The Hard Fork
A little bit of information about CEX.IO
CEX.IO is an online Bitcoin exchange based in the United Kingdom, and its general purpose is to allow Bitcoin users to exchange their Bitcoins for money, as easily and effectively as possible (if you don’t know anything about Bitcoin, and want to be introduced to it, or find out more about it, click here.) CEX allows trading (buying and selling too) your Bitcoins for the following currencies: EUR, GBP, USD and RUB.
So there is a variety of currencies that CEX allows, giving enough options to make the life of Bitcoin owners simpler.
CEX.IO has a lot of advantages, being the main ones:
- Strong security (full protection against DDOS attacks, which is the plague of the internet world).
- A variety of payment options (credit cards and bank transfers included).
- Well-established relations with banks and all necessary licenses (MSB status in FinCEN, PCI DSS certificate).
- World coverage (99% countries of the world, including 24 states in the USA).
As you can see, these are very strong advantages in using CEX as your main Bitcoin exchange, and there are many more.
Now that I have introduced this online exchange, let’s move to the next item, and one of the most important ones: The Hard Fork.
What is Hard Fork?
It is a very good question, and it’s really useful to know the answer, as it is very important to know this term in the cryptocurrency world.
Hard Fork (or hardfork), to put it simply, is a change to the Bitcoin protocol. Basically this change makes previously invalid blocks and transactions valid (the inverse may also happen though). This major change requires all users to upgrade their protocol software to the latest version.
Also, know this: any change in the block structure, or any change that interferes with the transactions structure (making transactions invalid to valid, and vice-versa), is a hardfork.
CEX.IO and Hard Fork
What has changed?
A lot has changed since the 1st of August, not only for CEX, but also in the whole Bitcoin world. The Segregated Witness protocol (or SegWit) was triggered, and with that, the Bitcoin Cash hardfork was also launched. We’ve already released an article covering SegWit and what it means for your Bitcoin.
What is BCH (Bitcoin cash)?
This is maybe one of the most popular questions in current times. We have already covered it in our post What is Bitcoin Cash (bcc/bch); but here is the summary:
BCH is almost like Bitcoin, but is the hard-forked version of it, so to speak. I said BCH is almost like Bitcoin, because it has two main differences:
- BCH has 8 MB size blocks, in contrast with Bitcoin, which is limited to 1 MB blocks.
- BCH will adjust the difficulty every 6 blocks, whereas the Bitcoin network difficulty changes only by every 2016 blocks.
This is a very radical change for Bitcoin users, but CEX was preparing for all of this, as I will explain next.
What Bitcoin Exchange should I use after the Hard Fork?
Now, speaking about CEX.IO, the online Bitcoin exchange that I introduced at the beginning of this article.
With all of these radical changes, it’s completely normal that some Bitcoin owners are slightly scared of how this will affect their transactions in the near future.
Fortunately CEX.IO, thinking about its users, was already preparing for the changes that the 1st of August would bring. In fact, it was very well prepared. CEX.IO users received split coins successfully, and can already trade them. Contrary to so many changes, it all went smoothly.
If you weren’t using it yet, with these new changes, now is the time to register as a new user in the CEX online exchange. It clearly takes care of its users, and when it’s about our Bitcoins, we can’t be too careful. We only want the best, and CEX clearly works to achieve the best for the Bitcoin owners.
Why is now the time to trade BCH?
It’s simple. The price for BCH is rising, and now is the perfect time for trading it. And CEX is, once again, the perfect place to do that.
CEX.IO was one of the first Bitcoin exchanges to release BCH trading, and as I said previously, it achieved this in a very smooth way. As BCH is still very new to the cryptocurrency world and was only released on the 1st of August, CEX has taken some necessary precautions: deposits and withdrawals for BCH weren’t enabled till the August, 16th. The feature has been released only when the online exchange was fully confident that it was safe for its users.
Also, it’s important to know that CEX.IO BCH market allows trading for the following currencies: USD, EUR, GBP and of course, BTC.
— CEX.IO (@cex_io) 16. August 2017
Next dates every cryptocurrency owner should be aware of
Lately, the cryptocurrency world has been full of radical changes, and it’s always important to know what may happen in the following days and months. Before the 1st of August, the BIP91 protocol was activated, triggering Segregated Witness (SegWit). So, what next?
No one knows for sure, but you should pay attention from the Mid-November to December (specifically November 23). This will be the time where (supposedly) the hard fork part of SegWit2x should be activated (SegWit2x increases the block size limit to 2 MB). This could even lead to a third type of Bitcoin.
Saying more about what could happen in the future dates would be only guesses, and even the date that I said previously could change at any time.
To conclude, I want to say that this is the time when the cryptocurrency world is changing radically, but there is no need to be alarmed. All these changes will bring new features to the Bitcoin world, and should not by any means be feared.
However, you should stay attentive to Bitcoin news every day, as anything can happen. Also, we all are very fortunate to have online exchanges like CEX.IO, who take care of their users, and are always to make their lives a bit easier, preparing beforehand for any major changes. Check their blog regularly to stay tuned.