The schism in the community Bitcoin. A new currency, crypto, bitcoin to cash, has made its appearance on Tuesday, a result of a disagreement concerning the speed of transactions. The emergence of bitcoin cash is not a first. Other crypto-currencies have in effect followed the launch of bitcoin in 2008, as the ethereum in July 2015 or the zcash in October 2016.
The bitcoin moved down on Tuesday after the announcement, to 2,731, $ 41 (2.312,40 euros) at 15: 00 GMT (17: 00 in Paris), according to data from Bloomberg, which compiles the figures of the largest platforms for exchanging the digital currency. The bitcoin had reached its highest historic June 12, 2.999,97 dollars, which represented an increase of 222% since the beginning of the year.
Exchanges are significantly faster
Specifically, the protesters have launched a proposal to improve the bitcoin (BEEP, for Bitcoin Improvement Proposal), which will help differentiate the new currency of bitcoin already existing and to allow a faster acceleration of exchanges carried out through it. The protesters felt that the use of the other suggestions for improvement, largely as voted by the community, did not go far enough in allowing a move to 22 transactions per second, up from 11 currently. They offer up to 56 transactions per second with bitcoin cash.
“It is a challenge that is small enough that will generate a difference of functioning of the bitcoin,” explained to the AFP Greg Revenu, managing partner at Bryan Garnier, stating that “90% to 95% of the community accept the new structure, it’s going to be fairly marginal”.
“The question now is: how will distribute the computing power in the “minors” [the producers of bitcoin, editor’s Note], this will penalize the transactions for a few days. But the question remains if the bitcoin cash will manage to convince on the long term,” said for his part Jonathan Gerardin, manager, IT and architecture of computer systems at the firm Wavestone.
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A crypto-currency more…
The bitcoin is generated by solving difficult mathematical problems, a process that is called mining, and is normally limited to 21 million units, a total that has not yet been reached.