Today, 20th Friday, Bitcoin Cash (BCH) is among the top coins which have gained a bigger percentage of their value. Bitcoin Cash is the fourth-cryptocurrency in the list of coins and was hard forked from Bitcoin (BTC). Today, at the time of writing the coin had gained more than 12% with a circulating supply of 17,084,125 BCH to 21 million maximum supply. The statistics were captured on the coinmarketcap website. This uptrend by Bitcoin Cash was also reported earlier where it had gained close to 11.3% by then.
Although they may share a name, Bitcoin (BTC) and Bitcoin Cash (BCH) are two different virtual coins, with the only similarities being up to the point of the Bitcoin hard fork which resulted to BCH.
Talking of a hard fork, the team behind Bitcoin Cash has a planned hard fork on Bitcoin Cash. What do they want to achieve? Well, according to information publicly available, the team wants to add more features to the existing Bitcoin Cash’s network. The planned hard fork which is scheduled for 15th may this year has been named Bitcoin ABC (Adjustable Blocksize Cap). After the fork, the 8-megabyte block size currently being used on the Bitcoin Cash’s network will be increased close to 400% to reach 32 megabytes.
That’s not all. The team behind Bitcoin ABC has hinted that several Bitcoin operation codes will be “added or reactivated. These include OP_CAT, OP_AND, OP_OR, OP_XOR, OP_DIV, OP_MOD, OP_SPLIT, OP_NUM2BIN, and OP_BIN2NUM. Finally, the OP_RETURN data carrier size increases to 220 bytes.”
Regarding a more specific time that the hard fork will take place, Bitcoin ABC team has said that the upgrade is pegged on the,
“Median Time Past (MTP) method, activating on the MTP time of 1526400000 (Tue May 15 12:00:00 UTC, 2018). In other words, when the median timestamp of the most recent 11 blocks is equal to, or greater than 1526400000, then the new consensus rules shall apply to the next block. The exact time of activation depends on the time this block is found.”
For now, it’s best to patiently wait and see what this new upgrades will bring to BCH enthusiasts and the general well being of the coin.
But, will the upgrade have a direct effect on the price of the coin, or what immediate effect do you foresee the hard fork will bring?
Let us know your thoughts in the comments section below.