Bitcoin (BTC) VS bitcoin cash (BCC): who will survive after the August 1st?

profitmania (33)in #bitcoin • 7 years ago (edited)

Bitcoin (BTC) VS bitcoin cash (BCC) - who Who will survive after the August 1st

As we all know On August 1st of 2017 there we will see important changes to bitcoin software. This software changes, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. Which means that after the August 1st, 2017 we will have two versions of the Bitcoin blockchain with >two separate digital currencies. And a new currency is Bitcoin Cash (BCC).

So what is Bitcoin Cash?

I found this video very helpful

We've seen that on Chinese forums they're like - bitcoin cash is pretty cool it means that now we have a chance to sell Bitcoin and Bitcoin cash when trading. So the potential is that if you don't back up your wallets if you don't have access to your wallet, there's a chance that you might not get the benefits of the other chain - you might not be able to access Bitcoin cash.

What if a Bitcoin cash is valuable or not that's another matter, so it might be the case that if you just ignore everything that's happening right now (Bitcoin cash might not be worth anything in the

future, it might just die off it might not even happen and if that's the case) then you have nothing to lose you don't lose anything. So it's just this kind of extra coin it's kind of bonus coin that's popping out.

If you do want to take advantage of it then you have to control your own wallet - so that means you you can't leave your money on exchange, because exchange is in control.

If you leave your money on exchange, you leave your Bitcoin on the exchange rate exchange technically controls the private keys - they control full access to that Bitcoin so it's up to them if they give you Bitcoin cash or not.

So that's why there's a lot of advice I've been seeing under the internet telling people to just move their cryptocurrency out of their wallets and out of the exchanges and into their wallet and that way you can take advantage of Bitcoin cash, if it's worth something. And that's a whole caveat there - is it gonna be worth something. Before we talk about that of course I want to talk about a little bit about the dangers of transferring funds after August 1st, when this Bitcoin cash it's gonna be formed - because when Bitcoin cash is gonna be formed there might be special rules put in place, for example, right now just talk that if you send Bitcoin, so let's say you have access to a wallet and now you have Bitcoin cash and yet Bitcoin , so they have one Bitcoin right now we're gonna have one Bitcoin and one Bitcoin

cash in the future. So now you got those extra coin you want to start off but if you do send Bitcoin by itself, there's a chance the hackers can use the signal that you broadcast and steal your Bitcoin cash as well.

So that's why a lot of exchanges are actually freezing their accounts before or freezing Bitcoin transactions after August 1st because there's just like risk that - in fact BITREX have already stopped doing

that just because there's uncertainty on a network, just because they're not really decided on what to do with Bitcoin cash.

So moving forward there's two risks if you don't have your Bitcoin on your own wallet there's a chance that the exchange or what used to where you're storing the Bitcoin will not give you Bitcoin cash that's one of the risks.

Then second risk is - if you extend transactions as with your August first, there might be a something called a replay attack where they steal your Bitcoin cache, if you're just sending on the Bitcoin chain. So two risks right there, now let's evaluate how big are these risks.

Well, that's really up to your own opinion because no one can really put a value on Bitcoin cash right now - it's kinda side project that really happened and it hasn't really happened yet. So if you're looking at the exchanges or what not:

some exchanges support and already trading Bitcoin cash like the futures of this
some exchanges are completely saying we don't want any part of this it creates so much confusion this is just a trash coin.

So the use of this are very polarized no one's really sure how much it's gonna be worth, if it's gonna work you know pennies dollars or you know even house and stuff dollars afterwards, that's up to kind of the market to decide and that's why a lot of people are recommending you to take your money out and put in your own wallet and also stop trading Bitcoin or sending Bitcoin after August the first.

So do keep an eye out for what's gonna happen - right now there does seem to be a huge push to put to create Bitcoin cash to make this new thing because there are people who believe that Bitcoin cash can solve a lot of the scalability problems we have now - it's gonna create much cheaper transactions and people are gonna use it. So if it gets used and it's popular then it's gonna be worth something.

Other people view it as absolute trash - this is just such a fastly hastily put together project why do it now and I'm not sure on this cam so, if you ask my personal opinion on this, I'm not sure why should we do this now - it's causing so much confusion, it's causing community to split apart when we need to stand united and we are already moving towards improved scaling. Well, Segway coming soon we're gonna handle more transactions on a Bitcoin already without increasing the block size and if you really want to push for a larger block size why not push for a Segway 2.

So it does seem to me personally that this new Bitcoin cash is just a grab for attention - it kind of a a protest against what's happening right now by the miners.

Below is the letter I received today from Coinbase regarding the same problem

We wanted to provide an update on proposed changes to the Bitcoin network and what that means for bitcoin stored on Coinbase.
Our first priority is the safety of customer funds. In the event of a fork, customer fiat currency (USD, EUR and GBP) and digital currencies (bitcoin, ether and litecoin) are safe.

On August 1st, 2017 there is a proposal to make changes to the bitcoin software. This proposal, known as Bitcoin Cash, is likely to create a fork in the Bitcoin network. This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

In the event of two separate blockchains after August 1, 2017 we will only support one version. We have no plans to support the Bitcoin Cash fork. We have made this decision because it is hard to predict how long the alternative version of bitcoin will survive and if Bitcoin Cash will have future market value.

This means if there are two separate digital currencies – bitcoin (BTC) and bitcoin cash (BCC) – customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).

Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.

I hope this helps. Comment if you find this info helpful.

#blockchain #cryptocurrency #bitcoincash

7 years ago in #bitcoin by profitmania (33)

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Bitcoin (BTC) VS bitcoin cash (BCC): who will survive after the August 1st?

So what is Bitcoin Cash?

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