What's the deal with Bitcoin Cash (BCC)? (Does the recent fork mean I now have a bunch more money automatically?) 10 SBD tip for most helpful answer.

netuoso (70) · 7 years ago

Does the fork mean I now possess two currencies? (I already possess some BTC).
When Bitcoin forked, it created two completely seperate blockchains. In short, this means if you had Bitcoin before August 1, you now have an equal amount of Bitcoin Cash as well. Nothing magic you need to do. It automatically happened. As long as you have access to the private keys (ie: not stored on exchange or only supported exchanges), you have no reason to worry.

What are the main differences between BTC and BCC?
The Bitcoin community has been at odds regarding blocksize on the blockchain. In laymans terms, this basically represents the amount of transactions a block can contain. (A block is just the name for a group of transactions that have been added to the chain and is either verified or awaiting verification)

Bitcoin has smaller blocks, whereas Bitcoin Cash is an "experiment" with larger blocks. At the moment, Bitcoin is on Segwit2x, which was also a compromise in the Bitcoin network amongst miners.

Are there any wallets especially suited for holding BCC?
I highly recommend Ledger Nano S. They have great support, are often in stock, and their product is VERY well built. I personally use the Ledger Nano S. The Ledger Nano S already has a Bitcoin Cash application that can be installed. It already supports sending Bitcoin Cash. If you had your Bitcoin on a Ledger Nano S you could have accessed them and made a transaction right away. (It will take a long time for Bitcoin Cash transactions to go thru at first until the miners and the network harmonize and blocks get verified quicker)

What is your personal opinion on the fork?
No one really knows what the future holds. However, if you base your evidence off of the DAO with Ethereum which resulted in Ethereum and Ethereum Classic, I would say the beginning of trading will be tumultulous. After a while, the price will likely settle and begin a steady upward rise. There is so much greed and blind investing going on in crypto that I highly doubt the price will be strangled for too long.

This fork can be good for everyone. It is unfortunate there is now even more added confusion in the crypto world. It is already hard for an average user to understand and keep up with the politics. However, the community figuring out what it wants to support and eventually casting out the failed experiment will breed further innovation and competition. Both are necessary for a high tech product such as Bitcoin.

$2.26

2 votes

lcshaft (50) · 7 years ago

Yes you have the same amount in BCH as in BTC.
BUT only if you had your BTC not in a online wallet.
If you held them in a paper wallet (like the one you made for your son) or in one of the local ones (electrum, btc core, mycelium and what not) now you do have doubled your coin amount (yaaaay).

If you want to spend your newly BCH you have to export your private keys and use them in a BCH supporting wallet.
I would recommend to wait since the new wallets havent been tested and could potentially be used for phising your private keys.

$0.41

10 votes

qasimwaqar (59) · 7 years ago

i am new to it and expecting some expertise from your side..

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millionairemark (49) · 7 years ago (edited)

In the long term only one will prevail!

(In 50 years from now)

dragonator (49) · 7 years ago

I was asking myself the same question:

The guy in this video explains it quite well...its not my content, but maybe it will help you:

Cheers...

benson4 (32) · 7 years ago

Yes
BTC will switch over to SegWit, BCH will not. Instead it has increased the maximum block size to 8MB from 1. Both approaches will increase the transmissions per sec. capacities of the chains.
Compatable wallets can be found here https://www.bitcoincash.org/.
I think it's rushed. I think it's bad. That being said; you could make some money out of it. Since very few exchanges accept BCH deposits almost all the BCH that's traded right now comes from BTC that was allready deposited at the exchanges when the split occurred. Therefore demand is way higher than supply witch is driving up prices. Also, the block rate and thus, confirmation time of the BCH chain is way slower then that of BTC. People are struggling to get their coins on the exchanges.

But if you want to make a quick buck, import your keys to http://www.electroncash.org/ if you don't already store your coins on Ledger, Trezor or BTC.com, than deposit them at https://hitbtc.com/. Bittrex et.c. don't accept deposits yet. Than you can sell them before the dip.

kafkanarchy84 (74) · 7 years ago

10 SBD on the way, homey. Thanks for the help!

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benson4 (32) · 7 years ago

Thanks!

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https://en.wikipedia.org/wiki/Videotape_format_war

lexiconical (72) · 7 years ago (edited)

If you held your Bitcoin in an exchange that supports Bitcoin Cash, or privately in your own wallet, you should have an equal amount of Bitcoin and Bitcoin Cash. If you have a hardware wallet like the Ledger Nano S, you'll want to google for instructions on accessing it.
Bitcoin Cash is now the real Bitcoin, as defined in the whitepaper. 100% of transactions are on chain and the public ledger. Bitcoin is now no longer the real white-paper Bitcoin, as it has introduced off-chain transactions and trust into a trustless system. It's basically Litecoin now, and I call it SegWitCoin.
It's a bit early for this but some hardware wallets are ahead of the game. I don't like Trezor anymore but I think them and Ledger both have support. For other applications, a paper wallet might be best for now.
I think the market, which generally doesn't understand what it invests in too well, will see this as a positive for SegWitCoin. The market abhors uncertainty and I think it wants calmness after years of scaling, so it will embrace even a technologically inferior option like SegWitCoin.

