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== Response from exchanges ==
== Response from exchanges ==

A number of exchanges and platforms announced that they would support Bitcoin Cash.<ref>{{cite web|url = https://news.bitcoin.com/fork-watch-bitcoin-cash-support-grows-as-aug-1-draws-near/|title = Fork Watch: 'Bitcoin Cash' Support Grows as August 1 Draws Near|last = Lujan|first = Sterlin|date = July 27, 2017|accessdate = July 30, 2017|publisher = Bitcoin News}}</ref>
=== Coinbase ===

[[Coinbase]] initially announced that it would not support Bitcoin Cash.<ref name=wsj-bitcoin-cash-exchange-support>{{cite web|url = https://www.wsj.com/articles/bitcoin-rival-launches-in-volatile-first-day-1501609631|title = Bitcoin Rival Launches in Volatile First Day. Bitcoin Cash trades at about 10% of a bitcoin’s value, or around $270|last = Vigna|first = Paul|date = August 1, 2017|accessdate = August 5, 2017|publisher = ''[[Wall Street Journal]]''}}</ref><ref name=forbes-bitcoin-cash-exchange-support>{{cite web|url = https://www.forbes.com/sites/kellyphillipserb/2017/07/30/bitcoin-shift-could-cause-tax-headaches-for-some-users/#cdd541587041|title = Bitcoin Shift Could Cause Tax Headaches For Some Users|author = Kelly Philips Erb|publisher = ''[[Forbes]]''|date = July 30, 2017|accessdate = August 5, 2017}}</ref><ref name=nyt-bitcoin-cash-exchange-support>{{cite web|url = https://www.nytimes.com/reuters/2017/07/31/business/31reuters-bitcoin-split.html|title = Bitcoin Technology Faces Split, May Create Clone Virtual Currency|publisher = Reuters via ''[[New York Times]]''|date = July 31, 2017|accessdate = August 5, 2017}}</ref><ref>{{cite web|url=https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53|title=Update for customers with bitcoin stored on Coinbase|last=Farmer|first=David|date=July 27, 2017|publisher=Coinbase|accessdate=July 29, 2017}}</ref> This led to consumer backlash and speculation about a class action lawsuit from consumers.<ref>{{cite web|url = http://fortune.com/2017/07/31/bitcoin-fork-coinbase/|title = Coinbase Faces Backlash, Legal Risk Over Bitcoin Cash|last = Roberts|first = Jeff John|publisher = ''[[Fortune (magazine)|Fortune]]''|date = July 31, 2017|accessdate = August 4, 2017}}</ref><ref>{{cite web|url = https://www.benzinga.com/fintech/17/08/9855560/coinbase-is-courting-serious-legal-trouble-by-not-supporting-bitcoin-cash|title = Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash|last = Schwarzbaum|first = Erica|date = August 1, 2017|accessdate = August 4, 2017|publisher = Benzinga}}</ref> On August 3, Coinbase announced that it would start supporting Bitcoin Cash transactions by January 1, 2018, and that users who had any amount of Bitcoin were credited an equal amount of Bitcoin Cash though they could start transacting in it only once Coinbase was ready to transact.<ref>{{cite web|url = https://blog.coinbase.com/update-on-bitcoin-cash-8a67a7e8dbdf|title = Update on Bitcoin Cash|last = Farmer|first = David|date = August 3, 2017|accessdate = August 3, 2017|publisher = Coinbase}}</ref><ref>{{cite web|url = http://fortune.com/2017/08/03/coinbase-to-let-users-withdraw-bitcoin-cash-after-outcry/|title = Coinbase to Let Users Withdraw Bitcoin Cash After Outcry|last = Roberts|first = Jeff John|date = August 3, 2017|accessdate = August 4, 2017|publisher = ''[[Fortune (magazine)|Fortune]]''}}</ref><ref>{{cite web|url = https://techcrunch.com/2017/08/03/coinbase-says-it-will-support-bitcoin-cash-after-all-but-it-isnt-committed-to-trading-yet/?ncid=mobilenavtrend|title = Coinbase says it will support Bitcoin Cash after all — but it isn’t committed to trading yet|last = Russell|first = Jon|date = August 3, 2017|accessdate = August 4, 2017|publisher = ''[[TechCrunch]]''}}</ref>

