Bitcoin Cash Calendar
August 1, which we have been sharing the news of for days, even weeks, and which everyone has been waiting for, has arrived.. Those who support Bitcoin Cash and those who don’t have one thing to agree on: Today is the big day for the market.
In this article, we will examine what awaits us in the next few days, starting yesterday.
July 31
As we shared on our site, many exchanges prepared for the upcoming fork today.
Although some of these exchanges will not support Bitcoin Cash, on August 1 will close transactions. Thus, the accounts will not be confused in the confusion that will occur when the process starts.
Some exchanges have decided to support Bitcoin Cash as a different cryptocurrency. This decision may cause some problems.
One of these problems is that it is difficult to add a cryptocurrency that has not yet appeared to the list.. Of course, there is also the market situation.. The market will be quite volatile when the stock markets reopen after August 1. Because of such reasons, the exchanges that will support Bitcoin Cash have taken a certain amount of risk.
August 1 03:00
BIP 148 UASF’ activated
Bitcoin network this is not so complicated as it has already accepted BIP91. So BIP148 did not cause a separation in the network.
As expected, the #BIP148 #UASF was a complete success and did not split the chain. Be sure you’re upgraded to be safe, though! #Bitcoin
— Luke Dashjr (@LukeDashjr) August 1, 2017
August 1 3:20 PM
Bitcoin Cash will be activated.
At this stage, miners working on Bitcoin Cash will create a transaction block with a size of more than 1MB and separate from the Bitcoin network.
In this case, the hash rate that the new blockchain will collect. there are several possible scenarios depending on:
- If 16% of Bitcoin’s current hash rate switches to Bitcoin Cash, the first block will be created it will probably take more than 1 hour. This will not much affect the Bitcoin blockchain and it will take a little over 10 minutes to process a block on Bitcoin.
- If the rate is between 17-50%, the first block will be processed in 20 It will take anywhere from minutes to 1 hour.. In this case, it could slight slow down the Bitcoin blockchain. Blocks on Bitcoin will take 12-20 minutes to process.
- If 50% of the hash power goes to Bitcoin Cash, the first block will take less than 20 minutes to process. This will significantly slow the Bitcoin blockchain. Blocks on Bitcoin will take longer than 20 minutes to process.
During this time, there is a possibility that users may start sending Bitcoin Cash to exchanges that accept and support Bitcoin Cash.
To exchanges when they open very often and massively there will be a flow of Bitcoin Cash. Therefore, we may experience serious fluctuations in prices.
It is worth noting that while the hash rate is still lower, it may take some time to approve your Bitcoin Cash transactions when the exchanges open.
3 -7 August
If Bitcoin Cash has a low hash rate, we may face a few difficulty settings. Blocks are expected to take an average of 10 minutes to process if the hash rate remains constant.
But this is not a very reliable assumption because miners will most likely go back and forth between Bitcoin and Bitcoin Cash.. Ultimately, they will stay there whichever is more profitable.
Bitcoin Cash mining will become much easier after difficulty settings.. Even 479,808. Blocks can take even under 2.5 minutes until they reach the block.
August 8-14
SegWit is expected to be accepted in Bitcoin around this time.
Depending on factors such as how much of the current mining power will migrate to Bitcoin Cash and how much new mining power will be added, 479,808. SegWit adoption on the block may take longer than expected.
Once the SegWit code is accepted, it will become active later this month and will change the Bitcoin blockchain. This change will be to create higher capacity blocks.
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