Amusing how that works. If Bitcoin Cash proves to have staying power though, that may not be enough from "ruinous legal trouble".
We'll examine the motivation behind the hard fork and look at how the risk of "replay attacks" - where transactions can be sent and processed on different blockchains - has affected the proposal's development.
First, a little background.
One thing that should please the existing owners of bitcoin is that their bitcoin is safe and tomorrow they will get one bitcoin cash for every bitcoin they hold. The first of these to be released is named "BitcoinABC". It's basically a huge trust exercise. DigitalX, which makes "blockchain enhanced payment solutions", raised A$300,000 ($239,000), loaned to it for 12 months by Blockchain Global (BGL) at a rather punchy 12% interest.
No, these aren't blocks on the blockchain, but computer units like this can mine them!
Because control of the system is decentralized, it prevents manipulation of the currency's value by the powerful. What about the bitcoins I own? The bitcoin event will then move to Russian Federation, and will also make stops at the McGill University and the Richard Ivey School of Business in Canada; UC Berkeley, Wake Forest University, and St. Petersburg in the United States; the University of Queensland in Australia; Trivandrum and Bangalore in India, and in Puerto Rico. While that was happening, the value of the currency dropped 36%. Specifically, Bitcoin's ability to process transactions is inherently limited, able to handle only one megabyte worth of transaction data at any given time.
We are now less than 24 hours away from the start of the latest Bitcoin Civil War. Experts are now advising to avoid making any Bitcoin transactions until the future of Bitcoin seems clear.
During a bitcoin hard fork, it is almost impossible for businesses to operate normally and process bitcoin trades due to the alterations in security measures and systems a hard fork requires. The argument was contentious, and it came down to a deadline last night, where the second group emerged victorious. BTC and BCC will be competing with each other in the open market and while individually their prices may suffer initially, the combined prices of the two cryptocurrencies will leave traders in the blue, analysts believe.
Huobi, one of world's biggest bitcoin exchanges, has confirmed they will list the new cryptocurrency Bitcoin Cash (BCC) for trading on their Huobi.pro exchange.
Bitcoin Cash occurred because a faction of the community didn't approve of the SegWit2x proposal, created to increase the Bitcoin block size by 8x. That's something that crypto fans are unfortunately all too familiar with.
If your wallet wasn't mentioned, you can go on ahead to BitcoinCash.org to check for yourself.
If you're not already invested in cryptocurrency, this won't have much of an impact on your life.
Disclosure: Several members of the Futurism team, including the editors of this piece, are personal investors in a number of cryptocurrency markets. In a presser it released, Ethereum advised people to be very careful about Bitcoin Cash because it has some security implications.
This question brings us to another question-Why is Bitcoin going to split?