While the pace of mining has picked up since then, the new blockchain has to adjust to the difference in mining power since forking from Bitcoin.
ViaBTC's pool stats show that their Bitcoin Cash mining pool began with around 75 petahashes in mining power. During the creation of that first block, however, the hashrate inflated to match that of the company’s existing BTC mining pool, around 300 Petahashes. This was accomplished without their BTC pool losing any hashrate.
While exact mining power figures are impossible to know at this stage, rumours on twitter suggest that it is not yet profitable to mine Bitcoin Cash, and that switching mining operations from Bitcoin to the new blockchain would cause a 99.6% revenue loss. Meanwhile, the Bitcoin hashrate pool has shown no sign of reduction, currently hashing away at 6.5 Exahashes.
What is a Bitcoin fork?
There has been significant news coverage and developments in recent weeks about changes to digital currency networks. These are sometimes called “forks”. We wanted to provide a simple, non-technical explanation to add context to recent discussions (previous blog posts here and here).
What is a “fork”?
A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.
Forks can be temporary, lasting for a few minutes, or can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created.
Why are changes made to digital currency protocols like Bitcoin and Ethereum?
Coinbase currently supports 3 digital currencies — Bitcoin, Ethereum and Litecoin. Each of these digital currencies use open-source software protocols with independent development teams responsible for changes and improvements to the network, much in the same way that changes to internet protocols allow web browsing to become better over time.
Our mission is to create an open financial system for the world and we believe digital currencies will be fundamental in achieving this mission. However, many of these digital currencies are still in early development. Making improvements to the software — such as the number of transactions the network can support — is crucial to creating finance 2.0.
Why do forks happen?
There are a few reasons why a fork can happen. For example, when a change is proposed to a digital currency protocol, users need to show their support for the new version and upgrade — in a similar way to people regularly update applications on their computer. In order for these changes to get approved many people need to agree, just as changes to cellphone networks require many phone companies to agree.
What does this mean if I have digital currency stored on Coinbase?
Coinbase actively monitors protocol developments and works hard to ensure customer funds are safe in these events. Our policy is to support only one version of a digital currency. In order to determine which fork to support we look at factors such as size of the network, market value and customer demand. We make this decision carefully because safely supporting a new digital currency requires significant work for many teams.
We will keep users informed about these events through our blog, status page, twitter and supported assets page.
A Big Forking Announcement: Anonymous Bitcoin (a ZCL and BTC Fork)
There is truly nothing more exciting than being a journalist in the blockchain space and being able to formally announce a project you are the Founder of. The last few months of crypto have been a roller coaster ride, but a few unique opportunities have presented themselves.
A Big Forking Project
It may be difficult at times to hold back the excitement but to ensure a fair report of the project I will try to withhold the enthusiasm that is radiating through me. One of the main reasons is when has CNBC ever decided to cover a Forking Announcement (very punny I know)? The announcement on CNBC can be found here.
(Jake Greenbaum aka “The Crypto King,” Ran NeuNer @cryptomanran, and Sam Abbassi Lead Developer)
A fork (soft or hard) has become a fairly common occurrence in the crypto space. The question arises which ones are real and which are frauds? BTCManager has had many articles in the past discussing forks which were fraudulent and others that were legitimate. Being a founder and understanding the project from the inside it becomes fairly easy to tell whether or not your own fork is a fraud.
The project is titled Anonymous Bitcoin (“BTCA”), and the Anonymous Bitcoin team intends to succeed where prior forks failed while also adding unique technology to already tried and true blockchains. The co-fork will occur using BTC and ZCL, to attain the new forked coin, Anonymous Bitcoin, an individual, would have to purchase either BTC or ZCL before the date of fork snapshot.
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The BTCA testnet will go live August 10, providing a month for exchanges to test the wallets and infrastructure before the snapshot occurs on September 9, 2018. The mainnet will be live within 48 hours of snapshot allowing for swift integration onto exchange platforms. The main features of BTCA will include; anonymity while transacting (using zkSNARKs technology), increased the speed of transactions (through increased block sizes), and the ability to stake coins through masternodes. This trifecta of technological upgrades will create a cryptocurrency in Bitcoin’s image, with staking abilities and anonymity upgrades.
