Programmer explains Bitcoin Cash - Practical tips

in blockchain •  2 years ago 

What is Bitcoin Cash and why is it developed? We talk about the technology that the people behind Bitcoin Cash are proposing and the reasons why they are hard forking.

We also talk about some practical tips we as users need to keep in mind as this fork approaches.

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Thx for sharing

Great Video. I will be glad when the fork has happened and we can all move on

Great video! I'm leaving my Bitcoin on Jaxx

You need to look at influences due to hardware too. Bitmain, the company that will fork off, has 15% hashingpower in Bitcoin currently. Its pool Antpool mines 25% of all Bitcoins.
Bitmain understandably wants to maintain hardware orientated mining, because it produces those ASICs.
15% Hashingpower is not to be smiled at. But it is good that they leave now than later.

yeah your right i wonder how many people leave the pool many mmore will join

I support segwit personally, and think your right about BCC. As far as how to handle this UASF is the question I find myself wrestling with...maybe its time to gain USDT and LTC/ ETH and sit out of BTC for a bit. I think the market could decouple from BTC after August 1 (maybe for months). Chaos on alts.

Well said, I really like this that you've laid out. And I definitely share the viewpoint with you. I also hope to leave my legacy here on steemit, and what I share here is what I would want to be remembered for. I think we can all look for something new! Thank you for being here. :)

BCC - shitcoin

have to say I agree with you on this one!!!!

I always learn so much from your videos. I do get lost in the programing speak sometimes but I always come away better informed from your talks.

It sounds that from technical point of view, SegWit is the right way.
It is easy to see why hardware companies wouldn't like it - because it will reduce the need in mining hardware when people will be able to do micro transactions between them... and by this saving money - like also big transactions with small fee.

But the future is anyway proof of stack heh.

Wow, first time someone explains well what is segwit, thx!

Hey Ivan great information thank you. I have an Exodus software wallet. The wallet itself will not support BCC. However I'm told that I can export my private key from that wallet and then import the key to the "Bitcoin Cash Client" and that will enable me to reap the "free" BCC that would come from already having BTC. I understand that in theory but I don't know what the Bitcoin Cash Client is or how to actually perform this. Is this something you would consider making an instructional video on?

Great Vid, I hope some one is caring for the Merkel Tree!!!

As usual, Great video, sharp analysis!
to your question, why? It's a rare event and curious enough. Birth of a new coin. In my wallet!!
I too have a question to you: could it be possible to hold steemit password in some place like myetherwallet, where one have a freedom to make his own password? Ideally such a holder (chrome xtension?) would encrypt my steemit credentials and open it on demand.
Frankly, i secretly wish you undertake such a project as a series of programming workshops, explaining general programming paradigms as well, as blockchain specific and cryptographic ones.

Though I am not necessarily disagreeing with your opinion of BCC, I must say I am not sure about your reasons. Just because an improvement is simple to do does not mean its a bad improvement logically speaking. Its only a bad improvement if its a bad improvement. Do you have other reasons these improvements are bad? I am certainly no expert but looking at this fron a laymans point of view, I would have thought what ever features make a coin more useful to many people is better in the long run. Bigger blocks equals greater potential for more transactions per second, perhaps 8mb is still not enough to compete with visa but, is it not a step in the right ditrctection? As for segwit its self I am not a programmer so I will not pretend to fully undetunderstand, however what I do know is that it is segregating a section of code from each block allowing mote transactions to fit in this block. Great but is this code not important? If not why was it there in the first place? This code is the "witness" so by removing it, is there some sort of security risk, or are we peeling away from the decentrslised nature somehow? Finally if the lightening network is going to be off the block chain, does this mean more 3rd party control, banks etc getting envolved, this is surely exactly what bitcoin was set up to circumvent?

By the way, I have seen a few of your videos that I have learnt much from. You may be the only person who I am in a position to contact who can answer these questions and I would hope the answers are useful to others.

Bitcoin have been hijacked by blockstream and other central commercial interests! Bitcoin Cash and Bitcoin Unlimited are the way to go for the future that will replace the Bitcoin Core!