Bitcoin Cash Hardfork on 15 November 2018
Bitcoin Cash is building on the blockchains, (a decentralized system and a data container which stores millions of transaction entries).
With Cryptocurrencies, you don't actually own or carry "coins" with you. Instead, the blockchain maintains a record of how much cryptocurrency you can transact to and from other entities within the blockchain system. Transactions are confirmed using cryptographic principles.
A Hard Fork refers to the changes of the underlying software in a blockchain that can lead to the formation of two different blockchains. The blockchain splits from its parent chain. In 2017 Bitcoin (BTC) had a hardfork and the result was Bitcoin Cash (BCH), which is already an hardfork. Now out of Bitcoin Cash there will be two different hardforks - Bitcoin ABC and Bitcoin SV. Bitcoin Cash (BHC) will be the parent blockchain and will still exist.
Bitcoin Cash (BHC) is an Altcoin (Coins which are created after Bitcoin) and is currently the 4th largest cryptocurrency by market capitalization. The new fork does not replace the traditional BCH market, which is still in place. It will not affect your BCH, although the Bitcoin Cash price could change. The network will split into two parts: the one chain will be known as Bitcoin SV and the other one will be Bitcoin ABC software.
The reason for the hardfork was about a dispute and disagreement of the developer groups. Bitcoin SV and Bitcoin ABC did not agree on specific aspects of the protocol upgrade. As a result, they're adopting different ones and forking Bitcoin Cash into two blockchains.
This upgrade entails:
- Changing Bitcoin Cash (BCH) scripting language;
- Smart contracts;
- More scalability;
- Limiting transaction size to 100 bytes.