It was also the point of contention that caused the splinter in the first place. Those who opposed the solution were in support of a different method to achieve the same goal by increasing block size.
On August 8, the Bitcoin network, a consortium of miners voted to accept an upgrade called “SegWit.” SegWit (short for Segregated Witness) is a software that would scale up Bitcoin (BTC) capacity to make transactions more efficient.
Other upgrades haven't had the same effect
Why the fall?
Since the inception of the digital currency nearly nine years ago, Bitcoin has fixed a lot of bugs and upgraded itself several times. “But most performance improvements are non-controversial because they don’t fundamentally change the behavior of the Bitcoin network,” says Bobby Lee, CEO of BTCC, China’s first and largest Bitcoin trading platform.
The time for Bitcoin Cash (BCH) seems to have come and gone as quickly as Anthony Scaramucci’s stint as White House Communications Director. Launched on August 1, Bitcoin Cash’s value shot up as much as $7.6 billion in market cap before wiping out more than half its value in the proceeding days.
Actress Lena Headey at the premiere of HBO's 'Game Of Thrones' Season 6 on April 10, 2016 in Hollywood, California. (Photo by Alberto E. Rodriguez/Getty Images)
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