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Bitcoin may give rise to counterpart virtual currency

Bitcoin's base technology could be divide this week and a counterpart under the moniker “Bitcoin Cash” will be launched. That could be a fluke for those who possess the now existing Bitcoin.

This project is a brainchild of a handful of people, who are deeply involved in cryptocurrency mining in China – they receive their virtual currency revenue for providing equipment to the currency network, but are dissatisfied with the planned changes to the technology.

Their idea is to create one of Bitcoin forks, that is when a public ledger of all transactions, known as blockchain, comes to a bifurcation and could go one of possible ways. The launch is scheduled to take place on Aug. 1.

Bitcoin counterpart could become another outstanding cryptocurency, a full-fledged Bitcoin rival, challenging the longest in existence and the most precious virtual currency. However, for now it is still unknown if the fork would take place and how much it would cost on the market.

If the split happens this week, those who owned any amount of Bitcoins before that would get the opportunity to have the same amount of Bitcoin Cash, which could further be exchanged for other currencies including fiat money.

Bitcoin managed to avoid divide a couple of weeks back, when technology coders and miners settled to upgrade software which is known as Bitcoin Improvement Proposal 91.


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