Everybody has been eyeing cryptocurrencies as the new asset class but due to its dynamic and complicated nature, many have been speculative regarding these digital currencies for a long time. This year has been proving itself to be quite profitable for cryptocurrency enthusiasts and investors so far. Both crypto giants, as well as top altcoins, have been performing well for the past quarter. The crypto market suffered a recent bearing trend due to the emergence of UPbitfud which was denied yesterday. The markets are yet to stabilize and during this moment the biggest news comes from Bitcoin’s favorite and prosperous fork, Bitcoin Cash (BCH) as they complete their anticipated goal of increasing block size.
True Meaning behind the Upgrade
The overjoyed Bitcoin Cash community experienced a hard fork of Bitcoin Cash to the new Bitcoin ABC Software. To those who still do not understand the basics of a hard fork, it is a fundamental change of blockchain or distributed-ledger technology. The typical result of a hard fork is two separate coins. The origin of Bitcoin Cash was also a result of hard forking Bitcoin. Bitcoin Cash can be called another version of bitcoin which represents an upgrade of processing power to 8 MB units whereas Bitcoin core version has a 1MB block. But the current hard fork of bitcoin is more of an upgrade of the said blocksize from 8MB to its quadruple value and will not produce another coin. This upgrade is meant to provide users with even faster transactions while keeping the network fee at a minimum.
Default Data-Carrier-Size Upgrade
The Bitcoin Cash blocksize upgrade is a huge achievement for not only BCH community but also those who have been waiting for Bitcoin Cash to turn the wheels of crypto markets. The hard fork was initiated using Median Time Past and went live on the next block after MTP timestamp at 4:14 p.m. UTC. But it is important to note that Bitcoin Cash also announced some other significant upgrades along the way. For example, the blockchain’s default data-carrier-size has now risen to 220 bytes from 80 bytes. This…