Big news for today: ViaBTC, Chinese Bitcoin exchange/mine will fork off and create their own version of Bitcoin.
Key points:
- the new coin will be named Bitcoin Cash
- so far it is only supported by the Chinese ViaBTC
- you can only trade Bitcoin Cash with Chinese currency (CNY)
- you can already trade it on ViaBTC, even though not a single coin has been mined yet
- Bitcoin Cash is now worth 1/8 of Bitcoin
- ViaBTC in the same time is still signalling for SegWit
On August 1st Bitcoin Cash will appear on ViaBTC users wallets but they won't be able to withdraw it - the ViaBTC exchange will decide when they will be able to.
ViaBTC is a Chinese exchange and pool that controls about 5% of Bitcoin hashrate (source].
They are often connected with Roger Ver, well known bitcoin big block advocate (big blocks idea stand in opposition to SegWit).
Now, I've stated numerous times that in my opinion there won't be a Bitcoin split - it would lower the price and everybody would just loose money. I didn't take into account that the split doesn't have to be supported by large number of Bitcoin entities, such as exchanges and pools. In fact, anyone can create his own Bitcoin - it's an open source project but whether anyone wants to buy it is a different matter.
As it seems, one Chinese exchange, taking advantage of the current situation, decided to create it's own version of Bitcoin. Of course they state, that they received numerous inquiries from miners and users asking them about support for the new Bitcoin. If you check https://www.reddit.com/r/btc/ - the central hub for bitcoin big blocks enthusiast, they indeed seem to be very happy about the new version of Bitcoin.
In my opinion - China is testing if they can do their own Bitcoin. They don't want to start from scratch, they want that Bitcoin trademark so they'll start from here. Of course Chinese Bitcoin market is very centralized (Bitmain, they main provider of Bitcoin mining devices is also owner of ViaBTC) so it looks weird, that only one exchange/pool is joining the initiative. Maybe they are testing the waters? They know that splitting Bitcoin will bring panic sell and prices down. So they kinda announce it using one small exchange and see what happens. Do people join? Or just ignore it?
Very soon we'll find out as people are already trading Bitcoin Cash - you can see it here:
https://www.viabtc.com/quot/realtime?currency=cny&dest=bcc&chart=simple
It will be super interesting to see how the price behaves after the fork.
So is it good or bad? Both - soon you will probably see news like "Bitcoin split, panic, sell!" and the price might tank quite hard. On the other hand - we've got competition now. And competition is always good, especially for the customers. I'm betting on the SegWit Bitcoin, but that's just me. In my opinion people will largely ignore the China Bitcoin and it will be either forgotten or be worth 1/100 of "normal" Bitcoin.
Will keep you updated!
ViaBTC Bitcoin Cash announcement: https://www.viabtc.com/convert/bcc
In other news: SegWit signalling is at 100%
I am eager to see how this goes. In my view, the more "tricky" it gets, the more the community will learn. China or not, the real case will be noticed a few days after whatever happens on the 1 of August. So, I would say for the minorities, if you don't need, don't move your stuff. Sit tight, and watch it happen. If you are a power user, then you already know the risks and from there, it's more or less, "Good Luck".
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FUD bitcoin will go to $4000 soon
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I wish but they will really mine their China Bitcoin. But people will probably just ignore so yes, $4000 soon(TM).
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If I had Bitcoin Cash, I would just sell it and buy more Bitcoin.
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If you have BTC, you will also have BCC :)
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You have to have it on an exchange right?
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Not really, it's a hardfork so your BTC will be mirrored in BCC. How to access them is a different matter, we should see wallets that will allow to access BCC. From then you will be able to send them to the exchange and sell if you wish :)
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F.U.R.R. for you too, @cardboard!
I seriously doubt that the BCC will be "ignored", as it will likely be blessed by the Chi-com govt. as a native crypto. I'd think it will become a separate coin. There is a lot of Chinese money in the BTC system, and maybe most of that will be transferred over to the new BCC. Minor setback for the BTC gang, but after the dust settles, things should normalize.
My 2¢! Might not even be worth that, however LOL
PS: this is a severely undervalued post! :D
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Thanks for the opinion :) well, Chinese hold tons of money in BTC, if they decide to move it to their coin... wow. I wonder who is responsible for BCC code and how many bugs it has;)
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Buggy like a keg of Bad Flour! You know they have to change the mining rewards, if they split off. How many BTC coders will have a bad taste in their mouth and lash out at the BCC? SO MANY Variables.
image credit: media.tenor.co
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"In my opinion - China is testing if they can do their own Bitcoin."
You nailed this days ago! Bravo. It hit me this morning as the puzzle came together.
You also said : "Now, I've stated numerous times that in my opinion there won't be a Bitcoin split..."
But I'm just pointing it out. I actually love the free thought process. And promote it and like seeing it in action.
I am learning not to judge and just flow with the info.
Take what you can use and leave the rest.
Hope we all make tons on the fork, how ever many there are.
Followed and resteemed
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does BTC really going to split?
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More like ViaBTC will make their own clone of it... which means yes in fact ;)
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lets hope for best but it sounds scary
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Yeah, I think people will ignore it but who knows? Even on steemit you can find folks who will follow it.
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hay que estar alerta con el hardforck!!
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I doubt this will happen this year. If it happens it won't be any time soon. There are also futures of BTC
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This post received a 4.3% upvote from @randowhale thanks to @katiepelc! For more information, click here!
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This post has received a 1.33 % upvote from @booster thanks to: @katiepelc.
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Yes it seems that Bitcoin will fork:
Fork Date: 2017-08-01 12:20 p.m. UTC
https://www.bitcoincash.org
just sayin' - i'm neutral myself
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"Now, I've stated numerous times that in my opinion there won't be a Bitcoin split"
Yeah, as you noted, this won't be the case. A split is guaranteed. Bitcoin Cash will end up being the "real Satoshi" Bitcoin, but as I noted in my article outlining it, it's very unlikely to gain much adoption. I think that's a shame though. I'm rooting for it.
https://steemit.com/bitcoin/@lexiconical/bitcoin-cash-the-only-real-bitcoin-blockchain-and-unlikely-to-gain-support
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