|May 16, 2018 03:35 PM||By: Guest Author | 6246 Views|
Yesterday, we saw the progress of a Bitcoin Cash hard fork, which was set up to raise the blocksize of the blocks on the Bitcoin Cash blockchain. It's hardfork happening for some time, with many users of Bitcoin ABC nodes urged to upgrade their software over the past month. Because of the engagement managing up to this, the hard fork itself resembled to be seamless, and overall, the update seems to have turned out without any difficulties.
Usually, such events proceed with caution. However the BitcoinCash community has remained very open to this hard-fork, given that BitcoinCash is already the outcome of a hard fork, mind, you can understand the community have confidence in the BitcoinCash and Bitcoin ABC team who have worked on giving this hard fork.
As Alejandro de la Torre of CCN states:
“It shouldn’t be understated that blockchain developers, including Bitcoin Cash, treat hard forking with caution, it’s a delicate process with potentially serious financial outcomes. Though while many in the community handle hard forking with outright fear, this is a key part of how Bitcoin Cash operates, so the Bitcoin Cash community is not afraid of hard forks.”
So, overall, regarding the upgrade itself, all seems reasonable within the Bitcoin Cash network. The problem we see here, however, is that a poor market climate is dragging the value of Bitcoin Cash down, something it could do with bypassing in the wake of a hard fork ultimately.
At the time, BitcoinCash is valued at $1,269.23 and is down 11.14%. Of course, this slump does seem to be falling to the markets themselves and has no significance on the outcome of the hard fork; overall though, It's isn’t the start the BitcoinCash community required. The hard fork indicated a new start for a more massive and better Bitcoin Cash network; I’m sure that the state of the markets right now may have indeed dampened the association's spirits.
Of course, things will change. Bitcoin Cash has increased scalability, transaction time and decreased transaction fees. In the pursuit of adoption, something that Bitcoin Cash is at the fore of, these moves are making great tracks for ensuring cryptocurrencies smarten up, ready to present themselves to the mainstream.
The future for Bitcoin Cash is bright. It may very well slip below $1,000.00 by the end of this week should the decline continue, however, overall, Bitcoin Cash will regain value over time, it is just a case of holding on and waiting to see what happens.