===Other exchanges ===

China-based ViaBTC had begun allowing trading in Bitcoin Cash even before it went live.<ref name=wsj-bitcoin-cash-exchange-support/> [[Kraken (bitcoin exchange)|Kraken]]<ref>{{cite web|url = http://blog.kraken.com/post/1150/bitcoin-cash-and-a-critical-alert-for-bitcoin-margin-traders/|title = Bitcoin Cash and a Critical Alert for Bitcoin Margin Traders|publisher = Kraken (bitcoin exchange)|date = July 27, 2017|accessdate = July 30, 2017}}</ref> and [[Bitfinex]]<ref>{{Cite web|url = https://www.bitfinex.com/posts/212|title = Bitcoin Cash (BCH) Token Distribution|date = July 27, 2017|accessdate = July 30, 2017|publisher = Bitfinex}}</ref> announced that they would support Bitcoin Cash.<ref>{{cite web|url = https://news.bitcoin.com/fork-watch-bitcoin-cash-support-grows-as-aug-1-draws-near/|title = Fork Watch: 'Bitcoin Cash' Support Grows as August 1 Draws Near|last = Lujan|first = Sterlin|date = July 27, 2017|accessdate = July 30, 2017|publisher = Bitcoin News}}</ref><ref name=nyt-bitcoin-cash-exchange-support/> On August 4, 2017, Bitfinex officially opened up Bitcoin Cash deposits and withdrawals.<ref>{{cite web|url = https://cointelegraph.com/news/price-of-bitcoin-cash-plummets-as-exchanges-open-deposits|title = Price of Bitcoin Cash Plummets as Exchanges Open Deposits|last = Dinkins|first = David|date = August 4, 2017|accessdate = August 5, 2017|publisher = CoinTelegraph}}</ref>

BitMEX,<ref>{{cite web|url=https://blog.bitmex.com/site_announcement/policy-on-bitcoin-hard-forks/|title=Policy on Bitcoin Hard Forks|last=Hayes|first=Arthur|date=July 25, 2017|publisher=BitMEX|accessdate=July 29, 2017}}</ref> Exodus, and [[Bitstamp]] announced that they would not support Bitcoin Cash.<ref name=nyt-bitcoin-cash-exchange-support/><ref name="bitcoin-cash-support">{{cite web|url=https://news.bitcoin.com/fork-watch-these-bitcoin-exchanges-will-not-support-bitcoin-cash/|title=Fork Watch: These Bitcoin Exchanges Will Not Support 'Bitcoin Cash'|last=Redman|first=Jaime|date=July 27, 2017|accessdate=July 29, 2017}}</ref><ref>{{cite web|url=http://www.livebitcoinnews.com/major-exchanges-will-not-support-bitcoin-cash/|title=Most Major Exchanges Will not Support Bitcoin Cash|last=Buntinx|first=JP|date=July 28, 2017|publisher=Live Bitcoin News|accessdate=July 29, 2017}}</ref>

Altcoin exchange Poloniex had not announced a decision as of near the end of July 2017, but said that they were making a decision keeping the security of users' bitcoins in mind.<ref>{{cite web|url=https://poloniex.com/press-releases/2017.07.24-Our-plans-to-handle-potential-BTC-network-disruptions/|title=OUR PLANS TO HANDLE POTENTIAL BTC NETWORK DISRUPTIONS|date=July 24, 2017|publisher=Poloniex|accessdate=July 29, 2017}}</ref><ref name="bitcoin-cash-support" />


== Supporters ==
== Supporters ==

Revision as of 21:38, 5 August 2017

Bitcoin Cash is a hard fork of the cryptocurrency bitcoin. The fork occurred on August 1, 2017.[1][2][3]

Background

On July 20, 2017, the bitcoin community voted, 97% in favor, on the Bitcoin Improvement Proposal (BIP) 91. The proposal, by Bitmain Warranty engineer James Hilliard, was to activate Segregated Witness (SegWit) on August 1, 2017.[4][5][6]

Some members of the bitcoin community felt that adopting BIP 91 without increasing the block-size limit would simply delay confronting the issue and that it favored people who wanted to treat bitcoin as a digital investment rather than transactional currency.[2][3] They intended to implement a fork of the bitcoin cryptocurrency, called Bitcoin Cash, on August 1. It inherits the transaction history of the bitcoin currency on that date, but further transactions are to be separate. Block 478558 was the last common block and thus the first Bitcoin Cash block was 478559.[7] It implements a block size increase to 8 MB, making it backwards-incompatible with the bitcoin blockchain. Bitcoin Cash started futures trading at 0.5 BTC on July 23, but dropped to 0.10 BTC by July 30. Market cap appeared since 23:15 UTC, August 1, 2017[3][8]

Response from exchanges

Coinbase

Coinbase initially announced that it would not support Bitcoin Cash.[9][10][11][12] This led to consumer backlash and speculation about a class action lawsuit from consumers.[13][14] On August 3, Coinbase announced that it would start supporting Bitcoin Cash transactions by January 1, 2018, and that users who had any amount of Bitcoin were credited an equal amount of Bitcoin Cash though they could start transacting in it only once Coinbase was ready to transact.[15][16][17]

Other exchanges

China-based ViaBTC had begun allowing trading in Bitcoin Cash even before it went live.[9] Kraken[18] and Bitfinex[19] announced that they would support Bitcoin Cash.[20][11] On August 4, 2017, Bitfinex officially opened up Bitcoin Cash deposits and withdrawals.[21]

