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New cryptocurrency Bitcoin Cash rises to $315 in first hour of trading
A new cryptocurrency, Bitcoin Cash (BCC), appeared on the market as a result of the hardforward. It rose from zero to $315 in the first hour of trading, while Bitcoin (BTC) fell in price.
The new currency managed to reach a value that equals 10% of the old bitcoin's value in less than an hour. Bitcoin itself fell 4.23% to $2752.94.
Experts disagreed on the fate of the new cryptocurrency. "They automatically have as many more Bitcoin Cash coins as there were bitcoins at the time of the split (as of mid-day August 1). The seriousness of this cryptocurrency will be determined by who accepts them for payment and exchange and at what price," says Safello exchange technical director and Blockchain.Community board member Alexei Bragin. He believes Bitcoin Cash will not have many followers. Eduard Maas, founder of the crypto-asset investment project Zogras.com, is confident that bitcoin's fall in price is temporary. He notes, however, that according to some forecasts, Bitcoin Cash could become the fourth most capitalised cryptocurrency.
In 2008, someone with the pseudonym Satoshi Nakamoto published an article on the Internet describing the protocol and operation of a peer-to-peer payment system1. In 2009, the same source posted the open source code of a ready-to-use client software.
The same source posted on the Internet an open source code of the client program ready to use. This is how the history of cryptocurrencies began, the first
The first chapter of which was the bitcoin invented by the mysterious Nakamoto-san.
(Bitcoin, BTC).
Bitcoin is not only the first, but also the most common cryptocurrency today, accounting for more than 90% of the capitalisation of all cryptocurrencies in the world. However, in the shadow of bitcoin, other cryptocurrencies continue to develop,
known as altcoins (Dogecoin, Litecoin, Stellar, Nxt, etc.) - there are now more than five hundred of them. All of these cryptocurrencies have common architectural
principles and software solutions.
In terms of technical architecture, bitcoin, like other cryptocurrencies,
is a so-called peer-to-peer system, or network of peers. Along with peer-to-peer interaction, the fundamental concept
underlying all cryptocurrencies is blockchain. In essence, blockchain is a distributed database, a feature of which is that
the list of records in it is not interrupted, but incrementally replenished, with
new records are linked to old records and validated through cryptographic algorithms. As a result, changing the records in the resulting chain is impossible both for external entities and for the operators of such a repository's nodes.
For bitcoin, the blockchain is implemented as a distributed ledger analog
(ledger), in which all new bitcoin transactions are recorded and then
they cannot be changed or cancelled.
Such a system does not require a central bank to regulate the transactions and the amount of currency circulating. When a transaction occurs between two parties
transaction occurs between two parties, a mathematical calculation is created for it.
mathematical task that is sent out to the network of computers. The transaction is considered completed when the computers on the network solve the job,
and that particular computer (more exactly, a network node) that completes the calculation
receives a reward in the form of a certain amount of bitcoins.
Theoretically, the amount of bitcoins that can be issued is limited because it follows a
formula of a diminishing geometric progression; as a consequence, regardless of the growth of
regardless of the growth in processing power that enables the issuance, it will stop when the 21 million bitcoins are released. This is predicted to happen
around 2140. As of 3 July 2015, 14,341,850 bitcoins have been issued, or around 67% of the possible volume.
In May 2015, the number of daily transactions steadily exceeded 100,000.
As the number of completed transactions increases, so does the complexity of
As the number of completed transactions increases, so does the complexity of computational tasks, and hence their resource intensity - the amount of computational
of computing power required to solve each new block of transactions. At the dawn of bitcoin in 2010-2011, solving new blocks of
transactions had a low resource intensity: bitcoins could be emitted
or in professional jargon, mine, even on a regular laptop. However,
mining resource-intensiveness has steadily increased, and by 2012 it was well beyond the capabilities of user devices. Nowadays, to process
Bitcoin transactions and the issuance of new currencies now require the use of massive computing centres that use dedicated hardware. Such
are called mining farms, and they represent a niche
within the bitcoin industry. The largest number of large-scale farms are concentrated in the US, Hong Kong and the PRC.
Despite the rapid development and popularity of cryptocurrencies among
IT activists and advanced users (the so-called fintech community), their use is subject to a number of risks due to their technological architecture and legal status.