The Anonymous Bitcoin Team is broken into multiple layers. The BTCA team is composed of the core development team, founders, advisors, social media gurus, blockchain journalists, and even crypto compliance attorneys. The core development team is led by the Founders of Bushido Lab, of Miami. The most notable advisor, Steven Nerayoff, has worked on projects such as Ethereum, Lisk, tZERO, ZClassic, AION, and many more. Blockchain journalists and Fintech analysts have come on as advisors to insure the progression within the space and to provide inside news coverage regarding the entire forking process. A production team has been assembled to provide weekly video updates regarding what the team has been doing regarding conferences, networking, and ‘work’ for the week. This will allow transparency literally from within. The crypto compliance attorneys are solely there to insure we remain compliant with the ever-changing regulatory structure of cryptocurrencies. A fork does not involve a securities offering as no tokens are being sold but it always helps to have attorneys making sure compliance is maintained.
With a roadmap that has already been structured and deadlines that will not be missed BTCA is ready to begin their journey from concept to a forking cryptocurrency.
Please visit the website: Anonymousbitcoin.io to see any other details that may be of interest to the reader.
Or get in contact with the team at:
To get in contact directly with the King, you can on Twitter (@JbtheCryptoKing) or Reddit (ICO updates and Daily Reports).
Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split
The start of the Bitcoin ABC (Bitcoin Cash) chain split has begun as the divide was initiated on August 1 at 12:37 p.m. UTC at block height 478558.
Bitcoin Cash Veers Off at Block Height 478558
Over the past week, the central theme of discussion has been the August 1 hard fork and the possible birth of a new token called ‘Bitcoin Cash’ (BCC). The fork has come about after months of long debates, scaling proposals, and community infighting and many bitcoin proponents from both sides are showing a sense of relief although some are still uncertain of the events that will take place, and how the bifurcation of the Bitcoin blockchain will play out.
Today a whole lot of people have been patiently waiting for the user-activated hard fork (UAHF) to commence and the coming of the new digital currency Bitcoin Cash. August 1 has arrived and the 12:20 UTC time period has officially passed. The start of the BCC chain split began at block 478558, but at the time of writing the official divide has not yet occurred.
Places to ‘Watch’ the Fork Unfold
Now the fork didn’t happen at exactly 12:20 UTC but took place six blocks later. There are a few places where bitcoin proponents can follow the behind the scenes action and watch for BCC blocks to be found at data collection sites like Coin Dance , Blockchair , and BTCforkmonitor . Further, there is a live stream “fork party” called Countdown to Bitcoin Cash with over 1400 viewers at press time. And of course, the Reddit forums r/btc, r/bitcoin, and Twitter are filled with discussions concerning today’s events.
BTC and BCC Markets
Yesterday bitcoin markets were very active, and bulls managed to push the price up to $2929 just twelve hours before the possible fork. Now the price is down 8 percent to a low of $2700 as people sit and wait for the fork’s outcome to commence. Many traders believe the BTC price spike is currently valued with the BCC token’s value priced into it, but market predictions are very speculative. At the moment BCC futures are trading at 0.15 BTC or US$400 after seeing a decline in value over the past week. The San Francisco -based bitcoin exchange Kraken has announced it would begin crediting Bitcoin Cash shortly and trading has begun on the platform. Bitcoin Cash prices on Kraken are similar to Viabtc’s futures at the time of writing.
Bitcoin prices hit a high of $2929 on July 31st overnight but subsequently dropped to $2700 during the August 1 morning hours. Bitcoin Cash is trading for about $400 on Viabtc and Kraken at the moment.
At the moment bitcoin proponents are glued to their screens waiting for the next course of action regarding the August 1 split. Block 478558 was the last common block found and the next event will be the first Bitcoin Cash big block found which could take some time depending on hashrate.
UPDATE: The original title of this post first indicated that the first Bitcoin Cash block had been mined, but that wasn’t entirely accurate. The post has since been updated.
How are you watching today’s events? Let us know in the comments below.
Images via Shutterstock, BTC Fork Monitor, Bitstamp, and Twitter.
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What is a Bitcoin fork?
There has been significant news coverage and developments in recent weeks about changes to digital currency networks. These are sometimes called “forks”. We wanted to provide a simple, non-technical explanation to add context to recent discussions (previous blog posts here and here).