BitMEX,[22] Exodus, and Bitstamp announced that they would not support Bitcoin Cash.[11][23][24]

Altcoin exchange Poloniex had not announced a decision as of near the end of July 2017, but said that they were making a decision keeping the security of users' bitcoins in mind.[25][23]

Supporters

Supporters of Bitcoin Cash (both the idea of increasing the block size and the split of the cryptocurrency) include Tokyo-based investor Roger Ver.[2]

See also

References

  1. ^ "Bitfinex says miners to create chain called Bitcoin Cash". Retrieved July 28, 2017. {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  2. ^ a b c Popper, Nathaniel (2017-07-25). "Some Bitcoin Backers Are Defecting to Create a Rival Currency". The New York Times. ISSN 0362-4331. Retrieved 2017-07-28.
  3. ^ a b c Wong, Joon Ian. "There's a strange new twist in bitcoin's "civil war"—and a way to bet on the outcome". Quartz. Retrieved 2017-07-28.
  4. ^ Crosbie, Jack (July 26, 2017). "When Will Bitcoin Fork, and What's It Mean for Crypto's Future? A fork could change the equation for thousands of bitcoin users". Inverse. Retrieved July 29, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  5. ^ Aaron van Wirdum (July 20, 2017). "BIP 91 Has Locked In. Here's What That Means (and What It Does Not)". Bitcoin Magazine. Retrieved July 29, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  6. ^ Hertig, Alyssa (July 21, 2017). "BIP 91 Locks In: What This Means for Bitcoin and Why It's Not Scaled Yet". CoinDesk. Retrieved July 29, 2017.
  7. ^ First Bitcoin Cash block on bitcoin.com
  8. ^ Bitcoin Cash (BCH)
  9. ^ a b Vigna, Paul (August 1, 2017). "Bitcoin Rival Launches in Volatile First Day. Bitcoin Cash trades at about 10% of a bitcoin's value, or around $270". Wall Street Journal. Retrieved August 5, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  10. ^ Kelly Philips Erb (July 30, 2017). "Bitcoin Shift Could Cause Tax Headaches For Some Users". Forbes. Retrieved August 5, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  11. ^ a b c "Bitcoin Technology Faces Split, May Create Clone Virtual Currency". Reuters via New York Times. July 31, 2017. Retrieved August 5, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  12. ^ Farmer, David (July 27, 2017). "Update for customers with bitcoin stored on Coinbase". Coinbase. Retrieved July 29, 2017.
  13. ^ Roberts, Jeff John (July 31, 2017). "Coinbase Faces Backlash, Legal Risk Over Bitcoin Cash". Fortune. Retrieved August 4, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  14. ^ Schwarzbaum, Erica (August 1, 2017). "Coinbase Is Courting Serious Legal Trouble By Not Supporting Bitcoin Cash". Benzinga. Retrieved August 4, 2017.
  15. ^ Farmer, David (August 3, 2017). "Update on Bitcoin Cash". Coinbase. Retrieved August 3, 2017.
  16. ^ Roberts, Jeff John (August 3, 2017). "Coinbase to Let Users Withdraw Bitcoin Cash After Outcry". Fortune. Retrieved August 4, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  17. ^ Russell, Jon (August 3, 2017). "Coinbase says it will support Bitcoin Cash after all — but it isn't committed to trading yet". TechCrunch. Retrieved August 4, 2017. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  18. ^ "Bitcoin Cash and a Critical Alert for Bitcoin Margin Traders". Kraken (bitcoin exchange). July 27, 2017. Retrieved July 30, 2017.
  19. ^ "Bitcoin Cash (BCH) Token Distribution". Bitfinex. July 27, 2017. Retrieved July 30, 2017.
  20. ^ Lujan, Sterlin (July 27, 2017). "Fork Watch: 'Bitcoin Cash' Support Grows as August 1 Draws Near". Bitcoin News. Retrieved July 30, 2017.
  21. ^ Dinkins, David (August 4, 2017). "Price of Bitcoin Cash Plummets as Exchanges Open Deposits". CoinTelegraph. Retrieved August 5, 2017.
  22. ^ Hayes, Arthur (July 25, 2017). "Policy on Bitcoin Hard Forks". BitMEX. Retrieved July 29, 2017.
  23. ^ a b Redman, Jaime (July 27, 2017). "Fork Watch: These Bitcoin Exchanges Will Not Support 'Bitcoin Cash'". Retrieved July 29, 2017.
  24. ^ Buntinx, JP (July 28, 2017). "Most Major Exchanges Will not Support Bitcoin Cash". Live Bitcoin News. Retrieved July 29, 2017.
  25. ^ "OUR PLANS TO HANDLE POTENTIAL BTC NETWORK DISRUPTIONS". Poloniex. July 24, 2017. Retrieved July 29, 2017.
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