Essentially, political, technological, and ideological debates about growing bitcoin have come to a head.
The fork occurred at 8:20 am ET on August 1, but it likely will take a bit of time for BCC miners to unearth new BCC tokens given their relatively small numbers compared to the number of Bitcoin miners. In addition, the fees are high making it expensive to use.
For almost 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. That is the largest block on Bitcoin's digital ledger known as a blockchain. But these blocks are full, and it is slowing transactions way down. Prior to the split, only 1 megabyte of transactions could be processed at any one time, leading to delays. That's not very much.
Buying bitcoin with physical money used to be a a complicated process but the rise of exchange points has significantly simplified the process. If you store your coins offline then there is a way to claim them, but many experts are warning against it for now.
On Tuesday morning, bitcoin analysts woke up to witness the birth of a new currency. The new rule is supposed be enacted this month. Still, that hasn't stopped a rapid ascent for Bitcoin Cash.
No major issues have so far been detected following the split although a few exchanges and wallets have had minor technical issues with supporting Bitcoin Cash initially, said Dr Garrick Hileman, research fellow at the Cambridge Centre for Alternative Finance. This hands off, wait-and-see attitude is exactly what Bitcoin Cash needs, as it is ultimately user demand and not blind speculation, either in favor of or against, that will ultimately determine whether or not the split succeeds.
And thanks bitcoin's upgraded replay protocols, there should be no risk in accidentally spending bitcoin cash instead of bitcoins.
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. People who owned Bitcoin prior to the fork on exchanges or in wallets will see their holdings increase as they will receive one unit in Bitcoin Cash for every unit they hold.
"This will be informative for how we deal with these systems in the future", Manain said.