The crypto markets are taking quite the hit today. Bitcoin Cash (BCH), for instance, is in the red zone. But the Bitcoin Cash (BCH) team has too much going on next week to worry about this, specifically; the Bitcoin Cash network upgrade.
Bitcoin Cash Network Upgrade
The Bitcoin Cash (BCH) network is set to upgrade the base block size in less than a week. On Tuesday, May 15, the BCH network will upgrade the base block size to 32MB. For perspective, the original size was 8MB. This means the Bitcoin Cash (BCH) network will be increasing the size by 4X. Considering this is the largest block size expansion the crypto world has seen, there are a few things to note before we move into the weekend. This way you can prepare on Saturday and Sunday for what is to come on Tuesday.
"In less than a week on May 15, the Bitcoin Cash (BCH) network will be upgrading the base block size from 8MB to 32MB, as well as re-enabling and adding some OP_Codes to the codebase."https://t.co/JYdeGpMYuT
— Bitcoin (@Bitcoin) May 11, 2018
Bitcoin Cash (BCH)
Despite the importance of the upgrade, and the need to prepare for the week to come, Bitcoin Cash (BCH) is in the red today. As is the rest of the market, though. Bitcoin Cash (BCH) is currently selling for $1,417.78. This puts BCH down 13.45% in the past twenty-four hours. Bitcoin Cash (BCH) has a market capitalization of $24.28 billion, making it the fourth largest virtual currency.
Things to Know About the Bitcoin Cash Network Upgrade
With only a few days left before the upgrade, we don’t want anything to surprise you when it finally does roll around. Here are four things the crypto community should note about the forthcoming BCH network upgrade.
1. The BCH network upgrade will be based on the median time past method. This means there will not be a specific block height. The BCH fork will have similar characteristics to the fork activations that happened in August.
2. Before the BCH fork can begin, both full node clients and miners are required to upgrade their software.
3. The Bitcoin Cash (BCH) team has included “Satoshi OP_Codes.”
4. The BCH fork will expand the default data-carrier-size of the protocol to 220 bytes.
What is the Crypto Community Saying?
So, is the crypto community looking forward to the Bitcoin Cash (BCH) network upgrade? On Twitter, the community is fairly quiet, but a few people have decided to use their platform to share the news. Here’s one tweet that appears to be in BCH’s favor:
An upcoming hard fork could signal a price boost for Bitcoin Cash (BCH)https://t.co/HLCl7HJKVW$BTC $ETH $XRP $BCH $LTC $NEO $XLM $ADA $XMR $EOS $DASH $IOTA $NEM $TRX $ETC $VEN $LISK $QTUM $BTG $NANO $OMG $ZEC#blockchain #cryptocurreny #bitcoin #litecoin #ethereum #ico
— Jean Woodruff (@daitoukesb) May 11, 2018
What do you think of the BCH network upgrade? Let me know below.
Featured Image: Depositphotos/© mdkhalil1