My Simplest Understanding of WTF is Going on with "Bitcoin Cash" | It's NOT a TRUE "Hard Fork" of Bitcoin
Starting August 1, 2017 BCC (Bitcoin Cash also named BitcoinABC) will begin to be mined.
A group of miners, developers, investors, and bitcoin users will upgrade the Bitcoin protocol as specified by the "User Activated Hard Fork (UAHF)."
"Bitcoin Cash provides much needed relief to users with an immediate increase of the block size limit to 8MB."
In the strictest sense, BCC is an alternative asset to BTC, and is NOT part of or a fork of Bitcoin.
BCC has changed the original technology and SECURITY intention of BTC, by adopting the dynamic difficulty adjustment.
It is, in my opinion, a new digital asset and simply that BCC will start its ledger history with the same owners as that of BTC.
This means, this asset will granted all BTC holders the equivalent amount of BCC at the outset.
This equivalent amount to be provided might NOT be supported in all exchanges or wallets.
Also, as a result BCC and BCC price will NOT be factored into the BTC or its contracts.
In my review, the majority of the exchanges announcing support for the new Bitcoin Cash altcoin are asian exchanges.
I've investigated the Wallets listed that are supposed to support this new altcoin and it appears that only one of them, Ledger Wallet, could be readily available at this time.
You can find more information and the list of exchanges here: https://www.bitcoincash.org/
Capeesh?
@steemprice
$1.291 USD/STEEMVolume: 5.3707 BTC, 10636 STEEM / Average Price: 0.00050492Last Updated Thu Jul 27 17:20:08 2017Learn More About Me Here...
$1.189 USD/STEEMVolume: 39.3247 BTC, 94502 STEEM / Average Price: 0.00041612Last Updated Mon Jul 31 22:20:20 2017Bitcoin Cash took me by surprise. I thought we had gotten beyond this stage with BIP 91. So now I'm playing catch up.
Ledger Wallet looks interesting. If we are going to split, I'd like to get some BCC out of it and store it in the same wallet. Right now I'm using Electrum, which will allow me to claim BCC, but not store in the same wallet. Currently reading up on the process for sending BCC from Electrum to another compatable wallet.
Who knows where all this could go to? The world of Cryptocurrency seems to be constantly changing and evolving.
There is one true constant.. and that constant is change.
The only constancy in the world of cryptos is that it is always changing.