What is a “fork”?
A “fork” is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history.
Forks can be temporary, lasting for a few minutes, or can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created.
Why are changes made to digital currency protocols like Bitcoin and Ethereum?
Coinbase currently supports 3 digital currencies — Bitcoin, Ethereum and Litecoin. Each of these digital currencies use open-source software protocols with independent development teams responsible for changes and improvements to the network, much in the same way that changes to internet protocols allow web browsing to become better over time.
Our mission is to create an open financial system for the world and we believe digital currencies will be fundamental in achieving this mission. However, many of these digital currencies are still in early development. Making improvements to the software — such as the number of transactions the network can support — is crucial to creating finance 2.0.
Why do forks happen?
There are a few reasons why a fork can happen. For example, when a change is proposed to a digital currency protocol, users need to show their support for the new version and upgrade — in a similar way to people regularly update applications on their computer. In order for these changes to get approved many people need to agree, just as changes to cellphone networks require many phone companies to agree.
What does this mean if I have digital currency stored on Coinbase?
Coinbase actively monitors protocol developments and works hard to ensure customer funds are safe in these events. Our policy is to support only one version of a digital currency. In order to determine which fork to support we look at factors such as size of the network, market value and customer demand. We make this decision carefully because safely supporting a new digital currency requires significant work for many teams.
We will keep users informed about these events through our blog, status page, twitter and supported assets page.
Btc fork monitor
I've spent some time reading around, and here is my guess as to what the site is describing:
Behind the scenes, achow101 (https://github.com/achow101) is running four Bitcoin clients:
* `Bitcoin Core` is running the client from https://bitcoin.org/en/ (https://github.com/bitcoin/bitcoin) (https://bitcoincore.org). This client does not support Segregated Witness, and it does not support larger block sizes (so blocks larger than 1 MB are ignored).
* `UASF (BIP 148)` is running the client from https://bitcoinuasf.org (https://github.com/UASF/bitcoin). This client supports Segregated Witness. This client does not support larger block sizes (so blocks larger than 1 MB are ignored).
* `btc1 (segwit2x)` is running the client from https://segwit2x.github.io (https://github.com/btc1/bitcoin). This client supports Segregated Witness, as well as changing the block size to 2 MB (blocks larger than 2 MB are ignored).
SegWit2x rejects non-SegWit blocks. So with the majority it has it can't cause a fork in the chain (until the HF 3 months later), and neither will BIP148.
So with the rather safe assumption SegWit2X reaches its threshold in the next few days, the only expected fork in the chain by August will be Bitcoin Cash (Bitcoin ABC/BU/big blocks) on one chain and Segwit on the other.
However, the twist is that Blockstream gets Segwit first, while the 2x block size increase is 3 months away. During that time I expect Blockstream to be screaming to everyone that will listen to try to stop the block size increase from actually happening. They will likely not be successful but it will sadly continue to be a contentious issue until at least the end of October.
Many people want larger blocks, we want on-chain transactions scaled way up. I'm yet to hear a good argument against large blocks. Storage is dirt cheap. Connections between servers are generally at least 1Gbps.
> Connections between servers are generally at least 1Gbps
So much for peer to peer electronic cash, then.
That's what happens when you're in a bubble. Your echo-chamber reflects the same ideas back to you.
And don't get me wrong, I'm not against Segwit at all, as long as the blocks are increased. So if someone wants to take their transactions off the chain, go right ahead.
> So much for peer to peer electronic cash, then.
Bitcoin is not peer to peer in the traditional sense, the money goes through the network of servers (nodes). It's called peer-to-peer, because there's no central bank, nor any authority that can stop the money flow.
SegWit2X, which is about to activate is a compromise that gives both Segwit (improving off-chain) and a slight increase.
There is however uncertainty among big blockers about the increase as it is three months later, so it could still fail resulting in SegWit only.
The Bitcoin Cash (ABC) fork is addressing this by forking non-SegWit and bigger blocks, though its support is rather uncertain at this point.
Is that 2x increase enough to appease the big blockers? As in, does it settle the discussion or this will happen again in 12 months?
Just to clarify a bit more, this is the original Bitcoin client that Satoshi and Hal Finney created, and which has been the canonical client from the beginning. Bitcoin Core develops this client, and they invented SegWit, so it definitely supports it.
