On 1st Aug 2017 Bitcoin will split
from Legacy Bitcoin, same old (BitCoin) into new BitCoin (BitcoinCash). Two totally independent copies of the ledger as if someone had hit the clone button on you and there would instantly be two of you with completely independent lives from the moment you hit the button. There is a list of BitcoinCash supporters at the bottom of post.
Would people accept the new you ?
Or would the new you eventually become more charming and alluring than the old you. If you're reading this and you own Bitcoin you will most likely be aware that you will suddenly find yourself with a duplicate amount of the new stuff in your wallet, if you've prepared well / or are just lucky / a smart cookie anyway ! There may not be much hash support for the new coin but that may change and with a futures values currently around 13% of BitCoin's value it's not to be immediately sniffed at.
What Should I Do ????
The main advice has been don't keep your coin on exchange which is usually a good call anyway, (you don't hold the private keys) which means your coins could just disappear at any moment along with the exchange and there would be nothing you could ever do about it. In this case, they may not be willing or prepared to support the new COIN.
Some exchanges are making the point that they will accommodate the new coin and have prepared to host and distribute it. NO doubt some exchanges will be caught with their trousers down and it won't be good for business.. Everyone who doesn't get their duplicate coins will no doubt want to jump ship in protest so I'm sure everyone will try and get it right, even if bitcoin cash is a total flop (which I doubt.) There's way too much money swishing around for it to sink ! It will take a while, it could take up to a couple of weeks for the new ledger to sync with various platforms & wallets. Leave it alone and when it's done, it will be done ! it might be gone by then, for all we know...
Upgradings ?
The new BitcoinCash will have a slightly different genetic code, so if it's accepted it will run on it's own life with a different personality if enough miners accept it. (Otherwise it will die). In the short term it's future has been trading around the $450 mark, although that could easily go down a lot further as many bitcoin holders will try to immediately offload their copies in exchange for the real thing ! at $450 it's not a bad price for a free giveaway so if you want some you have to make sure your coins are in a safe place for duplication. If your BITCOINS aren't on the list, make sure you know where they. My advice is don't touch anything until it's all blown over, you could lose coins along the way and if you do, there's little chance they'll magically re-appear !
Previous Coin Divorce
We have Ethereum and Ethereum Classic and they seem to have settled their differences, although we can see Ethereum is a strong contender as a challenger for Bitcoin in terms of market leader, ETC is a low value (but still high volume) player. Perhaps new Bitcoin will end up with a similar relationship.
disclaimer
This information is intended as entertainment only and is my personal opinion. You should not rely on this information in place of conducting your own due diligence.
EXCHANGES
WALLETS
to find out more about BITCOINCASH from the horses mouth... >>> CLICK HERE <<< to visit bitcoincash.org
The time is close for this to happen so lets see ,, in the mean time just keep your bitcoins in a safe place ,
Great Info, @outerground !
I am a good example of "how not to crypto", I have no way of getting ahold of enough BTC in the right place to take advantage of this. It's great that BCC is cloning, and honoring the switch. You'd never see this type thing in the regular financial community unless it was .gov ordered, and they'd fugg it up too!
Part of my "problem" is that I am 1000% into STEEM but my connections are too slow to get BTC and get it in the right place fast enough. KRAKEN was my best bet, but I have not heard from them on my login problem in over a month. No coin on there, however. I could start over with them, but will likely use bittrex as lots of my steemer'z recommend them...
bittrex is a fairly slick operation. kraken are supporting bitcoincash. I really liked poloniex as it was really busy and fast moving. it's also really intuitive to use and a bit of granddad among the exchanges. It was coming under a lot of fire for multiple reasons so a lot of people have ditched it. Bittrex seems to be a steem favourite !
thanks @underground it's an exciting time, but I think most people in the crypto-community will be glad to see it pass. there's enough uncertainty as it is.. Some say it's a really cynical move by the breakaway group.
yes they will increase the block size but they won't be integrating segwit so it's easy to interpret as such and if anyone can just duplicate the ledger, it could lead to a death for the coin's stability.. makes you wonder who is really pulling the strings !! intriguing.
