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Bitcoin Cash

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This is an old revision of this page, as edited by Penbat (talk | contribs) at 19:55, 31 July 2017 (This is a primary source thus may not be reliable). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Bitcoin Cash is a major proposed fork of the cryptocurrency bitcoin. The fork is slated to occur on August 1st, 2017.[1][2][3] Some (hardware) wallets and cryptocurrencies exchanges will 'give' Bitcoin owners the same amount in Bitcoin Cash. They will do this by supporting Bitcoin Cash and give the owners access to their copy of the Bitcoin Cash on August 1st.[4][5]

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 (without increasing the 1 MB block size of transactions), and maintaining backwards compatibility.[6][7][8]

Some member of the Bitcoin community felt that simply adopting BIP 91, without increasing the block-size limit, was simply kicking the can down the road, and that it favored people who wanted to treat Bitcoin as digital gold rather than transactional cash.[2][3] They intend to implement a fork of the Bitcoin cryptocurrency, called Bitcoin Cash, on August 1. It inherits the transaction history of the main Bitcoin currency on that date, but further transactions are to be separate. It implements an eight-fold increase in the block size limit, making it backwards-incompatible with the main Bitcoin. Bitcoin Cash started futures trading at 0.5 BTC on July 23, but dropped to 0.10 BTC by July 30.[3][9]

Supporters and opponents

Response from exchanges

The following exchanges and platforms announced that they would support Bitcoin Cash:[10]

The following exchanges and platforms announced that they would not support Bitcoin Cash:[13][14]

Altcoin exchange Poloniex had not announced a decision as of near the end of July, but said that they were making a decision keeping the security of user's bitcoins in mind.[17][13]

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]

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. ^ Bitcoin Cash on kraken.com
  5. ^ Trezor and Ledger hardware wallets get equal Bitcoin Cash balance
  6. ^ 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)
  7. ^ 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)
  8. ^ 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.
  9. ^ Bitcoin Cash (Futures)
  10. ^ Lujan, Sterlin (July 27, 2017). "Fork Watch: 'Bitcoin Cash' Support Grows as August 1 Draws Near". Bitcoin News. Retrieved July 30, 2017.
  11. ^ "Bitcoin Cash and a Critical Alert for Bitcoin Margin Traders". Kraken (bitcoin exchange). July 27, 2017. Retrieved July 30, 2017.
  12. ^ "Bitcoin Cash (BCH) Token Distribution". Bitfinex. July 27, 2017. Retrieved July 30, 2017.
  13. ^ a b Redman, Jaime (July 27, 2017). "Fork Watch: These Bitcoin Exchanges Will Not Support 'Bitcoin Cash'". Retrieved July 29, 2017.
  14. ^ Buntinx, JP (July 28, 2017). "Most Major Exchanges Will not Support Bitcoin Cash". Live Bitcoin News. Retrieved July 29, 2017.
  15. ^ Farmer, David (July 27, 2017). "Update for customers with bitcoin stored on Coinbase". Coinbase. Retrieved July 29, 2017.
  16. ^ Hayes, Arthur (July 25, 2017). "Policy on Bitcoin Hard Forks". BitMEX. Retrieved July 29, 2017.
  17. ^ "OUR PLANS TO HANDLE POTENTIAL BTC NETWORK DISRUPTIONS". Poloniex. July 24, 2017. Retrieved July 29, 2017.
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