Coin of the day is Bitcoin Cash.
The most famous hard fork of Bitcoin, Bitcoin Cash solves infamous Bitcoin scalability problems in its own style, trying to cut any possible corner and become the most usable and adoptable cryptocurrency.
15 May hard fork
Was the announcement of future BCH fork fueling the coin growth? Did people bought the coin in anticipation of getting new free tokens? It is certainly possible, as many people associate the phrase “hard fork” with “free” tokens. Not every hard fork creates a new cryptocurrency however, and you’ll be sorely disappointed if you bought BCH in order to secure coins of a new cryptocurrency.
The BCH hard fork scheduled for May 15 will change Bitcoin Cash’s consensus rules, but there will be no new cryptocurrency as a result.
Bitcoin Cash main course is to resolve BTC scaling problems. The side that is now advocating for BCH is saying that BTC will never be able to scale properly as long as its maximum block size remains limited to 1 megabyte. Bitcoin Cash claims to greatly improve scalability with its 8 megabyte block size, while those who advocate for the original Bitcoin are leaning on second layer solutions such as the Lightning Network.
If today fork is successful, Bitcoin Cash will increase its maximum block size even further to 32 megabytes. Such improvement seems to be excessive for current network load, as the average Bitcoin Cash block size never came close to exceeding the 8 mb limit and only peaked at the 4.7 mb mark for a brief period in mid-January according network researchers. Probably the team expects that the load will increase or this move with the expectation of a distant future.
The Hard Fork is set to take place at 16:00 UTC, therefore this afternoon should see some increased activity within the Bitcoin Cash network. Though this is unlikely to lead the price to spike, we should watch out for signs of surges as we near the allocated fork time. Moreover, we should also be cautious about this causing the value of Bitcoin Cash to drop, this too, is possible.
What is announced for hard fork:
Technicals
BCCBTC is trading in the correctional pattern to the April growth. Peaked on May 6th the price was gradually lowering, making the flag formation. Last three days were showing that the price seems to find a support level in the 0.155 - 0.16 zone. 100-days EMA stays below the price, and the overall pattern looks bullish. If we consider the takeoff scenario from the 0.16 level, a breakthrough of the Bearish Trend Line and 0.17 level will be a confirmation signal. 0.14 level could be a support for the deeper correctional movement in case of the after-hard-fork drawdown. Breakthrough below the 100-days EMA would send the price into a more depressive pattern.
The most famous hard fork of Bitcoin, Bitcoin Cash solves infamous Bitcoin scalability problems in its own style, trying to cut any possible corner and become the most usable and adoptable cryptocurrency.
15 May hard fork
Was the announcement of future BCH fork fueling the coin growth? Did people bought the coin in anticipation of getting new free tokens? It is certainly possible, as many people associate the phrase “hard fork” with “free” tokens. Not every hard fork creates a new cryptocurrency however, and you’ll be sorely disappointed if you bought BCH in order to secure coins of a new cryptocurrency.
The BCH hard fork scheduled for May 15 will change Bitcoin Cash’s consensus rules, but there will be no new cryptocurrency as a result.
Bitcoin Cash main course is to resolve BTC scaling problems. The side that is now advocating for BCH is saying that BTC will never be able to scale properly as long as its maximum block size remains limited to 1 megabyte. Bitcoin Cash claims to greatly improve scalability with its 8 megabyte block size, while those who advocate for the original Bitcoin are leaning on second layer solutions such as the Lightning Network.
If today fork is successful, Bitcoin Cash will increase its maximum block size even further to 32 megabytes. Such improvement seems to be excessive for current network load, as the average Bitcoin Cash block size never came close to exceeding the 8 mb limit and only peaked at the 4.7 mb mark for a brief period in mid-January according network researchers. Probably the team expects that the load will increase or this move with the expectation of a distant future.
The Hard Fork is set to take place at 16:00 UTC, therefore this afternoon should see some increased activity within the Bitcoin Cash network. Though this is unlikely to lead the price to spike, we should watch out for signs of surges as we near the allocated fork time. Moreover, we should also be cautious about this causing the value of Bitcoin Cash to drop, this too, is possible.
What is announced for hard fork:
- Block size increase from 8MB to 32MB.
- The OP_RETURN data carrier size is increasing to 220 bytes. This will enable smart contracts.
- Bitcoin Unlimited , the full node implementation for Bitcoin and Bitcoin Cash networks plays an important role in the upcoming hard fork along with ABC developers.
Technicals
BCCBTC is trading in the correctional pattern to the April growth. Peaked on May 6th the price was gradually lowering, making the flag formation. Last three days were showing that the price seems to find a support level in the 0.155 - 0.16 zone. 100-days EMA stays below the price, and the overall pattern looks bullish. If we consider the takeoff scenario from the 0.16 level, a breakthrough of the Bearish Trend Line and 0.17 level will be a confirmation signal. 0.14 level could be a support for the deeper correctional movement in case of the after-hard-fork drawdown. Breakthrough below the 100-days EMA would send the price into a more depressive pattern.
