Sunday is important for Bitcoin Cash (BCH) – the network successfully improves the blockchain protocol by extending block size to 32MB. This change will allow more transactions to be processed with a cheap and consistent transaction fee. Also, Seminole County in Florida will receive tax payments in Bitcoin Cash (BCH) and Bitcoin Core (BTC) thanks to a partnership with Bitpay.
Upgrade Bitcoin Cash Blockchain Protocol
The Bitcoin Cash network has smoothly and successfully increased the blockchain protocol on Tuesday by extending block size from 8MB to 32MB. Implementation of new consensus rules applies at altitude of block 530356.
This change is one of the largest block size increases in blockchain history. The enhancements also include a standard data-carrier size increase, from 80-byte to 220-bytes, and reactivate previously disabled Satoshi OP_Codes, which can add the ability to encode colored coins and binary contracts.
A four-fold block size increase will allow a large number of transactions to pass through the network with consistent and inexpensive transaction costs. It also gives the developer plenty of room to adjust its size if it starts to reach its limits and paves the way for mass adoption. The current block size limit is set by the miner, and the developer can set the capacity so that blocking can not be full any time soon. This means that costs will remain low for some time and also reliable, even when the use of transactions becomes extreme as in the last quarter of 2017.
Bitpay Enables BCH and BTC for Tax Payments in Florida County
The US-based crypto payment process, Bitpay, has announced an official agreement with Seminole County Tax Collector, Joel M. Greenberg of Florida. Both Bitcoin Cash (BCH) and Bitcoin Core (BTC) can be used for tax payments starting this summer. County residents will be able to pay crypto for driver’s license, ID card, and even property tax.
“We live in a world where technology has made access to services on demand, with the same day delivery and highly efficient customer service expectations, and we should expect the same from our government,” Greenberg said. He added that the purpose of his tenure at office was to make the customer experience faster, smarter, and more efficient, and to bring government services from the 18th century to the 21st. One way to achieve that, the official said, is to add cryptocurrency to the available payment options.