I keep my browser viewport in a portrait aspect ratio for readability and usability. Few websites look good or are easy to read in a maximized browser window.
I'm not sure if it applies though.
When you change the rules of transfer in a subset of nodes/users, then all of a sudden there is disagreement about who owns what: there are two ledgers, and you look at the one whose opinion about "ownership" you agree with.
So the "fork" is a fork in ownership or truth: a difference of opinion about who owns what. Nothing more, nothing less.
But it's a complicated economic effect to predict, because it's likely that the losing side (the opinion with the smaller number of nodes supporting it) will wither and die - one major value proposition of bitcoin is that it's universal. But what happens to the people who used that losing fork in the interim? Well, basically none of their transactions were "real" (they didn't take place on the ledger that eventually won), and if you sold something to someone on that ledger, then they have the goods/services, and you have nothing.
But will the bitcoin client (from bitcoin.org) update to the winning rules or will I need to download it from somewhere else depending on who the winner is?
⒈ get repeatedly caught up on basic blockchain concepts (i.e. go in circles w/ terminology)
⒉ know absolutely nothing about the politics of the decision-making up to now
⒊ yet have already been exposed to somebody's propaganda and half-internalized the wrongthink
So i'm not sure that a flowchart of just the proposals w/o entities serves much purpose. Its audience is essentially limited to devs who just need to be caught up on current events.
Coin Dance already has this information available, but across two dashboard-style pages⁽¹⁾⁽²⁾ — not quite arranged efficiently enough for an interactive infographic.
Starting from "know your hardforks" and adding the missing bits from the flowchart as tooltip or on-hover information could work.
For a more general/conceptual understanding of blockchain technology and its applications, including non-cryptocurrency applications, "Blockchain Revolution" is a good read.[2]
- miners: they bear the biggest costs and are responsible for the security of the network. Without miners there would be no bitcoin.
- economic nodes: nodes that have real activity going through them that relay transactions and accept or reject blocks that miners provide them. Coinbase's nodes are significantly more valuable than my personal node for my wallet.
- core dev team: their power is soft but integral, no-one wants a chain that can't be updated over time.
Owners of coins currently have little to no influence.
If all/lots of the miners pulled out, then wouldn't the work factor decrease so that regular people could run it on their desktop machines? That is what happened at the start of bitcoin, right? Are miners that required?
Because that difficulty factor changes over many mined blocks, if the ASICs all suddenly stopped mining that chain, there might not be enough hash power to ever find another valid block.
And until so many blocks are found, the difficulty won't change, so the chain will be fully and completely dead (at least on the scale of months)
For a rough idea of the scales, just look at the current reward for finding a block (12 btc) and it's current value (about $31k USD). Miners are just barely breaking even on ASICs, so a $31k miner should be able to pay for itself over it's lifetime.
So unless you have hundreds of thousands of dollars of miners, you aren't going to realistically find a block, and unless you have millions of dollars of ASICs you aren't going to be able to mine enough to keep a chain from dying on your own.
Yes, we need miners. But yes, you're right, the difficulty is adjustable, so ultimately either we need miners[0] or we need miners[i].
If there's any value to be had for a coin and the PoW matches existing hardware, it's likely that miners will show up.
other people would start mining-- botnets, gpu gaming enthusiasts, people with excess FPGA capacity, etc. and then these people would become miners.
Some alternative crypto currencies use algorithms that supposed to be really hard to do in ASCIC, I suppose those would be more feasible for rel people to use them, but as I understand we are stuck this way with bitcoin.
It's been around a long time and bitcoin hasn't been changed to take advantage of it.
Ultimately, the community seems to have a big say in bitcoin and it's not limited to a proportional share. The community includes at least
> I was wondering, why the bitcoin owners themself cant't decide. . should have more to say about it.
Ultimately that sounds a little aristocratic and bitcoin itself seems more egalitarian. Regardless of philosophy, the blockchain is defined to be a consensus of a set of computers running software. Anyone of us could write new software to take the bitcoin blockchain into a new direction with new features. If we could convince some folks to run our new software, we would have our own fork. If the features are compelling enough, we could take the majority of nodes with us. Decentralized and fairly democratic -- you can have your blockchain and we can have ours.
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