What is Bitcoin Cash?
Bitcoin Cash: Overview
Bitcoin Cash is a fork of the first, and most widely known crypto currency, bitcoin. What started out as a minor feud among different factions and node software, later turned into an all-out war of design philosophies, complete with simplified talking points, raging twitter posts and opposing gifs being shared all-around. This of course, resulted in large price swings, community blowback, infighting, and generally did not aid the ecosystem as a whole.
The conflict was partially resolved on August 1st after the bitcoin fork, with the bitcoin core team (majority chain) retaining the original BTC ticker, and Bitcoin Cash branching of under the new BCC (marked as BCH on some exchanges) branding.
Do I have any Bitcoin Cash, and if so, how do I acquire my BCC tokens?
In a nutshell, every user that owns bitcoin, should have received an equal amount of BCC to match their bitcoin account balance. This only applies to funds held prior and during the actual fork, so if you were holding fiat or other alts during that exact day/time instead of BTC, then you are not going to be eligible for any BCC.
Exchange’s employed different BCC distribution models. In most cases, all of the matching currency was accounted for within 24 hours or a few days at best. Poloniex has so far taken the longest to administer tokens, stating that balances will be updated before/or during the 14th of August.
— Poloniex Exchange (@Poloniex) August 4, 2017
Coinbase was one of the first major sites to state they would not be supporting the offshoot chain, but this has changed recently with their latest press statement. On-site trading is still pending further discussion, however they have confirmed that all users will receive their due BCC.
Another option is to just hold on to the BCC balance long term, this variant doesn’t require any additional action so long as the private keys are safe (wallet owners), or your exchange of choice has 2fa and/or other security safeguards.
If you are concerned with privacy, please bear in mind that all BTC private keys, are strictly speaking, the same as BCC private keys. Ideally, moving bitcoin away from a post fork address is the best course of action. It should reduce risk in case of wallet corruption, since only the BCC will then be at risk. Replay attacks would be another concern, but bitcoin cash has ascertained that there is protection against these types of intrusions.
An example is explained below of how you can securely get your Bitcoin Cash (BCC/BCH). It’s easily don:
You would first need BTC in an wallet, BTC that has been static prior to August 1st fork date/time. This shall be our A Wallet. Next download and install from scratch and electrum wallet (Wallet B).
Next, transfer all of the BTC from Wallet A to Wallet B. Wallet A should now be devoid of BTC, apart from the BCC that is hidden and attached to the original wallet seed.
Export the seed of Wallet A and then install any BCC wallet (Wallet C from here on out).
Import the seed of Wallet A into the new C Wallet. It should now have BCC numerical amount equivalent to BTC from the former Wallet B.
Moving forward, Wallet B and Wallet C are to be used independently.
Where can I trade BCC?
Kraken, Bitfinex, Bittrex, HitBTC, ViaBTC, Yobit and countless other sites are offering trading pairs for the new bitcoin cash. Here you can also see the situation over at CEX.io and the SegWit. Here is a list of all exchanges that currently support Bitcoin cash: https://coinmarketcap.com/currencies/bitcoin-cash/#markets
BCC/BTC spread appears to be prevalent volume wise, although BCC/ETH and BCC/Fiat pairings are not too far behind. There is a low barrier of entry for newcomers too, with the greater part of the top altcoins (by marketcap) having direct fiat gateways, in addition to ample liquidity as well as trading volume. (https://coinmarketcap.com/)
Bitfinex has even started offering margin trading; we can safely assume that other competitors will follow suit. Source:
We are now live with $BCH deposits & withdrawals!
— Bitfinex (@bitfinex) August 4, 2017
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