Bitcoin Cash (BCC) Forking Bitcoin on August 1st

The fears of unintentional Bitcoin split due to the activation of SegWit may have been averted and chances of this happening may be low, but that does not stop people from actually doing intentional fork of Bitcoin (BTC). Bitcoin Cash (BCC) has been announced as an upcoming split from Bitcoin with a protocol upgrade to fix on-chain capacity, without changing the economic rules of the Bitcoin and without SegWit. Bitcoin Cash (BCC), apparently driven mostly by Asian miners and crypto community members, will fork on August 1st as per the announced plans for the project.

Bitcoin Cash (BCC) will be a fork of the Bitcoin blockchain 1:1, meaning that on August 1st you will get as many BCC coins as you have Bitcoins in your wallet. It is advised that you keep your Bitcoins in a personal wallet where you control the private key in order to be able to claim any Bitcoin Cash coins as keeping coins on an exchange will not work unless of course that exchange adds support for BCC. It is yet to be seen what the value of the new Bitcoin Cash coins will be and if it will get enough user traction. We could be looking to something like the Ethereum and Ethereum Classic split from last year, and this is what will most likely happen with Bitcoin still remaining strong.

Bitcoin Cash (BCC) will come with an immediate increase of the block size limit to 8MB from the current limit of 1MB that Bitcoin currently has. It should offer Replay and Wipeout Protection permitting the safe and peaceful coexistence of the two chains. Bitcoin Cash introduces a new transaction type as well as a bit different difficulty adjustment algorithm. After the fork happens miners will need to switch to different pools in order to be able to mine BCC coins and initially the hashrate on these will be pretty low, making it attractive for miners to temporary switch hashing power from Bitcoin mining to BCC. Then again it is also important what the price will be and which exchanges will jump on the train supporting the new fork.