What The Bitcoin Cash "BCC" Hard Fork Means for Blockchain Wallet Users

Javier Stokes
August 2, 2017

- Some exchanges will support the new Bitcoin Cash proposal while others are not signaling support.

Whether or not Bitcoin Cash catches on depends on the miners - the owners of the computing power that is used to verify transactions.

The creation of Bitcoin Cash is what is called a "hard fork". What will happen to the price of bitcoin?

Everyone's eyes are on bitcoin cash today, but other altcoins are swinging into positive territory.

Karen pledged to credit clients with Bitcoin cash equal to their current holdings of bitcoin. SegWit refers to an update to bitcoin's software called segregated witness, which changes the data format of bitcoin's "blocks" to take up less space in the blockchain.

Bitcoin prices have remained relatively stable in contrast to what Ethereum experienced a year ago with the prices plummeting substantially.

Bitcoin traded more than 5 percent lower near $2,724 after dropping to a low of $2,670 earlier in the morning, according to CoinDesk. "Provided that unforeseen circumstances do not make it prohibitively unsafe or hard for us to do so, Kraken will support Bitcoin Cash". This has been interpreted by market participants as a good thing for the ecosystem. Ryan Taylor, chief executive officer of Dash Core, the sixth-biggest cryptocurrency, sees little chance that bitcoin cash will succeed in the long term. This is perhaps confirmed by that fact that the usual lockstep in price movement between bitcoin and Ethereum has to some extent broken down, as the ether (ETH) token has not risen in the same way as bitcoin.

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"That may not impact the bitcoin market (capitalization) very much, but if it looks like Bitcoin Cash is gaining momentum and people want it, we could see some major volatility and swings between the two versions of the currency", he added. There are two main schools of thought.

This divide comes as a result of the ongoing debate on the cryptocurrency, where developers across the world were at loggerheads to come up with a solution for the congestion of transactions on the bitcoin blockchain. Bitcoin Cash is trading for about $400 on Viabtc and Kraken at the moment.

And where there is confusion there is opportunity for bad actors.

The currency is digital and isn't subject to regulation; the lack of transaction fees and the anonymity are a draw to many consumers. However, the site warned those who are using third-party exchanges to inquire with them to ensure their money will be safe during the transition.

If your wallet wasn't mentioned, you can go on ahead to BitcoinCash.org to check for yourself.

The stakes are high, and Tuesday will no doubt bring about a massive price move in one direction or the other, so investors should plan accordingly. He says the concept is similar to Clams, digital coins that were also awarded to bitcoin holders in 2014 but now trade at about one-thousandth of bitcoin's price. "Second, bitcoin will retain the network of integrated services that make the bitcoin network useful to businesses and consumers".

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise.

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