What Is Bitcoin Cash?
It looks like there will be a split with bitcoin on the 1st but it is not as dire as it seems. The vast majority are still behind segwit. But there is a small section that will try to split the coin and make bitcoin cash. How this works, as far as I know it, if the split happens you will get both bitcoin and bitcoin cash for your bitcoin. You can check the futures price of bitcoin cash (I will link it) but odds are it will drop fast as a lot of people will sell it to get more bitcoin or another coin of their choice. But maybe bitcoin cash will hold as its own coin, or maybe nobody will mine it and this will be for not.
If you are wondering what bitcoin cash is it is bitcoin with the limit raised to 8 mb blocks. To be honest I do not exactly knows what that means but it will help with transaction cost (and maybe speed) and will make it work more as cash (hence the name bitcoin cash). For something to work as cash you need to handle a LOT of transactions. I'm sure there are people who want bitcoin to be more like a cash than a security (gold) so this might have some weight to it.
Here is a link with more info:
https://news.bitcoin.com/what-every-bitcoiner-should-know-about-bitcoin-cash/
And here is a link to the futures price of bitcoin price:
https://coinmarketcap.com/currencies/bitcoin-cash/
*my upvotes/rep disclaimer: https://steemit.com/steemit/@whatageek/my-steemit-account-where-i-stand-on-bots-self-votes-and-multiple-account
If you want to know the reasons why people are supporting Bitcoin Cash, here are some excerpts from some of my posts on the matter:
https://steemit.com/bitcoin/@kyle.anderson/fork-christ-s-sake-bitcoin-is-going-to-fork-is-segwit-bitcoin-whose-side-should-i-be-on
In short, SegWit can flip the incentives for some (bandwidth restricted) miners such that they benefit from not downloading or verifying the transaction signatures. For a user, this causes a SegWit transaction to be less secure than a non-segwit one. A non-SegWit transaction is secure with the assumption that no attack is able to obtain more than 51% of the network hashrate. With SegWit, this becomes 51% - (percent of miners with flipped incentives).
If 20% of miners end up in a situation where they are not downloading signatures because it is more profitable for them not to, a 31% miner can attack the network effectively. Security becomes 51% - X.
The bigger problem is that it is very hard to estimate the proportion of miners with this flip in incentives before their portion grows too large and an attack occurs. This basically means that SegWit transactions will always be less secure than normal Bitcoin P2PKH transactions. Even if just by the smallest bit, this is what fundamentally breaks the fungibility of Bitcoin.
https://steemit.com/bitcoin/@kyle.anderson/bitcoin-cash-segwit2x-viabtc-and-why-i-want-a-bitcoin-chain-split
Use Breadwallet if you are keeping your funds on an exchange today!
https://steemit.com/bitcoin/@kyle.anderson/a-praise-of-breadwallet-chaos-is-coming-keep-control-over-your-coins-follow-the-chain-of-your-choosing
Good information here! I'll stick with my Exodus Wallet. You did an excellent job at explaining the technical aspects - without any FUD. Kudos!
Yeah too bad Exodus is not fully open source. Complete dealbreaker for me.
I think its highly unlikely to gain any traction. Its still not a gaurantee to happen but if it does it will fizzle out quickly.
I think there is a good chance you are right and I would guess most people want one coin.
It actually pisses me off that Bitmain would support this nonsense! I'm still trying to understand how anyone with a miner and some coding can just decide to fork off like that.
@whatageek we post similar content wana should eachother out? I know you have a larger following but I have allot of really activate cryptocurrency followers. If not it's cool tho love the stuff
Bitcoin Cash has already hit it's first bump in the information highway even before leaving the "Driveway". It's proposed coin abbreviation BCC is already in use, and will not be adopted by larger exchanges unless a change is made. Perhaps someone should have thought about that sooner? (lol)
upvoted for the info :)
Thank You, and very Kind.
Hey great info! thanks. followed and upvoted.
Although a bit late, but I think bitcoin cash is a good step! For people who want to read more on it, they can go to: What is Bitcoin Cash (BCC/BCH) and How Does It Differ From BTC for good info on difference between bitcoin cash and bitcoins
Keep your eyes on the votes for Segwit and any other bitcoin proposal.Through:
https://xbt.eu/
thank you great info
Thank for sharing knowledge about bitcoin
So is it good to buy 1 bitcoin now so that I can get 1 Bitcoin cash or wait till the fork happens and watch hell run loose and buy at black friday prices?
Bitcoin Cash seems to be a last ditch attempt / temper tantrum. Don't see it amounting to much as it doesn't have the Bitcoin brand name (among other things). Should be interesting to see though moving forward.
I just published a book on Amazon, called "Welcome to the F*cking Show: Bitcoin and Your Future With Money". If you have any new friends in crypto tell them to check it out, it's the quickest cutting of the crypto learning curve out there (I know, I've read all the Bitcoin books out there).
Link: https://www.amazon.com/Welcome-cking-Show-Bitcoin-Future-ebook/dp/B0741LPVB2/ref=sr_1_1?ie=UTF8&qid=1501034912&sr=8-1&keywords=bitcoin+and+your+future+with+money
This bitcoin fork possibility is really causing a lot of mixed reactions. I myself was hoping a split wouldnt happen, but I suppose with the type of attention, money and certain types of control this fork could offer those in that position it was bound to happen, or at least someone was bound to try.