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Supporters of the newly formed bitcoin cash believe the currency will "breath new life into" the nearly 10-year-old bitcoin by addressing some of the issues facing bitcoin of late, such as slow transaction speeds. As the total number creeps toward the 21 million mark, many suspect the profits miners once made creating new blocks will become so low they'll become negligible. 21 Million, bitcoin is unique in that there are a finite number of them: 21 million. (The reward right now.5 bitcoins.) As a result, the number of bitcoins in circulation will approach 21 million, but never hit. But while fraudulent credit-card purchases are reversible, bitcoin transactions are not. With bitcoins price dropping significantly. Until just before the decision, the solution known as Segwit2x, which would double the size of bitcoin blocks to 2 megabytes, seemed to have universal support. That has worried some skeptics, as it means a hack could be catastrophic in wiping out people's bitcoin wallets, with less hope for reimbursement.
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Unlike US dollars, whose buying power the Fed can dilute by printing more greenbacks, there simply won't be more bitcoin available in the future. The new software has all the history of the old platform; however, bitcoin cash blocks have a capacity 8 megabytes. Currency in USD, date, open high, low. Because bitcoin cash initially drew its value from bitcoin's market cap, it caused bitcoin's value to drop by an amount proportional to its adoption on launch. In addition, it's the only form of money users can theoretically "mine" themselves, if they (and their computers) have the ability. It's organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction and bitcoin price all in one place. True to its origins as an open, decentralized currency, bitcoin is meant to be a quicker, cheaper, and more reliable form of payment than money tied to individual countries.
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