On this historic day for Bitcoin, it’s worth remembering that with the UAHF now underway, as per the official Bitcoin Cash announcement… the criterion for activation of the Bitcoin Cash hard fork activation is based on “Median Time Past”, or MTP. This means that the chain split will not occur at exactly 12:20 UTC on Aug. 1st, but some time after.
MTP is a statistic calculated over 11 blocks, and trails behind wall clock time by about 6 blocks. This means that the last common block will be approximately the 6th block with a timestamp after 12:20 pm. The block after that will be different on either chain.
Users attempting to split coins, and transact separately on the two networks should be aware of these details in order to properly identify the last common block, and the first post-split block.
For specific technical details, please refer to the User Activated Hard Fork specification.
Meanwhile, BTC is steady in the $2,800 range at the time of publishing while Bitcoin cash futures on ViaBTC are trading at $300. It should also be noted that today’s UASF was activated today without a hitch.
Will BCash last in the long term or even short term?
A beneficiary of the Bitcoin event sees Ethereum (ETH) performing higher on the day, up double digits to around the $220 level.