Bitcoin brokers were unable to reach a conclusion to keep the cryptocurrency as one, which resulted in a split into Bitcoins and Bitcoins Cash (BCC).The new split into Bitcoin Cash, says that “we the people can breathe new life into Bitcoin” according to the Bitcoin Cash’s site. The site also states that: “Bitcoin Cash brings sound money to the world. Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development.”
People who support the split into the new Bitcoin Cash believe these modification and updates of the new cryptocurrency can improve upon the old Bitcoin, which is also stated in the site.The site says confirmation of the new cryptocurrency will be even faster which will be more reliable and at a cheaper cost.
Many people are split between the views of the cryptocurrency fork.
Some state that this could be a fresh start for the new cryptocurrency and could be better than the Bitcoin’s previous network, but some say that this fork could ultimately hurt the usage. The fact there will be two to choose from could lead people to be unsure of which to use and eventually lead to a decline in users.
After the split, many exchanges say they will not support the new alternative at their exchanges.
"In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the bitcoin cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value,” said David Farmer, director of Biz Ops at Coinbase.
"Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network. Due to, at least temporary, solution of the scalability issues, bitcoin cash could attract more new capital to the entire crypto space, thus helping increase overall market cap.” said Peter Borovykh of Blockchain Global, according to Business Insider.
Arthur Hayes, CEO of BitMex, told Business Insider he thinks a fork will benefit the cryptocurrency in the long run, despite short term volatility and confusion.
Dominic Williams, president of DFINITY, says that the bitcoin prices are likely to become more volatile. He also says that Bitcoin Cash is likely to trade at around 10 percent of the price of bitcoin, according to CNBC.
"The price level will depend on an interplay between how much mining support Bitcoin Cash attracts, which platforms support Bitcoin Cash, how much selling pressure and buying support we see, and other factors," Garrick Hileman, a researcher on monetary and distributed systems innovation, told CNBC via email. “Mining is the process of creating new bitcoins and verifying bitcoin transactions.”
David Farmer also stated plans to temporarily suspend bitcoin trading on Tuesday due to the possible disruptions to the bitcoin network. He reiterates that bitcoins will be safe but just unable to be accessed to the short suspension of usage.
Many people are split on the views between the fork of the cryptocurrency. But in the long run, many analysts say that people should hold onto their cryptocurrency, as the news will settle down later on about the split.