Bitcoin Cash (BCH) is on the verge of a historical decision - for the first time, the network will live-test the much touted big blocks. With a hard fork happening at 4 PM UTC this May 15, the project will finally test the utility of big blocks.
At the moment, the BCH market price is stagnant, at $1,423.59. The asset sank by 16% in the past week, and inched up in the past 24 hours. However, the hard fork news hardly affected the asset, as the news was expected.
https://twitter.com/Poloniex/status/996145615515082752
The fork itself will happen after 11 blocks are mined counting from 12:00 UTC on Tuesday. Therefore, the exact time would be relative.
Not even the addition to the Gemini exchange, along with ZCash, helped boost the demand for BCH in the short term, as trading is still concentrated on Asian exchanges.
!Bitcoin Cash!
Some believe BCH can scale indefinitely with bigger blocks. Currently, mining fees are extremely low for BCH, and the new hard fork will show how transactions fare with a 32 MB block every 10 minutes.
https://twitter.com/YACoinBen/status/995706826971893762
At the moment, the Litecoin usage remains higher, with transactions well ahead of the BCH levels. There are also reports that for Bitcoin Cash, even the 8 MB blocks are empty.
Since its launch last August, the Bitcoin Cash project has performed two planned hard forks, and one of them achieved a smoother mining through a new difficulty adjustment approach. This solved the problem of having the network overmined, followed by days of delayed block production. For months now, mining rewards have mostly remained the same for the Bitcoin Cash and the Bitcoin network.
For regular users, the hard fork will not have an effect, in case the newest wallet versions are used. It is best to avoid transacting around the time of forks, for extra security. Some exchanges also plan to close their BCH wallets to wait out the upgrade.
This article appeared first on Cryptovest
