Now There is a THIRD Bitcoin Fork Announced for August 1!

in bitcoin •  2 years ago  (edited)
Bitcoin Cash Hardfork

A dark horse alliance of development teams has entered the Bitcoin scaling debate with the announcement that the bigger-blocks party are hard forking Bitcoin on August 1st.

Thus August 1st will probably see a three-way fork of the Bitcoin Blockchain.

This is allegedly in response to the User Activated Soft Fork (UASF) being initiated by one of the Bitcoin Core party.

According to the website of the new group:

On August 1st 2017, We the People will breathe new life into Bitcoin.

A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the User Activated Hard Fork (UAHF).

Those who do not want to follow our lead are free to use whichever chain they like. Miners implementing the UAHF will safely split away, creating a new version of Bitcoin called "Bitcoin Cash".

The Bitcoin Cash fork will be listed on exchanges under the symbol "BCC". Anyone with a current Bitcoin balance will continue to do so on the BCC chain. However, this will open the possibility that people can unethically spend the same bitcoin once on BCC and once on the SegWit chain.

Bitcoin Cash claims it will immediately raise the block size to 8mb, while adding a new transaction type to prevent "replay transactions" where people are able to spend the same bitcoin once on each of the chains caused by the fork.

The technical spec for the UAHF has apparently been on github for about a month.

Bitcoin exchanges ViaBTC and OKEX will carry BCC as a separate coin.

The first wallets to announce support for Bitcoin Cash are BitcoinABC and Electrum.

The website explaining Bitcoin Cash claims to be "Satoshi's original vision of Bitcoin as Peer-to-Peer Electronic Cash."

Updates will be posted to this article as the situation develops.

Eli Afram has more details here: https://coingeek.com/bring-on-the-split/

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@beleophon is Craig Wright involved with Bitcoin Cash? If so I am buying it after the crash.

Bitcoin Unlimited is supporting BCC with their wallet. NChain is supporting Bitcoin Unlimited. So, it appears a "Rebel Alliance" is forming.

Thanks for sharing this news @beleophon the fork gets very confusing for me and am not sure whether to sell or hold. This is informative and it's a bit clearer now.

Thanks,

@steemitph

One option is to just hold and have coin in n forks.

BitConnect uses BCC.

A lot of interesting things are on the way for bitcoin. I'm a bit excited myself, even though I don't hold any bitcoin.

Nice one :D

What are the three alternatives called? BTC, BCC, and...

Hero

How are you positioning yourself for the upcoming fork? Holding tight? Abandoning ship?

HODL!!

Some people enjoy to add confusion and FUD whenever they can.
I suggest the steemit community to make another proposal with a new BTC with a raised block size of 16 mb. BTC can optimally integrate with EOS