One of the most important days for the Bitcoin community has arrived. The much commented bifurcation of the network has arrived and the appearance of a new cryptocurrency is imminent: Bitcoin Cash.
In recent days we have reported the dissatisfaction of a part of the Bitcoin community, led by developers, who do not support the proposal of the miners to optimize the network through the expansion of the capacity of each block and the update of the nodes . Those who do not update their blocks to the new protocol proposed by the consensus of the miners, will simply be discarded.
In this way, according to the developers and experts who oppose this proposal, the small miners would not have the technology or the money to update their nodes and the control of the blocks would be in the hands of the big Bitcoin miners, eliminating the principle of network decentralization.
Bitcoin Cash has been the new cryptocurrency proposed after today's division, and that will offer users and investors an equivalent amount of the new currency, and that seeks to push the value of the original Bitcoin.
According to a report by the BBC, the Bitcoin Cash separatist plan seeks to 'free' Bitcoin, since the current system of the network makes transactions very slow, since it contains 1 megabyte (MB) available to aggregate data by every 10 minutes.
This limitation prevents the correct flow of transactions in the network, representing a waiting time in May for users, which can even extend to days for transactions to take effect.
For their part, those who support the original Bitcoin established under consensus in the New York Agreement, seek to activate a new exchange protocol known as SegWit2x, which seeks to eliminate tensions in the network because of the slowness of transactions. In this way, the community that supports this initiative plans that in November the size of the blocks will be increased to 2 MB.
A former Facebook engineer, Amaury Sechet, leads the group that opposes this measure, and has supported the creation of Bitcoin Cash, a currency that will begin its path in the market from today.
Those who follow Sechet's proposal affirm that the volume of transactions will not increase to the levels set out in the agreement, and are inclined to release the network by expanding the capacity of each block to 8 MB for faster transactions.