Bitcoin Cash is resistant to social and political atttacks on its protocol development. It is claimed that no single group or project will be able to control bitcoin cash. Now, bitcoin cash is going through a planned hard fork, and it is predicted to be successful.
Currently, most of the network nodes or programs that validate transactions and blocks, have moved to the new software or version 0.6.0 or later. This new software takes into consideration the rules that are needed to make rewards more helpful and attractive to miners who secure the blockchain.
Turned on at approximately 21:00 UTC, the hard fork has caused six blockchains to "grow." This happened using the new version of the bitcoin cash blockchain. None of these six blockchains have been mined on the older system. Because of the formation of these blockchains and the fact that they haven't been compromised, the fork may pass successfully.
CoinDesk has reported that the bitcoin cash hard fork will change the protocol for blocks to a mining alogrithm that is favorable for miners to program a new block every 600 seconds.
By initiating a hard fork, bitcoin cash is helping miners choose what version of the software has the most rewards. They no longer will need to switch between the bitcoin and the bitcoin cash blockchians to get the best rewards.
Rules that formed the base of cryptocurrency, and which hard forked off the main blockchain in August did so by using a code that upped the block size to 8MB.
Mining changes regrding chain scalability and responsive proof-of-work will give miners a smooth transaction.
Major mining operators, Haipo Yang and Jiang Zhuoer felt like the changes would be positive. Read other's miner's remarks in WeChat channels who expressed support for the changes.
The mining algorithms of the past were difficult to navigate. The past mining algorithms were not stable and produced variations in the hash rate or the measuring unit used to process the Bitcoin network.
The current software before the hard fork was a huge problem since it prevented consistency in user confirmations and shifted the schedule of coin issuance.
Juan Garvaglia, a developer, worked with the fork to make it successful. Garvaglia is confident that most of the bitcoin cash network will have a smooth update.
Startups like Ledger and Yours have already integrated the software.
Cash and Carry
If the software upgrade holds, it is predicted that bitcoin cash will become stable.
Supporters ae encouraged with the network's future since the suspension of the Segwit2x hard fork. This hard fork was scheduled to happen in November. However, a group of bitcoin miners and businesses drafted a scaling process without Segwit2x that supposedly would increase the bitcoin block size.
When Segwit2x failed, miners and supporters moved to alternatives. In mid-November bitcoin cash rose to a value of $2,000 which is an all-time high. There are questions on whether or not this amount will last.
Are there psychological factors working in the market? One miner claimed that the value of bitcoin cash was causing optimism in the market.
Still, there are some miners who had concerns. Yimo Cheng, a tax account in China and a small-timer miner has not begun to mine bitcoin cash. He feels that bitcoin cash ownership is concentrated among only a few buyers.
Cheng is watching the situation to determine to see how the two blockchains develop. He does believe that bitcoin cash is "more international," and will be a great commodity.