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STOPHey Buddy, long time no chat!
Great info for those worried about the soft fork. Why would anyone keep their coins on an exchange with all the past issues?
But they still do!
Nice work buddy.
Hi Sir Percival. Yes too long !! most people keep their coin on an exchange because it's easier to access (and someone else's responsibility) wallet technology is pretty tricky to get your head around unless you're a natural techie ! signing messages, master wallet seed backup json stores segwit. it's all super hardcode shizzle for the average non tech person ;)
Great article. Do you know if the Jaxx Wallet will support Bitcoin Cash?
thanks @suzique. JAXX have officially said yes, although it might take them a week or 2 to integrate the new data. ( duplicating the bitcoin ledger is like eating a really big bag of chips !
http://decentral.ca/jaxx-statement-bitcoin-cash-bch/
Great! Thanks for replying and giving me a link on this update. I really appreciate it. Yum love chips!
I've been looking into it. 0.26% hash support (ish) for BitcCoinCash and futures running at 13% BTC price .. I think we can expect a 5% bounce on legacy and then after that, as (if it does) BTCash drops, we could see a corresponding run up on BTC taking some new investment along with it. remembering that most BTC users are likely to dump their new bitcoincash for BTC we could see a full 10% rise in BTC price..it's going to be staggered though as different platforms struggle to copy the new ledger within a week (or 2 ) there's going to be some fallout and predict a lot of coins lost in the wash, due to over keen / over excited novices trying to move funds while it's all still hot and slippy.. hope that's enough information for you.. do feel free to read my very recent post about it .. top of my blog @outerground I do try and conduct my own due diligence and encourage others to do so !
Insightful comment really deserves and up vote @briandenver please let me know if I should resteem it?
I just noticed something when I upload your comment it gets closer to the top. @briandenver Do you up vote comments?
thanks for share. upvotes your post & you upvotes my post.
Exciting times for sure. I'm anxious to see what will happen.
I'm sure it will all blow over.. the new bitcoin apparently has only 0.26% hash support so far, not exactly massive but trading futures are currently at 13% of bitcoin value = which is about $6bn new money from nowhere, although by the end of next week that could easily be back in the millions !
i also followed and upvoted
thanks @youngjerv
I haven't been here, in this world at ethereum split. But i'm now at BTC.
For a moment it looks promising for who have BTC, that will mirror their amount to BCC (or BCH at kraken). But for others can be a hard switch.
It can break what bitcoin was as a road opener but it can make it better and tougher.
All new inovations have major changes till they reach maturity. Now, i believe big sharks fight for making their road clean or some just to profit from fake news that will drive people on a wrong path.
And yet, maybe are some people that want it to be the best and work faster.
Lets hope it will be a better world with both of them and will go away the piramids, the fakes and cheatery ones and will remain only the best. But it is a long road till there.
If it helps, i'v made a post about bitcoin cash and who will accept it.
bitcoin cash – how to buy / sell / trade / claim – after august 1st, 2017 fork
https://steemit.com/bitcoin-cash/@ilvstranger/bitcoin-cash-how-to-buy-sell-trade-claim-after-august-1st-2017-fork.
I tried to centralize more information with updated info.
Hope will help others too.
let's hope it all turns out okay. It feels like a pivotal moment in the (Short) history of crypto-currency and there is a part of me that thinks this could be a make or break moment. I'm sure there are lots of vested interests working behind the scenes to manipulate this emerging and potentially very disruptive sector. It is however the type of technology which like a seven headed hydra cannot easily be extinguished, but bitcoin is a flagship and it leads a flotilla of hopeful pioneers into unchartered territory. Which way the fleet heads after tomorrow is not exactly anyone's guess but let's see how this year pans out, to borrow phrase from the Klondyke Goldrush
I just want to get this HF over with lol
it's over in 2h21m !:)
Thanks @mralan that's an impressive array of graphics to accompany your comment !!