Bitcoin Split will happen on August 1st With Bitcoin Cash
The Bitcoin Cash group is not happy with where Bitcoin is heading. They will branch off the legacy chain on August 1st with there new coin called Bitcoin Cash (BCC). Those developers will start with an 8 megabyte block size that will give it a much greater transaction capability and speed. The BTC mining group is signalling for Bip 91, but will branch off on August 1st to mine their Bitcoin Cash coin. This group currently has over 5% of the global mining power of Bitcoin.
Bitcoin Cash believes that Bitcoin was intended by Satoshi Nakamoto to be used as the new decentralized digital global currency. In order for that to become a reality, the block size needs to be larger and quicker transactions need to take place. The UASF (user activated soft fork) group believes that Bitcoin should be a store of value and not be used to buy a cup of coffee. UASF group do not typically care about the speed or cost of a Bitcoin transaction because they are of a buy and hold mind set. The majority of Bitcoin holders are thinking that by holding Bitcoin long term, their wealth will increase with hopes of one Bitcoin reaching $1 million dollars some day.
So here we have it. Two mind sets over Bitcoin's future. One group wants it to be used daily like we use cash and the other group wants it to be a store of value like owning Gold. Either way, if the split happens on August 2nd, you will have two coins.
Make sure your Bitcoin is in a hard wallet by July 31st and do not transact with Bitcoin for a week or two in August until it is safe to do so. I guess we will just have to wait and see what happens if Bitcoin stays as one Bitcoin or becomes two Bitcoins. If there are two coins we will have to see which one becomes the more dominate.
I thought this had been resolved. this must be why BTC isn't going up as expected.
I see there are two BCC. that can be confusing.
Yes it is confusing. Everyone did think this was resolved but Rodger Ver and his group decided to split off and create Bitcoin Cash. Anyone can fork Bitcoin, it is just a matter if anyone will use a forked coin or not. I guess time will tell. This probably is not helping the price today of Bitcoin
It's just another alt coin. nothing to be concerned about.
My thoughts as well
I think BTC will parabolically sky rocket between now and Aug 1st 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. But I think it goes parabolically down also right after the fork. What do you think?.
I have the same thoughts
its like ETH and ETC. I dont think it will impact other altcoins. let see. every day something new in this cryptoworld
If that isn't the truth. Crypto's are more volatile than my marriage. LOL