Some people have been waiting since last night to transfer their bitcoin. The blockchain is backed up with network congestion due to spam techniques used to manipulate the market.
Personally I’m not yet sold on this “Flippening.” I remember back in March(ish) when the same thing was being said about Ethereum. With the BCH fork approaching Monday, I’m curious to see if it follows the usual dump pattern after it completes.
One situation of concern however, is that the BTC transactions awaiting confirmation are unusually high. Here’s a screenshot from the time of writing:
Jihan Wu is the CEO of bitcoin mining hardware company Bitmain.
Uji Han, a financial analyst with a private equity manager from Beijing University, was the first Chinese to translate Nakamoto Satoshi’s bit coin white paper in 2011.
He is also co-founder and director of BitCoin News site 8btc.com and founded bitmain in 2013. With ASICBOOOST patented technology in 2015, we have dominated the competition with other mining hardware companies.
This technology is said to increase mining efficiency by 20-30%, but Wujian insists that he has a Chinese patent, but has never used mining in a patented way.
What is Bitcoin Cash?
The Bit Coin Cache is a cipher made in early August by a developer (Uji Han) who has complained bit coin adopting the segment and building a larger block size.
Because Bitcoin Cache and Bitcoin use the same proof of work to protect their transaction history, both networks compete for hash power as miners continue to mining profitable chains.
While most miners and exchanges support block size improvements, BitCoin’s core development team is strongly opposed. Currently the Segwit 2x is extended indefinitely, but the increase of 2MB block size will be a hard fork, so the core team of Bitcoin and their supporters are likely to continue to mining the legacy chain after the upgrade. As a result, a composition can be formed in which two different networks compete for the name “bit coin”.
The bit coin is growing rapidly, trading volume is increasing and limited block size is becoming a problem. There is also the disadvantage that the time required for the transaction to proceed is too long.
To overcome these inconveniences, it has been said that the block size should be increased from 1MB to 2MB, which is not as easy as it sounds and has caused disputes and controversies among organizations.
The miner loses the incentive because the transaction costs are reduced. As the block size increases, transactions enter easily and transaction fees drop significantly. This can reduce the number of miners by inviting irregularities in income and expenditure to miners and reducing the bit hash total hashes.
Bit coins should not be used for everyday use. Some members of the community think that bit coin has a purpose that is higher than everyday calls.
Etherium was hacked in the early days, and the prices plummeted and hard forks were made. Likewise, the bit coin cache was caused by a bit coin hard fork.
The Bitcoin Cache Project Web site has defined this project as:
“Bitcoin Cache is a P2P e-cash for the Internet without a central bank, and is completely off-center and does not need to be operated by a third party that needs to be trusted.”
They emphasized the word P2P e-cash. The main motivation for the existence of a bit coin cache is to focus on doing more transactions.
Recently, bit coin cache prices have risen sharply due to issues such as bit coin segwit 2x indefinite extension and bit coin cache mining difficulty change.