Could Bitcoin split into 3 coins ?!??!
As most of you here I have been watching the debacle that has been governing BTC as of late.
The user activated soft fork Segregated Witness (SegWit) has been trying to gain support since November and miners recently signaled more than 50% on June 20th.
segwit.co shows that support is around 71% but not enough to activate the hardfork.
There are 7 more activation periods and 95% of miners have to switch for the hardfork to become active.
Enter Bitcoin Cash
Despite all of this a project on August 1st called BitcoinCash will take a snapshot of the bitcoin network and create a new coin. From their bitcointalk announcement they stated the following
Bitcoin Cash is a split from Bitcoin with a protocol upgrade to fix on-chain capacity. If Bitcoin Cash gets majority of PoW then it becomes de facto Bitcoin.
It will be a Bitcoin without segwit as soft fork, where upgrades of the protocol are done mainly through hard forks, without changing the economic rules of the Bitcoin.
This will be a fork of the Bitcoin blockchain, 1:1, so no-premining, no-ico (it is like a full airdrop)
It looks like they are already trading futures on ViaBTC
So if you own bitcoins you are essentially getting free money if exchanges start trading BCC. You would just have to download their wallet and import your private key.
So can there be 3 coins?
My question is if SegWit somehow causes some type of split and BCC keep humming along with their project will there be 3 chains? I'm not sure this is possible which is why I'm asking this question.
This is possibly the worst case scenario for bitcoin but the investor/speculator in me is thinking that you can get $400 free for every bitcoin that you own. The price might not stay that way for long but one could sell BCC on August 1st at ViaBTC for a quick buck. Tell me what you guys think because my head is hurting.
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Its getting complicated. I don't understand why they can let such a hard fork happen. Shouldn't they stand together for one type of bitcoin for the future of bitcoin? Is this the end of bitcoin? Other cryptocurrencies have matured without the flaws of bitcoin. Bitcoin is kinda the first try of a cryptocurrency. We will see what the future brings us. J
From my simple mind, to all things that happens, is a road that must be driven.
Bitcoin has opened the road for all cryptos here, and the big people there (who knows who is behind all this changes, informations... big corporations through simple people, big investors... ) want to split to benefit more and more.
Maybe it is all true and sides have been maded, but maybe there will be only 2, to see what happens with the other one... whateva'.
The overall problem is simple. Nothing new, innovative, can't be perfect. All altcoins made from bitcoin, can be better, and saw few projects that look so nice and are already happening with less complications as bitcoin (steemit through steem, i like the most for now :-)) ). For bitcoin, being the leader, the opener of the road it is a big test to see if it can grow up better in a way or another from all this tests.
This is the road to maturity, which has a long way down (but not as long as too many see it, if survives in the future).
Remember, all altcoins are made because of bitcoin was made, but that not means that bitcoin cannot disappear if it can't resist at some point.
Thats my view... messy but the truth is around here.
Although 3 coins don't think, as a lot accepted the SegWit... they are just words, we'll see (all the things in the world swings only around money unfortunately, which is power - fqdem).
I think it is historical. Chinese minners don't like the west telling them what to do.
hehe, they will never do :-)
We'll see in a few months who will go through and how. Not it will be the begining of the fight in news.
This is rather uncharted territory for Bitcoin specifically and cryptocurrencies in general. I am beginning to wonder if all the uncertainty surrounding this and the speculation and theories coming out as a result is doing more harm than good. The future of Bitcoin (or any cryptocurrency for that matter) to remain an alternative to centralized banking is largely based on both trust and sustainability... all this speculation is not helping either (unfortunately). But it is what it is and it will be an interesting case to study moving forward.
Yea I think the mania and speculation is not helping. But this split will just confuse the hell out of people. Most of the hash power is in China so as decentralized thr network tries to be having that much hash power in one nation is not good.
I would just hodl the damn thing.:)
There wont be a split - just real Bitcoin and hard forked china altcoin;)
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming
It's still enough to confused people and China having 70% of the hash rate it not a good thing. They are in the process of trying to create their own virtual currency.
Are you saying that the price of bitcoin is going to remain the same if the split occurs? I doubt it. I'm pretty sure the price must adjust itself before then based on what happens to Bitcoin Cash in the futures market. Maybe that's why the price dropped after hitting $3000.00 again? RESTEEMED
I'm not sure about the price but this would be a negative as it would just confuse the hell out of users . I think the price of Bitcoin Cash will plummet once it becomes tradable. From what I understand about futures is that people will be able to trade them for BitcoinCash. It's like an IOU. If segregated witness causes a split then the price of BTC will go down as well. Thanks for the resteem.
Read this before you support @craig-grant or @yuliana with your attention and time. https://steemit.com/craigrant/@matrixdweller/craig-grant-caused-someone-to-comiit-suicide
So what does this have to do with my post?!?!? I know you are in the war path with @craig-grant but please don't post unrelated stuff on my blog or promote your post if they are not relevant.
The BCC in ViaBTC market are futures, not a token.
Yea i know that but with a futures market isn't it like an IOU? So when the BCC network becomes available you will have BCC, right?
I don't know. That remind me when everybody panicked when the Bitcoin Unlimited hard-fork, which at the end wasn't. Some exchanges created internal tokens that, at the end it only served for them to get more fees. HitBTC removed them partially and other exchange still allows people to trade it, althought it will never be a real token.
If BCC hard-forks and you have bitcoins, then you will also get BCC. Trading with some imaginary token which may never exist is just allow the exchange to collect some more fees for a token which doesn't exist yet.
But, if you like to bet, that's your money :)
The worse part is that thy are not just dividing the coin but dividing the commnity tooo .....
II got a email from my excahange stating they will now support bitcoin cash only the original one ....
Just like that sevral top mining pools and excahange will be divided too ...
Sad point in the history of bitcoin ..
It seems like ViaBTC is going to get a whole bunch of money from all of the people 'dumping' BCC on Aug 1. They will have exclusive rights to all trades in that coin and will likely charge some sort of fee to use their service. Correct me if I am wrong please... but if I am right... it seems like a dirty cash grab move.