It is no more news that bitcoin folk yesterday, the event which sponsor the splitting of bitcoin in two and gave birth to alternative coin called Bitcoin Cash. Bitcoin cash is a fork of the original bitcoin blockchain: It's new software that has all the history of the old platform, but is made up of eight megabyte "blocks" instead of one megabyte blocks, making it faster.
As reported by The Verge Yesterday:
The splitting has a nuanced implication for Bitcoin owners. If you own Bitcoin and control your private keys, the same private keys can be used to spend your newly minted Bitcoin Cash.
If you own Bitcoin but don’t control the keys, then it depends on whether you’ve chosen to keep your bitcoins on a Bitcoin Cash-friendly platform or digital wallet.
Each platform is treating the new Bitcoin Cash differently. To enjoy this extra currency, you should check with your platform and wallet to see what the company policy is.
Shortly after this event, the cryptocurrency industry has reacted to this in different ways which one is the flooding orders for Bitcoin Cash by investors.
As reported by Business insider in a chat with Quinn-Watson, a venture partner for a bitcoin exchange operator based in Australia this morning:
"We are in a new paradigm," Quinn-Watson told Business Insider around 5 PM ET on Tuesday, or 6 AM Wednesday in Australia. "People have been asking a lot of questions and we expect a lot of volatility."
He said the crypto-madness that has swept the globe is just the beginning. His firm, Blockchain Global, just re-opened its exchange, the Australian Cryptocurrency Exchange.
"We literally just re-opened the bitcoin exchange and are confirming the BCC trades over the course of the day," he said."Orders for bitcoin cash are exploding!"
Since the people who held their private keys or Bitcoin off of exchanges are unable to send their Bitcoin Cash to the exchanges, many are selling their bitcoin positions and buying bitcoin cash as a proposition that it is the 'new coin' that has more value in the future.
Quinn-Watson continue and said he expects to see a relatively small drop of about 10% to 15% in the price of bitcoin over the course of the next 36 hours as investors, including new market entrants, look for other opportunities.
"Money will pour into Ethereum and bitcoin cash," Quinn-Watson said."I think the excitement will also bring more people into the market looking to invest."
Currently Bitcoin Cash is trading 108.34% up since market opening this morning.
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