Less than a calendar week agone BIP91 became locked-in in addition to nosotros all cheered. The peril of a major dissever inwards our dearest Bitcoin had passed. We could all teach dorsum to sipping our fine vino in addition to HODLing similar crazy. End of story.
Except it isn't the terminate of the story. August 1 could soundless lead house (As a Bitcoin-relevant event, that is. As a engagement it close for certain volition happen), in addition to the Bitcoin blockchain could soundless hold upward dissever past times a User Activated Hard Fork (UAHF).
As Bitcoinist reported on Saturday, about exchanges convey already started trading a novel token, Bitcoin Cash, inwards anticipation of this.
What the Fork?
BIP91 was proposed inwards May 2017, every bit the solution to the block-size scaling debate, supported past times a pregnant bulk of the Bitcoin industry, in the New York Agreement. It required a minimum of 80% hash-power back upward to avoid the User Activated Soft Fork (UASF/BIP148) planned past times the Bitcoin Core developers for August 1, 2017.
Yes, back upward hitting 80% in addition to nosotros locked-in to BIP91, but that was never past times whatever agency guaranteed. So dorsum inwards April, Bitmain devised the UAHF every bit a contingency plan, inwards representative the UASF was implemented in addition to looked to compass an imminent peril to the Bitcoin ecosystem.
So We Don't Need It Now?
No, nosotros don't require it, but a developer grouping advocating a larger block size proposed Bitcoin ABC at the Future of Bitcoin conference. This is essentially a evolution of the UAHF, although no longer controlled or endorsed past times Bitmain.
This may, however, soundless hold upward implemented on August 1, causing a dissever inwards the blockchain in addition to creating the novel token. This is currently dubbed every bit Bitcoin Cash (BCC), amongst the existing blockchain (confusingly also called Bitcoin Core) retaining the Bitcoin branding in addition to BTC acronym… for now.
So What Will I Have inwards My Wallet?
In your wallet, you'll soundless convey Bitcoin Core, but y'all volition also hold upward the possessor of the same amount of Bitcoin Cash. At the quest of the dissever both blockchains volition hold upward identical, hence your mortal keys volition access the same residuum on the novel blockchain too.
You volition convey to download a BCC customer to build transactions inwards the novel token, every bit your electrical flow wallet likely won't back upward it. Your electrical flow telephone commutation likely won't back upward it either, but lists of both exchanges in addition to wallets supporting BCC is published on the website.
Double Money! What's the Problem?
It isn't double money, it's the same amount of ii dissimilar tokens. The value of each tin give notice vary widely. Having said that, at that spot shouldn't actually hold upward a problem.
There is the possibility that investors volition meet the dissever every bit a sign of instability, which could price the cost of both currencies. But most parties seem to favor i token in addition to retrieve the other volition but bear on every bit a fry altcoin.
Coinbase has stated that they volition non hold upward listing BCC for merchandise or allowing withdrawals of the currency. This has led to cries of theft from about users, in addition to the get of funds past times other (more savvy) users.
Bitmain has stated Bitmain has stated their back upward for Segwit2x, but don't dominion out the possibility of supporting both coins inwards the future, depending on how BCC fares.
Chandler Guo tweeted this real erudite message.
$BCC but shitcoin，$BTC soundless bitcoin http://pic.twitter.com/qnxhAt9DAP
— Chandler Guo (@ChandlerGuo) July 23, 2017
So it seems similar most folks are backing BTC, myself included. But if you're going to teach about BCC for doing zero in addition to hence why not? Just shift your BTC out of Coinbase earlier August 1!
Do y'all retrieve a UAHF volition lead house on August 1? Are y'all stockpiling Bitcoin inwards anticipation of a possible dissever in addition to lead chances for costless BCC? Let us know inwards the comments below.
Images courtesy of Shutterstock, Pexels
The postal service Q: When is a Bitcoin non a Bitcoin? A: When it's Cash! appeared kickoff on Bitcoinist.com.
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