Bitcoin Cash Hard Fork Scheduled For 15th May - Price Already 36% Up.
2021-05-06 | Big Bob
Bitcoin Cash [BCH] burst
back to the
market capitalization of top 10 rankings earlier today on Thursday after a 36% overnight surge compounded 68% growth for the week. The per coin valuation of BCH climbed from $1,068 USD to $1,462 USD in beneath 24 hours leading into Thursday, adding to a notable increase from its weekly low
within the $800 USD price range.
The resurgence of what was once a mainstay of the top-10 lineup comes just over
every week prior to Bitcoin Cash’s scheduled bi-annual hard fork later on 15
th May,
which can introduce two small, but not insignificant, tweaks to the network.
One sees the removal of Bitcoin Cash’s unconfirmed transaction chain limit,
allowing more micro-transactions to be broadcast without having
to attend for block confirmation.
Blocks are mined every 10 minutes on Bitcoin Cash,
and therefore the old unconfirmed chain limit was capped at 50 transactions. This permitted high-volume applications
to form 50 near-instant transactions before requiring confirmation within a block.
This cap will be completely removed entirely
within the upcoming hard fork.
The other major change scheduled for May 15 will see the introduction of multiple “OP_RETURN” outputs. Put simply, the Bitcoin Cash blockchain presently permits the insertion of miscellaneous data into a transaction,
like text, images, and other data types.
at the present,
just one “OP_RETURN” output
is often included
within a transaction - i.e., one image, text, etc. The upcoming network upgrade will
leave multiple pieces of miscellaneous data to be included
within a single transaction.
Both changes feasibly open up Bitcoin Cash to higher volume usage and make it more amenable to present and popular applications
like nonfungible tokens. Businesses and app developers stated they specifically wanted
to ascertain the changes introduced to expand the blockchain’s capabilities with nonfungible tokens
especially, as
noted within the upgrade’s documentation.
Bitcoin Cash’s
market value has been on
the increase since
the beginning of the year
alongside the remaining of the
cryptocurrency ecosystem. So too has its overall usage
consistent with on-chain data from
Bitinfocharts.
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