'Bitcoin Cash' is basically just another altcoin
On August 1st 2017, a group of Chinese miners will make a copy (a permanent fork) of the Bitcoin blockchain to create a new version of Bitcoin called 'Bitcoin Cash'. A so called User Activated Hard Fork (UAHF). Bitcoin Cash won't have SegWit and has a block size of 8MB.
Some people may call this sudden announcement a Bitcoin blockchain split, but Bitcoin Cash is basically a new altcoin that is splitting off from the Bitcoin blockchain. And because it's a copy of the Bitcoin ledger, all Bitcoin holders prior to the fork on 2017 August 1st will automatically own Bitcoin Cash. At least, if you control your own private keys!
Bitcoin Cash: What You Need to Know
Bitcoin Developer and Entrepreneur Jimmy Song has written an excellent article about Bitcoin Cash today. You can read it here: https://medium.com/@jimmysong/bitcoin-cash-what-you-need-to-know-c25df28995cf
And here is the coin's website: https://www.bitcoincash.org
So Bitcoin Cash is a Bitcoin fork without SegWit, but with a 8MB block size which all Bitcoin holders receive for free. And lest you think it isn't worth much... The Bitcoin Cash Futures are currently being traded for about $450 US Dollar on ViaBTC. I don't think it will be worth that much after August 1st, but we'll see. I probably sell most of my Bitcoin Cash coins for the real Bitcoin.
Source: Coinmarketcap.com
Bitcoin.com Public Service Announcement
Bitcoin.com released a statement on Bitcoin Cash earlier today.
As we have previously stated, Bitcoin.com believes that behaving with integrity and upholding agreements made is always the proper course of action. As such, we continue to remain committed to supporting the Segwit2x proposal, which has received broad support from Bitcoin industry and community alike.
Due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate, but otherwise Bitcoin.com Pool will by default remain pointed at the chain supporting Segwit2x (BTC).
We trust that our fellow community members will also behave with integrity and uphold agreements made, but in the unlikely event that the 2MB block size increase portion of Segwit2x fails to activate, Bitcoin.com will immediately shift all company resources to supporting Bitcoin Cash exclusively.
Sincerely,
Bitcoin.com
So if the Bitcoin block size won't be increased to 2MB as agreed, Bitcoin.com will stop mining Bitcoin and will continue mining Bitcoin Cash only instead.
Make sure you get your Bitcoin off exchanges and control your own private keys before August 1st.
My prediction is this: Bitcoin is crypt0 gold. BCC will go to the wayside in time, and STEEM will become one of the most popular global cash payment systems. Don't take your eyes off the ball.
We agree with your Prediction @thejohalfiles The Time is Hot for STEEM Right now at these prices 1.20 is NOTHING lets keep our eye on the Ball like you said above.
I agree. We don't need Bitcoin Cash!
Bitcoin = Gold 2.0
BCC is right infront of us. Let´s get rid of it. :-D
I am right there with you. I have vested a large amount into STEEM and am running a Witness while providing open source projects to the community and tutorials and guides.
Personally, I think STEEM is due for some huge increases in popularity and usership and the development behind it has been fast and very bright.
I bet it will be possible to make a quick buck on some BCC though. There is definitely no shortage of greed in the crypto atmosphere.
All of this confuses me no end. Should I store BTC, collect Steem,---EOS, Eth? I don't know what the ball looks like...
It really depends on your risk tolerance. I would suggest collect a little of each and slowly adjust your position over time based off of the performance of each of your investments.
I agree with what you're saying, STEEM will become huge.
well said :)
"global cash payment systems". Hmm do you mean that we will be using STEEM to purchase things directly with enough time? I know that there are some STEEM enabled ecommerce stores but those don't seem like a significant value add.
thanks for your useful prediction i agree with you i wish the best for you and your family. i hope the best luck for you
yeah thats why i'm turning into steem
@thejohalfile and all
greetings
I hope we can be friends
https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money
So Bitcoin and STEEM are the way to go if we want to fill up our cryptocurrency vaults? :) Happy to know that. Thanks for the prediction @thejohalfiles!
And thanks for all the info @penguinpablo!
Can someone please answer a couple questions I have about all this.
