More politics and drama in the Bitcoin Cryptocurrency world.
The Chinese through their viaBTC digital currency exchange in conjunction with Bitmain are trying to pull a mutiny of sorts. They are going to support a new bitcoin fork called “Bitcoin Cash” (BCC), based on User Activated Hard Fork (UAHF), which Bitmain proposed in April. Well someone ought to tell them that the symbol BCC is already taken. It is assigned to BitcoinConnect Coin.
If you go to http://coinmarketcap.com and search for BCC, you will indeed find 2 BCCs. The Bitcoin Cash BCC is a Future.
Bitcoin Cash opened on the market at 0.5 BTC; it slipped to 0.2 BTC and is now trading at 0.17 BTC as of this writing. Definitely a risky move by viaBTC to start trading a coin BEFORE it actually exists… Yes … A Futures Market for Bitcoin Cash.
As demonstrated the past few days, people quite frankly don’t give a darn any longer. The price of bitcoin is healthy and relatively stable.
In all fairness, I’ll disclose Bitmain’s clarification of its position:
1. ViaBTC and Bitmain have only a shared investment relationship whereby ViaBTC operates independently. ViaBTC’s founder has 10 times the voting rights of ViaBTC investors. Hence, ViaBTC’s position does not represent Bitmain’s.
2. The New York agreement represents the global bitcoin community. Bitmain has actively supported SegWit2x’s deployment, and will continue to run the btc1 software on its mining polls, such as ConnectBTC, Antpool and BTC.COM in the near future.
3. Bitmain continues to monitor the BCC movement and does not discount supporting both BCC and SegWit2x.
We know that SegWit is insufficient and is a non-solution to the scaling problem because it doesn’t change the blocksize limit. It’s kinda like kicking the can down the road so-to-speak. Delaying the inevitable congestion implosion of the Bitcoin blockchain.
So what in the world is this “Bitcoin Cash”? It is the new proposal that calls for an 8-fold increase in the blocksize limit on August 1st. This is from the camp that wants bitcoin to be a payment network where we can use bitcoin like we use cash. But of course there is an opposing group of folks who wants to see bitcoin on par with “digital” Gold.
Many people feel Bitcoin Cash will not be around for that long. A hard fork proposal to introduce much bigger blocks certainly has merit. However, the majority of the community has rallied around Segregated Witness. Whether not that will be through SegWit2x or BIP148, remains to be seen. I proclaimed loudly there will NOT be a FORK! Well I could be partially correct. There will NOT be a FORK through SegWit nor BIP148! The only hard fork expected at this time is Bitcoin Cash, which goes into effect on August 1st.
Three days ago on July 22nd, viaBTC started trading this Bitcoin Cash under the BCC symbol for the Chinese Yuan (CNY) in preparation for the UAHF (User Activated Hard Fork) referred to as the Bitcoin ABC Hard Fork.
If the bitcoin miners ignore Bitcoin Cash, then it will vanish into the land of obscurity. Otherwise, Bitcoin Cash will co-exist with Bitcoin just as Ethereum Classic (ETC) co-exists with Etherereum or correctly … Ether (ETH) today.
Livecoin and Okex alongside viaBTC exchange will support BCC. But they still have to get a clue because they can’t use BCC. It is the symbol for BitcoinConnect Coin. Maybe it will become BCCF!
Well ladies and gentlemen, as I’ve said before … GET YOUR BITCOINS OUT OF 3RD PARTY EXCHANGES. GET A MOBILE OR DESKTOP CLIENT WALLET AND OWN YOUR PRIVATE KEY AND THUS YOU OWN YOUR BITCOINS.
When the Hard Fork occurs on August 1st, you will get an equal amount of the forked coin … Bitcoin Cash! WOO HOO!
Faith “QueenWiki” Sloan