New to Bitcoin? You’re lucky day, here’s an infographic to easy learn about the History of Bitcoin.
Infographic by Fried.com
On July 20, 2017, the bitcoin miners voted, 97% in favor, on the Bitcoin Improvement Proposal (BIP) 91. The proposal, by Bitmain Warranty engineer James Hilliard, was to activate Segregated Witness (SegWit).
Some members of the bitcoin community felt that adopting BIP 91 without increasing the block-size limit would simply delay confronting the issue and that it favored people who wanted to treat bitcoin as a digital investment rather than as a transactional currency. They announced implementation of Bitcoin Cash as a hard fork for August 1. It inherited the transaction history of the bitcoin currency on that date, but all later transactions were separate. Block 478558 was the last common block and thus the first Bitcoin Cash block was 478559. Bitcoin Cash wallet started to reject BTC block and BTC transactions since 13:20 UTC, Aug 1st 2017 because it used a timer to initiate a fork. It implements a block size increase to 8 MB. Bitcoin Cash started futures trading at 0.5 BTC on July 23, but dropped to 0.1 BTC by July 30. Market cap appeared since 23:15 UTC, August 1, 2017.
On August 9th, it was 30% more profitable to mine on the original chain. Even though the fork allows for a higher block size, block generation was so sporadic that the original chain was 920 MB bigger than the chain of the fork, as of August 9th.