I can recommend Electrum: https://electrum.org
Why do you recommend Eletrum? I downloaded Exodus what do you think of it?
Electrum is a safe and easy to use wallet. It does not download the full blockchain, but uses a network of specialized servers that index the blockchain. This safes a lot of storage space. Besides, it is fully open source.
Exodus is also a good wallet that lets you control your private keys.
Thank you :)
What happens to one's crypto when his computer crashes( in case of web wallet) or Phone gets stolen (in case of app)
Some Bitcoins are lost forever.
A backup of the Bitcoin wallet is very important of course :)
The best option is to get a "Trezor" hardware wallet, i have used one they are amazing! if you are bitcoin invester and believer and not a casual user go for it, i recommend not storing amounts over 5,000$ online or on desktop wallets.Get yourself one of those gadgets.
I get that hard wallets are the way to go, but when (and where) will we exactly see these pop up? I have the Ledger Nano S but don't they need to develop the app interface to allow these coins to be on the hard wallet? For example, I believe my Ledger holds 4 currencies maximum. So I need to have BTC on my Ledger and 1 open slot for another currency? So BCC can be there? This is all just really weird and vague 😄
Well, you need to wait and check.
It's either a new slot for BCC or some other thing, but BCC will crash since anyone getting a free BCC will automatically sell them.
I am a bitcoin believer and any bitcoin fork will just make the essential one stronger each time it destroys the new fork!
What do you think about Ethereum / Ether Classic? Seems like the new fork was the one that got the hype. I currently think BTC is slightly overrated right now, considering there are many cryptos that do what Bitcoin does...
What you are saying is true, people trust bitcoin and that's what makes it special.
Thank You for replying. Why do you recommend not storing more then $5000 on a desktop?
Well the thing is that laptops are prone to malware attacks and they might stop functioning for whatever reason. I have a Trezor and highly recommend it, if something happens you can move your coins instantly to a new one.
Hardware wallets are made to store coins, so pretty sure they know what they are doing.
5,000$ because a Trezor costs about 200$ max, so that is 200/5000= 4% which is a good tradeoff between cost and security.
A friend of mine had 300,000$ on BTC-e and lost it. So be careful and don't be frugal on essential things, if you wake up one day and all is lost how much you pay to go back in time? pretty sure more than 200$.Think about it this way.
Have an energetic day!
Thank You for replying :)
Seems to me that the best use of bitcoin would be to leave it as it is and view it as a wealth store like gold.
Other coins can fill the gap of a useful service that can cope with a massive transaction volume.
Spliting Bitcoin undermines the whole field.
How do you figure? Core development has been completely bought out by Govt and Big Business (Blockstream, AXA, DCG).
Seems like forking away from government constraints on bitcoin is exactly what bitcoin was built to do. We can't achieve mainstream use with 1MB blocks that only allow for 3 transactions per second. Bigger blocks was inevitable because its what the people want, despite government attempts to stop it.
It's not a split technically,the chinese miners are creating separate hard fork, so its just a new coin
For as long as I have been involved with bitcoin people ha e been talking about what is going to be the bitcoin killer. Maybe this is it, would be funny.
I generally don't care about all this stuff, everything is probably going to work out just fine, like it always does.
Thanks for the article
I think on 1st, it will drop dramatically as everyone will try to sell it as fast as possible.
I think so too.
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I agree. Let's see what happens...
Forks are a good thing.
How do we get our free BCC?
Hard forking does not make it an alt-coin. If it becomes the longest chain, which is likely, it will be Bitcoin.
No, that's not how it works in this case. Bitcoin Cash will run as a seperate blockchain besides Bitcoin, just like the other altcoins.
Whatever is the longest chain will be bitcoin. I expect the Segwit chain to die off pretty fast.
Unbelievable, if I have 2 bitcoins ,on Aug 1st ,out of thin air I'm going to be having 2 BCC which would theoretically be worth $880!!. (assuming bcc price won't fall,which is unlikely).
This is also going to tarnish bitcoin's reputation :(
I wish I read this the other day. I bought 70000 worth of Bitcoin on ezbtc.ca 2 days ago and locked it in with them to get the 9% on my Bitcoin. When I want to take it out I need to wait 2 weeks. That way they have 2weeks notice period. I hope they are good with me and give me the split coins.