Why your Bitcoin will be safe when 'Bitcoin Cash' is released

Alicia Cross
August 2, 2017

If more than 50% of hash power is mining Bitcoin Cash, the first block will likely take less than 20 minutes. BTC is presently trading at around $2,750 on the CoinDesk Bitcoin Price Index. But that doesn't necessarily mean the value of their holdings will double.

But many developers - those working on Bitcoin's code or that of associated software - preferred the latter.

Commenting on how will this affect the future of Bitcoin and other cryptocurrencies, Aragon Co-Founder and Project Lead Luis Cuende, said: "I think it will be a huge stress test on community governance - forks are a way to vote, to reclaim independence, and I really look forward to seeing how further development will continue and how the community will react".

The day that has been constantly talked about is finally here: the creation of Bitcoin Cash (BCC) through a user activated hard fork (UAHF).

The fork in the bitcoin road has been two years in the making as the cryptocurrency has changed quite a bit since it was first launched in 2009. If your exchange supports Bitcoin Cash, and you have a Bitcoin balance, you will end up having equal amount of Bitcoin Cash in your wallet.

Following the split, Bitcoin fell by around 4% to around £2,000, with Bitcoin Cash rising from $200 to $370. Here's Jaxx decentral.ca/jaxx-statement-bitcoin-cash-bchon the bitcoin cash hard fork. Miners may rally behind bitcoin cash if it turns out to be the better digital currency.

"While the breakaway plan is argued to be more aligned to the vision of Bitcoin's original creator and potentially more safe as it doesn't include a controversial feature to move the digital signatures of transactions off the ledger, it arguably risks the blockchain - the ledger containing every transactions - growing too big", said Mustafa Al-Bassam, security expert at Secure Trading.

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Exodus. Wallet and Exchange Exodus says it will not support Bitcoin Cash in any manner. Just like Bitcoin (BTC), Bitcoin Cash is a peer-to-peer, decentralized electronic cash for the internet.

The world's most popular digital currency exchange, Coinbase, is under fire from angry customers over its decision not to support a new version of bitcoin that could also make it vulnerable to "ruinous legal trouble", Fortune cited a prominent legal scholar as saying.

Bitcoin exchanges are on high alert, with many halting their transactions indefinitely until the new activation rules are implemented.

Like bitcoin, Bitcoin Cash relies on the community.

There is now very little hash rate that has been publicly committed to the hark fork - the only pool now supporting it is ViaBTC's BCC pool which has just a quarter of a percent of global hash rate. Bitcoin users are unhappy with the slowness of the platform but disagree over how to fix it.

Arthur Hayes, the CEO of BitMex, a bitcoin derivative exchange, told Business Insider he thought a fork would benefit the cryptocurrency in the long run, despite short-term volatility and confusion.

But some digital currency exchange operators- including Coinbase and Bitstamp - have said they won't support Bitcoin Cash. "We have absolutely no plans to integrate Bitcoin Cash at our machines at this time". I know there is one backup in a Mac that doesn't turn on, and another back up on a couple of USB thumbdrives.

Other reports by Free-Prsite

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