Power brokers in Bitcoin have failed to come to a mutual agreement before the given Tuesday morning deadline. There has been no singular solution that could have maintained the unification of cryptocurrency and now, the digital currency has been divided into Bitcoin cash and Bitcoin.
The Emergence of Bitcoin Cash
According to Peter Borovykh, there were a few technical difficulties in the process before the deadline, but essentially, the division of the Bitcoin has happened and Bitcoin cash seems to be here to stay. Peter from the blockchain tech firm Blockchain Global, added that the fork was expected. According to ShapeShift CEO Eric Voorhees’s Tweets, the announcement of the arrival of Bitcoin cash was to be made public early Tuesday. He maintains optimism in his Tweets, mentioning that this is a fascinating period in cryptocurrency, and that they are waiting for the first block from Bitcoin cash.
BCC to Refresh Old Scenarios
For nearly a decade, since the inception of the Bitcoin, power brokers have been debating the regulations and rules that will govern the blockchain network in the world of cryptocurrency. While most members were seeming driven towards the introduction of the 2 megabyte Segwit2x, the incoming wave of Bitcoin cash struck a fork in the system. It is essentially a new software that takes up the histories of its older counterpart in cryptocurrency, but holds 8 megabytes instead.