A perfect example of minority rule is a Bitcoin Cash in the world

Bitcoins aren’t really feasible for everyday transactions, and we’re nowhere near being able to walk into a Starbucks and pay for our coffee in bitcoins. But why is that? Wouldn’t make sense for the makers of bitcoin to implement it as an real alternative to other currency, and thereby increase the value of bitcoin?

Well, the reason that hasn’t happened is that the bitcoin blockchain is slow and expensive. It’s nowhere close to meeting the standards for payment technology as the bitcoin network can process up to six transactions per second, while the VISA network can process over 1600 transactions per second.

The only way the general public will adopt to the decentralized network is if it will be as fast and convenient as existing payment networks. Unless that happens, bitcoin will be used mostly as an instrument to store value.

An effort to create an alternative version of the bitcoin blockchain is officially moving ahead. Bitcoin power brokers were unable to come behind a single solution that would have preserved a unified cryptocurrency by August 1 st morning’s deadline.

After running into roadblocks this morning, miners were able to successfully create a block on a new blockchain, called Bitcoin Cash, at roughly 2:14 p.m. ET today. The move effectively finds the miners breaking away from the main bitcoin network and forging ahead with a different technical roadmap.

The block in question was mined by mining firm ViaBTC, according to a Bitcoin Cash block explorer hosted by data provider BlockDozer. ViaBTC later acknowledged the finding on Twitter and WeChat.

All in all, the event came nearly six hours after block 478,558 – the point at which miners attempted to start the separation.

Network data shows that the Bitcoin Cash block contained 6,985 transactions, with a block size of 1.915 MB – nearly double the size of this parameter on the original chain. The data point is notable given that Bitcoin Cash was designed to increase network capacity by offering a blockchain with a larger block size.

According to CoinMarketCap, the price of Bitcoin Cash is trading at roughly $219 on digital currency exchange Kraken. The exchange's top marketplace, for the BTC/BCH trading pair, is reporting more than $3m in volume since launch.

“Bitcoin cash has a chance to become the dominant cryptocurrency contingent upon its ability to gain trust and support from both current and new players as well as security of its network due to, at least temporary, solution of the scalability issues, bitcoin cash could attract more new capital to the entire crypto space, thus helping increase overall market cap.”