What you need to know about Bitcoin Cash (BCC)!

What you need to know about Bitcoin Cash (BCC)!

Bitcoin Cash (BCC) What you need to know

Jimmy Song Bitcoin Developer and Entrepreneur:
On Saturday, Bitcoin-Cache Word was suddenly announced to the currencies. They announced they would go ahead with the expected foreks from August 1. Many people, including me, were surprised by this announcement. In this article, I will explain what Bitcoin-Cache (BCC) is, how it will affect you and how to get ready for August.

What is bitcoin-cache (BCC)?
Based on the Bitcointalk notifier project and website, this emerging encrypted money is defined as:
Bitcoin-Cache is a peer-to-peer electronic money store on the Internet. This money is totally decentralized, without any central bank and without the need to trust third parties.
The famous phrase "peer to peer money" is significant here. Bitcoin-Cache is looking to become a cryptographic money focusing on transaction capacity.

Why is this strange wonder?
According to many people (including the author of this article), this fork will only be activated if the BIP148 proposal can establish a branching network. In other words, many people believe Bitcoin-Cache (and its client under the name Bitcoin ABC) is just a valid threat to avoid the implementation of the USAF's Sequential Fortune. Bitmain is explicitly committed to doing Segwit2x (the New York agreement) and believes:
"Future road map, if the New York agreement is activated;
We hope the New York agreement will be developed and well implemented. This is the latest Bitcoin chance for a collective consensus on BIP148 threat comparisons. We will do our best to develop it and activate it in the shortest possible time. "
Naturally, when BIP91 (the first part of Segwit2x) is locked and runs ahead of the BIP148 scheduled for August, it is likely to prevent the user activating the hard drive (UAHF) from activated. But bitcoin-cache supporters seem to have another idea.

How to be careful?
Be careful that bitcoin-cache will be a permanent fork for Bitcoin. From the question and answer on this site:

Is Bitcoin-Cache Different With Bitcoin?
Yes Bitcoin-Cache is a continuation of the Bitcoin project as a peer-to-peer digital money. The Bitcoin-cache of a fork on the Blockacine Bitcoin Office has been upgraded with consensual rules that allow growth and scalability. "

This means that if you have ownership of the Bitcoin (that is, your own private key) before the time of Forks on Aug. 1, at 12:20 UTC, then you will receive the same amount of Bitcoin and Bitcoin-Cache You will have

Lest you think BCC is worthless, Future BCC, now traded at ViaBTC's Exchange of $ 475.

What should we know?
Firstly, many converters, including Coinbase, are not ready for this event right now. Again the question and answer on this site:

"If I have bitcoin, do I have bitcoin-cache?"
Yes Because bitcoin is a fork on the entire office, you will have the same amount of bitcoin-cache as the bitcoins that are branched out on the block. Anyway, if your bitcoin is kept by a third party like a stock exchange, you should ask them about your money. "

Look at the last sentence. Exchange counterparts or third parties storing Bitcoin may or may not provide bitcoin-cache. Third-party services seem to be trying to get things done at the right time, but there's no way you can figure out if they're prepared to give you the bikini that you own.

Second, all hard-drive vectors carry two risks: recurring attacks and fading attacks. Although there is no danger to the fake attack on a permanent fork (there are scenarios suspected of attacking a chain of extractors from others, but no sign of this action is yet to be seen). Protecting the recurring attack is also part of the process

How do I work with repeatable transactions by old and new blockbusters?
Bitcoin-cache transactions use a new flag called SIGHASH_FORKID, which is not standard for the old blockcrunch. The result is a blockade of bitcoin-cache blockade in Blockkins Bitcoin and vice versa. "

Be sure to be sure that you have your transactions securely in both blocks as long as the private key is in your hands.

Why is this happening despite the belief in solving Bitcoin's scalability problem?

The question is where. After disappointing Bitcoin scalability over the past years, we finally saw an improvement with locking up BIP91 on Tuesday. Although Saguit does increase transaction capacity, there is no consensus on its implementation.

BCC seems to be appealing to those bitcoin users who are opposed to Sageot. Since the start of the activation process on Bitcoin, these opposed users are converting to BCC fork.

From the question and answer:
"Why is a fork necessary for bitcoin-cache?"
The current (old) code Bitcoin has a limit of 1MB of block size or about 3 transactions per second. Although it is technically feasible to raise this ceiling, the Bitcoin community has not reached a consensus over many years. "

What are the features of Bitcoin-Cache?
Bitcoin-Cache offers three new possibilities:
First, the size of the block is 8MB. Second, protection against recurring and fading attacks. The transaction signature is totally different and the branched block has a size greater than 1MB.
Third, providing proof-of-work hardness faster than comparable bitcoin timeframe, which was applied to a normal block in 2016.

Quote of the project announcement on Bitcointalk:
"Branching rule: REQ-7 difficult matching in case of reduced computing power When the implementation of the MTP (Merkle Tree Proof) chain (end block) is 12 hours after the last 6 blocks of the chain, the difficulty of verifying the work is a quarter or 25% increase (That is, after a 20% reduction in hardness).
Inference: The hashrate is supported by the market-driven chain and predicted hard times. To ensure that the chain remains trustworthy, it will not be necessary to make it hard, regardless of the sudden decline in computational power. "
In other words, hardness can be roughly adjusted quickly to have low computational power.

What happens to Bitcoin?
The most difficult question is this. There may be no incident or a lot of things happening. Obviously, we should think about the following:

• 1 Who will extract bitcoin-cache?
• 2 Who will be more computational? Will both money use the double-sha256 mechanism to validate the work?
• 3 How much will the price be?
• 4 How much will the two currencies look like?
• 5 How do computing power and price react to each other?
• 6 Does this affect the 2x hard drive of Segwit2x?
• 7 Which of these two currencies will the Bitcoin Overclocking (Omni and CounterParty) be activated?

Conclusion

• Unfortunately, Bitcoin Announcement has many unanswered questions. To be sure, do it: If you want to maximize your bitcoin protection, it's best to get Bitcoin out of third-party services and get control of private keys before August 1st.

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@triplej
@haji