Bitcoin Cash — SteemCN

It looks like there definitely WILL be a hard fork now for Bitcoin..

Bitcoin Cash is a community going a different direction than Segwit2x Bitcoin, and anyone holding Bitcoin will automatically get 1:1 Bitcoin Cash!

Here is the quote stating this on their site https://www.bitcoincash.org/:

Because Bitcoin Cash is a fork of the ledger, that means you own the same amount of Bitcoin Cash as you did Bitcoin at the time of the forking block. However, if your Bitcoins are stored by a third party such as an exchange, then you must inquire with them about your cash.

How is Bitcoin Cash different?

The Bitcoin Cash community states that they are focused on a peer-to-peer electronic cash system instead of a "settlement layer" which is what they think Segwit2x is becoming.

Now besides increasing the block size to 8MB instead of 2MB (and that's even if it hard fork's from 1MB) Bitcoin Cash has a lot of other great features like:

Fast Transactions: Transact in seconds. Get confirmation in minutes.
Reliable Network: A reliable network that runs without congestion.
Low Fees: Send money globally for pennies.
Simple: Easy to use. No hassles.
Stable: A payment system that's a proven store of value.
Secure: World's most robust blockchain technology.

Low fees and fast confirmations will resume with Bitcoin Cash. The network will be allowed to grow again. Users, merchants, businesses, and investors will return.

Conclusion

So not only will Bitcoin Cash be years ahead of Bitcoin Segwit2x by going to 8MB instead of 2MB, but everyone will already have it!

Now if everyone already will get 1:1 Bitcoin Cash for however much Bitcoin they have then which one are people more likely to use.. because technically they will both be hard forks?

Only time will tell, and I am excited to see different projects that are giving us different options out there, because that way the people really can decide which one they prefer!

Let me know what you think in the comments below, and thanks for checking out my post!

All of this information and A LOT more can be found on https://www.bitcoincash.org/

Disclaimer: I am not an Investment Advisor, and this is not investment advice. This for entertainment purposes only!

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I didn't know they wanted to increase to 8MB per block! That is a massive increase!!

Do you think this will have downward pressure on the price?

It really depends on how much hashrate they get. If Bitcoin Cash starts at 20%, it will only be solving blocks every ~50 minutes and the blocks will have to be larger, but probably still less than 8MB. The more hash rate it gets, the smaller the blocks will be.

If they are not completely dump they will recalculate difficulty in advance.

i dont think they would even fill 8mb very often, especially as a fork. But i also do not think that 8mb is too large. I can walk around with a phone and stream 4k, but i cant have server that can accept 8mb per 10 minutes? Cmon!

Its simply Greed and fear .High level manipulation. Bitcoin investor said he is shifting to Bitcoincash and immediately coin moves skyward.

I don't intend to use bitcoin cash, it will defeat the purpose of being decentralized. With that being said, I do want to take advantage of the fork and get my bitcoin cash. That way I can sell it off as soon as possible.

This just adds to the confusion and drama. They have no real support yet. No big exchanges or wallets. Also how can they claim BCC as their own? BCC is already a well established Alt-Coin on the marketcap.

STEEM is better than both with no fees.

Nice collation of info buddy. I've cashed out for now, because I don't have the time to do my research and make an educated decision. I'll be waiting and watching.
👍

what hashrate will support this if 99% are on SegWit2X chain?

I think most people that support bigger blocks will support the bigger chain. Unlike with ETC where the reason for existence is a bit more religous.

But maybe i am wrong .... we will see.

I think having two chains would actually be a good for bitcoin as it would allow people to move onto their chain instead of fighting with each other and it will bring a market solution.

However short term a split would be costly.

I dont think 8mb is a big. However any static limit does not solve anything so this seems all very silly to me. Not that the other solution has an actual better way to increase or adjust the blocksize.

Bigger blocks = more centralization.
Only Chinese miners are supporting BCC.
Chinese will now control 100% BCC hashrate, exchanges and the code.
Good luck with the Bitcoin China.
https://steemit.com/bitcoin/@cardboard/bitcoin-segwit2x-update-war-incoming