My Explanation of Bitcoin Cash (BCC) and the August 1st Bitcoin Hard Fork

vinnyb (34)in #bitcoin • 7 years ago (edited)

Bitcoin Cash or BCC has taken a lot of us by surprise. Just when we thought it was safe to go back into the market, just when we thought Segwit would be activated without a hitch, comes Bitcoin Cash! It is currently being traded between 400 and 500 on the futures market, which is about 18% the current price of Bitcoin. Bitcoin Cash aims to bypass the Segwit code change that will be in effect by the end of August. BCC may be more scaleable with an increased block size of 8 MB versus Bitcoin's current 1 MB block size. This may make it four times as fast. It will share the same transaction history as BTC, so if you have your private keys, you may end up with both BCC and BTC. If your Bitcoin is on an exchange, it will be up to each individual exchange to decide if it will give you both coins.
The main organization behind Bitcoin Cash is ViaBTC, which makes up four percent of Bitcoin's computing power. It has its own exchange and is the first to list it for trading. Other mining pools such as Bitmain and Bitcoin.com supported the hard fork at first but now it is not known if they will support Bitcoin Cash. Bitcoin.com has said that it will be up to the users what they want to mine. Most other mining pools, developers, and users seem to be uninterested in using Bitcoin Cash currently. But that may change in the future, especially if Segwit falls through in the coming months.
The Bitcoin fork BCC will offer a new transaction type which will provide replay and wipeout protection. This should allow both chains to exist together. It also provides a new way of signing transactions called input value signing which should improve hardware wallet security. It will also eliminate problems with quadratic hashing, which I believe is what Segwit was designed to fix. The bottom line is that Bitcoin Cash promises low fees and reliable confirmations, but only time will tell if it will catch on.
Here is a video I did on the subject: