This is kind of huge. Bitcoin Cash will be a major coin.
Kraken just sent me an email. An excerpt reads as follows:
"Kraken plans to support BCH on our platform for funding and trading in the pairs BCH/XBT, BCH/USD, BCH/EUR"
Besides being relegated to a few minor exchanges, a major exchange, Kraken has decided it will have a direct Bitcoin Cash to USD fiat trading pair. This makes BCH one of the few cryptos anyone can go directly from cash into crypto with.
As other exchanges monitor the situation, very likely they are going to view this Kraken announcement as a direction signal to add BCH to their exchanges as well. I know Bittrex gave an announcement of "wait and see". Poloniex (for those who risk using it) gave this announcement.
Bitfinex did not say they would add the trading pair, but did say that they would permit withdrawals of BCH.
Full Kraken Email:
We have posted an important announcement on our blog about the “Bitcoin Cash” (BCH) hard fork that will happen on August 1. Everyone should read the complete post, but here are a few highlights from the post:
Kraken plans to support BCH on our platform for funding and trading in the pairs BCH/XBT, BCH/USD, BCH/EUR
Clients holding Bitcoin (XBT) balances at the time of the fork will be credited with an equal amount of Bitcoin Cash (BCH) - e.g. 1 XBT will result in 1 XBT + 1 BCH
Clients borrowing Bitcoin (XBT) for margin positions at the time of the fork will be debited an equal amount of Bitcoin Cash (BCH) - e.g. if you borrow 1 XBT you must pay back 1 XBT + 1 BCH
Margin traders should read the blog post carefully to understand the added risk and how margin trading will work across the fork
The BCH fork is planned for 12:20 pm UTC on August 1
Bitcoin (XBT) funding will be halted at 11 am UTC and resumed sometime after the fork when it is safe to do so
Trading will continue across the fork, but we may need to halt trading briefly around the time of the fork so we can adjust balances and add pairs
Another informative and valuable post. I am glad I started following you!
Keep up the good work!
My newness to crypto is hindering me a bit in my understanding of this. I want to make sure I understand this fully. I have my BTC in cold storage in a paper wallet, so I control own my private key. Will I need to deposit my BTC on an exchange that supports the fork or will I get BCH by simply keeping my BTC in storage. I'm not quite understanding how to claim the equal amount of BCH.
Orion, so if you control the private keys, you are good. The trick here will be splitting your coin because of the identical keys for both new coins... BTC and BCH. So to do this split, you are going to want to wait a few days until after the fork once the networks are fully split. Then, to send BTC, you would issue that transaction to the BTC network. To send BCH, you would send it to the BCH network.... But what you got to get through is the risk of replay attacks. I think BCH tries to solve this somehow. .... So let's say you send BTC to an address. Well, anyone can copy your signed transaction, and broadcast that signed transaction over to the BCH network as well, causing those coins to be sent.
For me, I decided that I missed out on the ETH/ETC split, so I bought 1 BTC, and I put it on Bitfnex which will handle the split for me. If you're doing it the private keys way, just make sure to wait until after the fork to do anything, and make sure you read how to fully protect yourself once the dust clears, against a replay attack.
Thank you. I'll look into how to protect against a replay attack. Much appreciated!
My understanding is that you need to keep it in cold storage (OR) have it on one of the FEW exchanges that will honor it (Kraken). When you take it out of cold storage you need to be careful when you spend it as if you spent it as old bitcoin first might be bad but there is a way to spend it as BCH and then spend it again (second coin) on the old BTC network. Keep it in cold storage until you know what you are doing. Is to late to transfer to Kraken if not already there. But I'm not an expert but is my understanding of what is going on.
After August 1, I can predict that the BTC price will go down because people will sell back their BTC to get Altcoins again!
For BCC, people will also sell it for profit. Anyway, I might be wrong! :D
Curious for your opinion on the EOS ICO pricing. I am expecting it to trade lower than $1 after the market's capital starts to dry up a bit, maybe around Day 100+. What are your expectations?
I think it should. I'm personally not betting totally on it. If I see it back down around $1.20, I might buy a level, and then wait for $1, and then if it keeps going down, keep buying. AFAIK one single address bought most of the first window, and I am unsure if they have sold any. I think a lot of smart people with money are onto how decent EOS could be, and it's just holding the pricing up there. It should be lower, but it's not.
I may just start contributing 0.5 - 2 ETH every other week to spread out the cost basis.
But mathematically speaking, it seems as though with 1bil coins to be distributed, if it gains as much market share as Ethereum, then you're looking at around a ~$23 coin. This pure market share analysis and obviously assumes a minimal amount of adoption and that the EOS project has relatively moderate success. But, if that math is right, a 20-23x return isn't a bad ROI so any of the current prices could be viewed as well worth it in the future.
Yeah. Thing is, in the next large crypto boom, it could be should everything go to plan, EOS will be one of them leading the charge. EOS has the potential to be something like the next Google, because the greather diversity of apps which will be able to use it. I could see it being a pillar of blockchain internet. Meaning 5+ year bull market for the coin taking the total market to new highs. It's not certain, just that potential easily exists.
A lot of bitcoiners are saying Bitcoin Cash will be DOA, but I think many investors may perceive BCH as a second chance to invest in Bitcoin. The amount of major Asian exchanges supporting BCH makes me think we will see fireworks come August.
It can't be dead on arrival with a large exchange adopting it. It could drop but it's pretty impossible to go into non-existence with an exchange like Kraken supporting it. I think more exchanges will follow.
That's my thinking as well. Not to mention the hundreds of millions of "hot" Asian cash looking for a parking spot.
Might dip my feet in a little bitcoin in the lead up.
so which one is the better option?
If you hold BTC through the fork, you should have both. BCash might be good if more exchanges want to adopt it, but honestly, it will probably just be a top 10 to 30 altcoin.
If you hold BTC, how do you go about claiming BitcoinCash after the fork?
Need control of your private bitcoin keys, or have the BTC on an exchange which will support the fork.
I have it in a Mycelium wallet.
Make sure it lets you access your private keys is all. Most wallets let you, I have not used one which did not give out the private keys.
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