Last week we reported on the news of another hard fork from Bitcoin Cash, I actually think somewhere we mentioned the word ‘forkception’. Watch out, we expect to see this enter the Oxford English Dictionary over the coming days, the anticipation for this hard fork really is that hot.
Almost as hot as a hot fork buffet.
Sorry, bland humour aside, news of the hard fork really does seem to be pushing up the price of Bitcoin Cash, just since the 18th of April we have seen Bitcoin Cash move from $755.00 up to $995.00, with the current value of Bitcoin Cash sitting at $980.18, up 10.44% at the time of writing.
The rise in Bitcoin Cash has been complimented by the overarching upwards market trend which has of course been inspired by the mid-April market surge which we saw last week. However, we must consider how much better Bitcoin Cash is doing over it’s twin sibling, Bitcoin. At the moment, whilst Bitcoin Cash is enjoying gains in the double figures, Bitcoin is merely floating by. Okay yes, Bitcoin is making gains too, but with few jumps over 1%, it’s pretty clear which of the pair is doing the best at the moment.
All that aside, what do we know about the impending hard fork now?
The date for this has been set for the 15th of May. It will involve an upgrade of Bitcoin Cash’s ‘consensus rules’ through the roll out of new software, Bitcoin ABC 0.17.0. All Bitcoin Cash node runners have been urged to install this update, prior to the 15th of May deadline. Exchanges and Wallets will work closely with Bitcoin Cash to ensure their services remain unaffected.
The key purpose of the hard fork is to facilitate an upgrade in the size of Bitcoin Cash blocks, notably up to 32Mb.
You can find Bitcoin Cash’s full press release here- https://www.bitcoinabc.org/may15hardfork
Because of the added interest in Bitcoin Cash this seems to have encouraged, we could suggest that Bitcoin Cash might actually stay above the rest of the markets over the next month. It is likely that Bitcoin Cash will continue to perform well, even if the markets begin to decline suddenly. Because of this, it is possibly safe to assume that Bitcoin Cash will reach $1,000 over the coming days, if it does, this will be a landmark achievement for the Bitcoin castaway.
Wait, isn’t Bitcoin the Bitcoin cast away? Who knows anymore.