Bitcoin Cash waHUH? IT’s Ok we will explain.

Bitcoin Cash waHUH? IT’s Ok we will explain.

Within days, August 1st will be upon us, THE DATE and it could be that this will be a day etched in our Bitcoin hearts for a time for long. Earlier in the week, Bitcoin.com has posted that the user activated hard fork called “Bitcoin Cash” could be a ‘comin. Segwit2x’s progress and trials may have thought to have quashed this, most think no and “Bitcoin Cash” could be our next journey.

Let’s Discuss Bitcoin Cash, What is It?

Bitcoin Cash a token that could possible exist (maybe very soon from now) based on a user-activated hard fork that will take the Bitcoin blockchain and split it into two branches. The hard fork was conceived as a contingent idea to work against the user-activated soft fork the Bitmain Technologies company was working on. The “Future of Bitcoin” conference there were discussions about this hard fork that was forthcoming.

Bitcoin Cash is looking to have several similarities with BitCoin obviously but there are some differences one would consider bigger.

• Block Size Limit– Bitcoin Cash will increase the size of the block 8 MB.
• Protection Replay/Wipeout– If the scenario presents where 2 blockchains exist, Bitcoin Cash will attempt to eliminate disruption, permit safe and peaceful co-existence of the two blockchains, with a replay and a wipeout protect feature.
• New Transaction – Included with the replay protect technology, Bitcoin Cash will provide a new transaction type which will include some increasing benefits to serve as an input value signing which assists with added wallet security and basically eliminates the quadratic hashing issues we had previously.

Bitcoin Cash support will be plentiful as several people from each vein (exchanges, companies and miners) If the chance that there is a low hashrate and low support of the chain, the core developers created a “slow” mining difficulty reducing algo feature.

Exchange & Mining Support

Some of the biggest and most popular BTC mining pools have discussed that they may point hashrate to toward the Bitcoin Cash blockchain. Some of note, Bitmain’s Antpool, BTC.top, Viabtc, and Connect BTC.

What Can I do? I want some Bitcoin Cash?

When discussing the possible upcoming fork — you should always hold your own private keys. Keeping control of your keys will lock in that you can get access to Bitcoin Cash tokens in the event of a split. Keeping your coins on an exchange is a different scenario, you always surrender the right to your funds to the trading exchanges discretion if leaving cryptocurrencies on exchanges (you can read about some of the horror stories on steem). You are required to follow the exhanges’ rules if they end up halting withdrawals, deposits and/or possibly trading on or around August 1 (THE DATE). Also, there are exchanges that may not support the Hard Fork split and the Bitcoin Cash. I am still trying to find some definitive answers on this and will report back. If you know something, please share here.

Whether the Segwit2x progress or that this fork takes place we should all be prepared. After a few days from now, (August 1st), those of us that would be looking to acquire Bitcoin Cash should think about withdrawing our coins from the third parties or exchanges and into a wallet we directly control.

Please feel free to comment and let’s discuss this further. Good luck!