Bitcoin Cash Mined its First Block

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Today marks the release of Bitcoin Cash, a hard fork in the Bitcoin block chain. This has split Bitcoin into two separate block chains, making it two separate currencies. 

Bitcoin Cash was launched around 8 AM ET today, facing some roadblocks along the way. This hard fork was prompted by increasing transaction fees and mining difficulty of the old Bitcoin, making it unfeasible to continue on its path. The new block chain uses 8MB blocks instead of the original 1MB, and adjusts the difficulty of mining every 6 blocks instead of 2016 blocks. Block times and rewards remain the same. 

The new Bitcoin Cash is trading around $360 as of this writing, after riding an initial roller coaster through the day. It experienced an initial spike to over $500 and then a series of dips and rises throughout the day. Surprisingly the original Bitcoin seems unphased by the new currency, as it’s still trading over $2,700. This isn’t far from its all time high of $3,000 not long ago. 

There are already several online wallets supporting the new currency, but one of the most popular has decided not to. Coinbase mentioned in a statement and in emails that they do not intend to support Bitcoin Cash. Their reasoning behind this is that they’re unsure if Bitcoin Cash will gain traction and don’t want to invest time and energy into adding a currency that will be dead in the near future. 

If you manage your own wallet and have the private keys, you can already claim Bitcoin Cash using your current Bitcoin. You can also exchange between the two if you have an online wallet and they support this functionality

Check back later for more news and information on this jew currency. The market could change drastically over the next couple days. 

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