Published On: Wed, Aug 2nd, 2017

What is bitcoin cash? Latest as bitcoin cash price soars after cryptocurrency fork

What is bitcoin cash? 

Yesterday’s bitcoin fork created bitcoin cash – a new version of bitcoin on a new blockchain with different rules.

A group of miners ‘forked’ from the main bitcoin blockchain by switching to a new version of software with greater transaction capacity.

This fork did not affect bitcoin balances, but millions of bitcoin users were also given bitcoin cash tokens as well.

What is the bitcoin cash price? 

By 12.50pm today, the value of bitcoin cash had increased to $656.69, according to CoinMarketCap. At the same time, the bitcoin price was still much higher at $2,729.51. 

Dr Garrick Hileman, a research fellow at the Cambridge Centre for Alternative Finance, said this data makes bitcoin cash the third largest cryptocurrency on paper.

But he said: “I don’t believe that proper price discovery has occurred yet. The big question, and it is still an open question, is what is a fair price for bitcoin cash.” 

Dr Hileman said that a lot of users are not able to trade bitcoin cash yet, adding: “There is some concern still that should make people take the bitcoin cash price with a grain of salt.” 

He said that it is very difficult to predict what will happen next and the bitcoin cash price could fall if users decide to dump it. 

He rasied questions over how much mining bitcoin cash can support and whether it will be able to fend off attacks if they happen. 

Despite the bugs and inconvenience so far, he said: “It’s going relatively smoothly, all things considered. It does not look like it is going away any time soon.” 

If bitcoin cash is embraced by users, it could become a serious contender in the cryptocurrency space. But it might wither away if supporters switch back to the original blockchain. 

CoinDesk said: “With exchanges listing the coin and newly-found Bitcoin Cash owners taking control of their assets, one of the big questions will be what happens with the price of the digital asset.

“One prospect that does seem likely: a sea-change in the tenor of the years-long scaling debate, the disagreements over which arguably led to the events of today.

“When it comes to bigger blocks or a more nuanced approach – it seems it’s now up to the market to decide.” 

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