Overview Of Bitcoin Cash
In a couple of days, August 1st will be here, and most likely it will be a day that we all peice together from our minds in hisrtory for quite some time. The discussion this week around the potential situation of “BCC,” a UASF, seeing as a large mass of the community does not yet know that the fork will most likely still occur despite the current progress being made by Segwit2x.
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What is Bitcoin Cash?
It a token that might exist at some point in the near future on account of a UAHF (user activated hard fork) where the Bitcoin blockchain will be bifurcated into two branches. Initially, the UAHF was a contingency plan to be used agsinst the USAF (user-activated soft fork) that a bitcoin company called Bitmain Technologies announced. Since this was announced at a conference called “Future of Bitcoin,” Amaury Sechet, who is a developer, announced a project called the Bitcoin ABC (Adjustable Blocksize Cap) and informed the attendees of the upcoming UAHF.
After the announcement from Sechet and the first client release from Bitcoin ABC, there was announcement of the Bitcoin Cash (BCH) project. Bitcoin Cash is going to be very similar to BTC minus a couple of things, such as the feature called Replace-by-Fee (RBF) and Segregated Witness (Segwit). The BBC states that a couple of the major differences between the BTC and BCC are going to be three new things added to the bitcoin codebase including:
Block Size Increases- An immediate increase in block size limit up to 8MB is provided by Bitcoin Cash.
Replay Protection –If they do, then user disruption is minimized by BCH and allows for peaceful and safe coexistence of these two chains, as well as replay and wipeout protection being provided.
Interactions – Bitcoin Cash is introducing a new type of transaction as part of its replay protection technology that offers additional benefits like eliminating the quadratic hashing problem or input value signing to improve hardware wallet security.
BCH enjoys support from different crypto industry members such as exchanges, miners and clients such as Classic, Unlimited and Bitcoin ABC that will be helping with the project as well. Along with the added assistance, a slow mining difficulty reduction algorithm has been added by Bitcoin Cash developers in the event there isn’t enough hashrate for supporting the chain sufficiently.
Mining and Exchange Support
The largest bitcoin mining pools so far have said they might direct hashrate towards Bitcoin Cash’s chain. They include Connect BTC, Viabtc, BTC.top and Bitmain’s Antpool. Bitmain has stated on its company blog that the firm for now is focusing on Segwit2x as well as operating that specific software. The company has also said that they are closely watching the BCC movement and are not ruling out potentially support both BCC and Segwit2x. Bitmain at the moment appears to be watching the situation before making their final decision. Pool.bitcoin.com has released a public service announcement as well on Bitcoin Cash, and will also be watching events unfold like Bitmain is.
Pool.bitcoin.com has stated that they continue to have a commitment to supporting the Segwit2x proposal, that is broadly supported by the both the Bitcoin community and industry. However, they also said that due to significant demand coming from its users that it will be providing the option to its mining customers to support the Bitcoin Cash Chain (BCC) and their hastrate, but by default will otherwise stay pointed towards the chain that supports Segwit2x (BTC).
Previously Bitcoin.com reported on Viabtc adding on a BCC futures market to the listed coins on its exchange. Over the last 24-hours the token had been trading at around $450-$550 and when first released reached its all time high of $900. Two other exchanges, Livecoin and Okcoin on the OKEX platform have also made announcements stating that their trading platforms will be listing BCC as well. Bitcoin Cash supports are expecting more exchanges to also follow soon after the fork has been completed. Check out Cointelegraphs remarks on the BCC fork
How Can I Get Bitcoin Cash?
As has been explained in previous updates regarding the possibility of a fork – it is very important for users to maintain private keys at all times. Maintaining sole custody over your keeps can ensure that you are able to access the Bitcoin Cash tokens in case there is a split. It is different when your funds are kept on an exchange, since you have to surrender your funds over to the discretion of the trading platform whenever your cryptocurrencies are left on exchanges. That means you will need to follow the rules of exchange’s plans for halting deposits, withdrawals and potentially trading on August 1. Also, some exchanges won’t support the UAHF split or Bitcoin Cash token. This includes businesses such as GDAX and Coinbase. Both Ledger and Trezor hardware wallet manufacturers have said said their customers won’t need to do anything in order to get BCC tokens.
No matter what progress Segwit2x continues to make, the fork most likely is going to happen and therefore bitcoiners need to be prepared. A couple of days remain before August 1 and anyone considering acquiring Bitcoin Cash needs to take their coins outs of third parties and put them into a wallet they are able to control.
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