Bitcoin Cash? What it is and how it effects you! [Bitcoin]
Many people are starting to ask me about this "Bitcoin Cash" (https://www.bitcoincash.org/) thing and are wondering if they should buy some! FIRST let us discuss what Bitcoin Cash is. Bitcoin Cash is a HARD FORK of the original Bitcoin network and code! What this means is instead of buying Bitcoin Cash today, you could just buy Bitcoin and store it in a wallet you have the Private Key for!
From their own website:
If I own Bitcoin, do I automatically own Bitcoin Cash too?
Yes. Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.
How do I get Bitcoin Cash if I just Buy Bitcoin?
When a blockchain has a hard fork and both chains live on, your private key will unlock the same number of coins on BOTH chains! That means if you have 10 BTC now and you control the Private Key, when Bitcoin Cash hard forks off you will then have 10 BTC and 10 Bitcoin Cash! You didn't need to buy any Bitcoin Cash and take a risk of it NOT taking off! And even better you now have twice as many coins as you did before the fork without paying a satoshi more for them!
Conclusion
If you are looking to speculate on Bitcoin Cash my advice would be get Bitcoin into a wallet you have the Private Keys for. If/When any serious coins fork away from Bitcoin we all will be able to easily download their new wallet, insert the Private Key, and unlock our new coins without ever giving up our original Bitcoin Hodling!
Hope this helps a few people be sure to up vote, resteem, follow me and comment below!
Hi , may i know which desktop bitcoin wallet will be good to store BTC in order to get Bitcoin cash?
https://www.bitcoincash.org/
Pretty sure they list it here.
I am using Bitcoin Core, but any current bitcoin client will work provided you control the private key! Thanks for reading, followed you back!
HI @bigdeej my understanding is that the hard fork has been prevented with Bip-91 is this correct
No BIP 91 activated on bit 4 which was to require bit 1 to signal within 2 weeks of activating BIP 91. Bit 1 activates SegWit. BIP 91 needed just 80% to activate where as BIP 141 needs 95% to activate. BIP 141 activates SegWit by signaling Bit 1 as well. BIP 91 states that they will reject blocks that do not signal Bit 1 after 2 weeks of activation. BIP 141 activists might not like the path and reject signaling bit 1 and fork the network off. I am sorry it is so technical and confusing but it is hard to explain! Hope that helps a little I will try to refine this comment into a post that is easier to read over the next day!
Nice article, nice comment.
Yes, it's technical, and even though I've read a lot about it, your answer has more depth..
Thanks!
Thanks @surfyogi glad to help a few people! Followed you back, thanks for reading and sharing!
Basically the Assholes behind bitcoincash want to make their own coin to compete with BTC.