A notable week for Bitcoin Cash (BCH) – the network successfully upgraded the blockchain protocol by extending the block size to 32MB. The change will allow a greater number of transactions to be processed with inexpensive and consistent transaction fees. Also, Seminole County in Florida will accept tax payments in both Bitcoin Cash (BCH) and Bitcoin Core (BTC) thanks to a partnership with Bitpay.
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Bitcoin Cash Upgrades Blockchain Protocol
The Bitcoin Cash network has smoothly and successfully upgraded the blockchain protocol this Tuesday by extending the block size from 8MB to 32MB. The implementation of the new consensus rules went into effect at block height 530356.
The change represents one of the largest block size increases in blockchain history. The upgrade also includes an increased default data-carrier-size, from 80-bytes to 220-bytes, and re-enabling previously disabled Satoshi OP_Codes, which could add the ability to code colored coins and binary contracts.
The fourfold block size increase will allow vast amounts of transactions to pass through the network with consistent and inexpensive transaction fees. It also gives developers plenty of breathing room to adjust the size if it starts getting closer to its limit and paves a path for mass adoption. The block size limits are currently set by the miner, and developers are able to set the capacity so that blocks cannot get full in the immediate future. This means that the fees will remain low for quite some time and also reliable, even when transaction usage becomes as extreme as in the last quarter of 2017.
Bitpay Enables BCH and BTC for Tax Payments in Florida County
US-based crypto payment processor Bitpay has announced
