Published: Mon, August 07, 2017
Money | By Oscar Reynolds

Bitcoin Price Fall by Percentage, August Report

Bitcoin Price Fall by Percentage, August Report

Bitcoin Cash increases the limits to 8 megabytes - but that too could become a limiting factor in time.

With 9 million users and $20 billion exchanged, Coinbase has its hands on a lot of the digital currency floating around. Though, it's worth noting that bitcoin and bitcoin cash do not have the same currency value, so duplication is not the same as a doubling in worth.

Bitcoin opened at $2,814.36.

Could Bitcoin Cash still have a fighting chance against its predecessor? Put simply, bitcoin separated into two currencies following a long-running ideological battle over what rules should guide its network in the future.

The last 30-odd days have been rather low for the cryptocurrency world considering the massive price declines in all digital currencies including Bitcoin, Ethereum, Dash, among others squeezed the market cap to a low of $60 billion. As per the Coinmarketcap.com, it is almost equal to $51,737,289,581.

On Tuesday, Bitcoin split into bitcoin and bitcoin cash when a minority of developers went ahead with an alternative upgrade proposal. Some Bitcoin communities are trying to bring modifications. However, according to bitcoin analysts and experts including Tone Vays and Paxos principal architect Jimmy Song, such precaution is necessary and investors should be extremely careful throughout the process of claiming BCH. Finally, the officials named the fork result as the Bitcoin cash (Bcash). And for Coinbase, one of the hottest and most valuable startups in the sector, this week's remarkable "bitcoin hard fork" put the company in the center of a raging storm. Each transaction, where bitcoins are bought, or sold, is recorded in a digital ledger called Blockchain. This is the most optimistic scenario, mind you, because we are talking about selling the Bitcoin Cash at peak value, which is not something you can ever predict accurately, and having the Bitcoin moved to a wallet that supports Bitcoin Cash before the hard fork.

It will make the customers take the control over the Coinbase and even on the threats of implementing the legal action. However, customers won't be able to access those tokens until January 2018, when they update their systems to accommodate it.

Undeterred, bitcoiners gathered by the dozens on a NY rooftop to throw a party this week - one that while not exactly celebratory, served as a venue for a kind of catharsis.

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