Now that we have a few variations of bitcoin such as Bitcoin Cash and the most recent Bitcoin Gold it should come as not surprise that when these systems need to update they have to be hard forked as well.
While all intentions where good to try and make bitcoin better through bitcoin Cash and Gold and soon Segwit2x here is where the major issue lies. Whenever these blockchains need to be updated at the moment they need all miners and exchanges to conform to the new updated code all at the same time otherwise the blockchain forks and creates two, one that is the old blockchain and one that has the updated code.
Just 3 months after Bitcoin cash came out they are updating the code and could potential hardfork before bitcoin does on November 16th 2017 (Segwit2x) Bitcoin Cash hardfork looks like November 13th 2017.
This is exactly the reason right now you see bitcoin cash price rising and rising getting ready for this hard fork in which you would get two coins. Your bitcoin cash you have now and then a new one possibly called BCHL
What is getting updated in Bitcoin cash
- Difficulty adjustment algorithm is proving to be a major issue and is having a code update. This type of update does require a hard fork to take place.
The Markets Speak Volumes
There is honestly no reason for bitcoin cash to be on a upward trend at the moment and bitcoin to be down. Other then the fact people (investors) are banking on these hard forks.
Bitcoin Cash has been pumped to nearly $700 per coin again on the news of the hard fork happening before bitcoins hard fork.
What this leads me to believe is we will see a steady dip in bitcoin up till about the 12th 6 more days from now and then after the hard fork takes place a massive pump back into bitcoin which honestly could get us to the 10k mark we have been waiting on here for years end.
It's important to also note these are not good things. The only people getting wealthy off of this are those who hold massive amounts of bitcoin and bitcoin cash during these hard forks and actually take money out of the system instead of helping it.