The technical reasons that make Bitcoin Cash superior are unlikely to be valued by the mass of the market (trustless, no AXA co-option, etc.) because the mass of the market usually has only the barest grasp on fundamentals, if at all.

I would not be a buyer of Bitcoin Cash here. There is a huge amount waiting to be dumped on exchanges but it can't be yet because most exchanges haven't enabled withdrawals, some are requiring like 20 confirmations, and the Bitcoin Cash chain is not processing enough blocks to move transactions yet. Hopefully that's fixed by a difficulty adjustment.

I predict Bitcoin may see a price jump if Bitcoin Cash becomes more easily dump-able. Dangerous to buy in near a large round number like $3000.

Hope this helps.

TLDR - Bitcoin Cash is Betamax, Bitcoin (SegWitCoin) is VHS:

"Betamax is, in theory, a superior recording format over VHS due to resolution (250 lines vs. 240 lines), slightly superior sound, and a more stable image; Betamax recorders were also of higher quality construction."

kafkanarchy84 (74) · 7 years ago

10 SBD on the way. Thank you!!!!

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lexiconical (72) · 7 years ago

Thanks Kafka!

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paulygg (42) · 7 years ago

I personally hope BCC doesn't last and BTC is the only bitcoin, but yes if you hold your bitcoin in a exchange or wallet that supports BCH you will magically have more coins. Pretty sure BCC is suppose to be faster with lower fees and bigger block sizes. I am mainly holding alts. This whole fork is too much.

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lexiconical (72) · 7 years ago

So, why do you hope the one you just defined as inferior survives and the one you defined as superior dies?

$10.92

2 votes

paulygg (42) · 7 years ago

I didn't claim one to be superior over the other. Just answering the questions you presented in your blog post about the difference between coins. I mentioned i'm holding alts. I think there can only be 1 leading BTC. The new BCH needs a lot more miner support to succeed.

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jamesbrown (62) · 7 years ago (edited)

The problem is that it's not clear which is "inferior" and "superior" and it may not be for another ______ months/ years.

Bitcoin cash may have bigger blocks/ faster transactions but it also has something like 5% of bitcoin's miners, so bitcoin is clearly the more secure coin at the moment.

It makes it easier to ROI when there's only one option. Should these bitcoins continue to split in the future, we may have to hold tens of versions of bitcoin in order to hedge against the unsuccessful chains.

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trendo (58) · 7 years ago (edited)

Well bitcoin split into 2 different chains and you get equal amount of bitcoin cash. For example, if you had 10 bitcoin, you'll get 10 bitcoin cash as well.
The main difference is the transactions speed. Bitcoin cash is to be much faster at transactions and cheaper as well.
I think it's worth keeping at least some of it but many are selling it to make quick profits. The prices right now don't really matter because exhanges are freezing all bitcoin cash. When it becomes fully functional, we can see huge drops in price for bitcoin cash.

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intothewild (63) · 7 years ago

You will only have 2 tokens if you stored your BTC on an exchange that accepts/will accept BTC cash. I used Bittrex and they have already added the same amount of BTC cash into my wallet that I had in BTC. But it's currently frozen so I can't do anything with it. I've read that this fork doesn't really solve the base issues of BTC however, but I guess time will tell.

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agcrypt (46) · 7 years ago

You can trade it on Bittrex, you just can't deposit or withdraw it.

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intothewild (63) · 7 years ago

I was getting the circle with a line through it for both BTC & BCC, now just for BCC. So as of now, my BCC is locked up.

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agcrypt (46) · 7 years ago

Yeah, I just go to the main trading page and hit the btc/bch pair and open the chart. From there I've had no problem buying/selling.

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intothewild (63) · 7 years ago

Yup, good to go now.I was probably doing something wrong, it's still blocked on the main screen but I can exchange now :) thanks!

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covey (38) · 7 years ago

how about wallet with no blockchain? do the get the bitcoin cash?

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brad-saunders (49) · 7 years ago (edited)

only in certain exchanges as I understand

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vm2904 (64) · 7 years ago (edited)

I shifted my BTC holding to Bittrex wallet and as of yesterday ( after the fork), I automatically have an equivalent amount of BCC now along with my original BTC. After the fork, the BTC price has held steady almost but BCC price, which earlier was trading in futures at around $330 has almost tripled and is around $1070 now. So, it looks like I do have free cash in the form of BCC at the moment because Bittrex supports both, the original blockchain and the fork. Ofcourse, we have to see how the BCC price behaves. Since it has a much smaller market Cap compared to BTC, there are fears thati will be more vulnerable to pump and dump operations as well as 51% attacks ( from what I read). Some experts have also predicted that BCC price will plunge because a lot of holders will try to sell off and encash the free coins they have received. However, based on the trend so far, it looks like BCC may still hold strong price (above 600 $) even after a major correction. With the hard fork having occurred, BTC also May resume its former uptrend. Therefore, I am holding on to both BTC and BCC and will watch progress. Sharing this personal observation to provide data points for others to evaluate in their analysis. I am not too well versed. An opinion from experts will help me and others too.

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