What's the deal with Bitcoin Cash (BCC)? (Does the recent fork mean I now have a bunch more money automatically?) 10 SBD tip for most helpful answer.
Well, this is basically part of my Crowdsourcing Clarity series, but I am a bit pressed for time.
So I wanna cut to the chase:
Does the fork mean I now possess two currencies? (I already possess some BTC).
What are the main differences between BTC and BCC?
Are there any wallets especially suited for holding BCC?
What is your personal opinion on the fork?
10 SBD TIP FOR MOST HELPFUL COMMENT!
As with all crowdsourcing clarity posts, I realize I could research this myself, but there are so many other things to learn, and so many other things to do, that this or that issue sometimes gets pushed to the wayside. I pay 10 SBD because I really appreciate the knowledge. Cheers.
~KafkA
Graham Smith is a Voluntaryist activist, creator, and peaceful parent residing in Niigata City, Japan. Graham runs the "Voluntary Japan" online initiative with a presence here on Steem, as well as Facebook and Twitter. (Hit me up so I can stop talking about myself in the third person!)
Yes you have the same amount in BCH as in BTC.
BUT only if you had your BTC not in a online wallet.
If you held them in a paper wallet (like the one you made for your son) or in one of the local ones (electrum, btc core, mycelium and what not) now you do have doubled your coin amount (yaaaay).
If you want to spend your newly BCH you have to export your private keys and use them in a BCH supporting wallet.
I would recommend to wait since the new wallets havent been tested and could potentially be used for phising your private keys.
i am new to it and expecting some expertise from your side..
In the long term only one will prevail!
(In 50 years from now)
I was asking myself the same question:
The guy in this video explains it quite well...its not my content, but maybe it will help you:
Cheers...
But if you want to make a quick buck, import your keys to http://www.electroncash.org/ if you don't already store your coins on Ledger, Trezor or BTC.com, than deposit them at https://hitbtc.com/. Bittrex et.c. don't accept deposits yet. Than you can sell them before the dip.
10 SBD on the way, homey. Thanks for the help!
Thanks!
If you held your Bitcoin in an exchange that supports Bitcoin Cash, or privately in your own wallet, you should have an equal amount of Bitcoin and Bitcoin Cash. If you have a hardware wallet like the Ledger Nano S, you'll want to google for instructions on accessing it.
Bitcoin Cash is now the real Bitcoin, as defined in the whitepaper. 100% of transactions are on chain and the public ledger. Bitcoin is now no longer the real white-paper Bitcoin, as it has introduced off-chain transactions and trust into a trustless system. It's basically Litecoin now, and I call it SegWitCoin.
It's a bit early for this but some hardware wallets are ahead of the game. I don't like Trezor anymore but I think them and Ledger both have support. For other applications, a paper wallet might be best for now.
I think the market, which generally doesn't understand what it invests in too well, will see this as a positive for SegWitCoin. The market abhors uncertainty and I think it wants calmness after years of scaling, so it will embrace even a technologically inferior option like SegWitCoin.
The technical reasons that make Bitcoin Cash superior are unlikely to be valued by the mass of the market (trustless, no AXA co-option, etc.) because the mass of the market usually has only the barest grasp on fundamentals, if at all.
I would not be a buyer of Bitcoin Cash here. There is a huge amount waiting to be dumped on exchanges but it can't be yet because most exchanges haven't enabled withdrawals, some are requiring like 20 confirmations, and the Bitcoin Cash chain is not processing enough blocks to move transactions yet. Hopefully that's fixed by a difficulty adjustment.
I predict Bitcoin may see a price jump if Bitcoin Cash becomes more easily dump-able. Dangerous to buy in near a large round number like $3000.
Hope this helps.
TLDR - Bitcoin Cash is Betamax, Bitcoin (SegWitCoin) is VHS:
"Betamax is, in theory, a superior recording format over VHS due to resolution (250 lines vs. 240 lines), slightly superior sound, and a more stable image; Betamax recorders were also of higher quality construction."
https://en.wikipedia.org/wiki/Videotape_format_war
10 SBD on the way. Thank you!!!!
Thanks Kafka!
I personally hope BCC doesn't last and BTC is the only bitcoin, but yes if you hold your bitcoin in a exchange or wallet that supports BCH you will magically have more coins. Pretty sure BCC is suppose to be faster with lower fees and bigger block sizes. I am mainly holding alts. This whole fork is too much.
So, why do you hope the one you just defined as inferior survives and the one you defined as superior dies?
I didn't claim one to be superior over the other. Just answering the questions you presented in your blog post about the difference between coins. I mentioned i'm holding alts. I think there can only be 1 leading BTC. The new BCH needs a lot more miner support to succeed.
The problem is that it's not clear which is "inferior" and "superior" and it may not be for another ______ months/ years.
Bitcoin cash may have bigger blocks/ faster transactions but it also has something like 5% of bitcoin's miners, so bitcoin is clearly the more secure coin at the moment.
It makes it easier to ROI when there's only one option. Should these bitcoins continue to split in the future, we may have to hold tens of versions of bitcoin in order to hedge against the unsuccessful chains.
Well bitcoin split into 2 different chains and you get equal amount of bitcoin cash. For example, if you had 10 bitcoin, you'll get 10 bitcoin cash as well.
The main difference is the transactions speed. Bitcoin cash is to be much faster at transactions and cheaper as well.
I think it's worth keeping at least some of it but many are selling it to make quick profits. The prices right now don't really matter because exhanges are freezing all bitcoin cash. When it becomes fully functional, we can see huge drops in price for bitcoin cash.
you have two coins now....youre a rich guy now kafkanarchy!!!how about donating some to a poor turtle...LOL
You will only have 2 tokens if you stored your BTC on an exchange that accepts/will accept BTC cash. I used Bittrex and they have already added the same amount of BTC cash into my wallet that I had in BTC. But it's currently frozen so I can't do anything with it. I've read that this fork doesn't really solve the base issues of BTC however, but I guess time will tell.
You can trade it on Bittrex, you just can't deposit or withdraw it.
I was getting the circle with a line through it for both BTC & BCC, now just for BCC. So as of now, my BCC is locked up.
Yeah, I just go to the main trading page and hit the btc/bch pair and open the chart. From there I've had no problem buying/selling.
Yup, good to go now.I was probably doing something wrong, it's still blocked on the main screen but I can exchange now :) thanks!