Bitcoin is likely to split on Aug 1st 2017 and a new crypto currency (alt coin) will be created called “Bitcoin Cash” (BCC / BCH).
This is happening because of user activated hard fork and despite of Segwit2x’s current progress. To scale the bitcoin’s transaction capacity, there was a proposal called “Segwit2x” to implement two code changes
- the code optimization Segregated Witness (SegWit)
- a block size increase from 1MB to 2MB.
SegWit2x is being deployed in its testnet to all working group members on July 14, and the period for live adoption starts on July 21, with an August 1 deadline for necessary support to avoid issues.
But some users are not fully supportive of this change and coming up with their own version of BitCoin. On August 1, , the group will split off from bitcoin and will create a new cryptocurrency called BitCoin Cash (BCC / BCH).
It’s also worth noting the Bitcoin Cash may have a problem with its short ‘BCC’ ticker as it is already used by a cryptocurrency called Bitconnectcoin.
What is BitCoin Cash (BCC / BCH)?
BitCoin Cash is a new altcoin create from BitCoin split and is different from BitCoin in following ways:
- it removes SegWit code change that is going to activate for BitCoin
- it increases the blocksize to 8MB
- it will support multiple implementation of its software – BitCoin ABC, BitCoin Unlimited, BitCoin Classic
What happens next? What happen to existing BitCoin investors?
After the split, BitCoin Cash will be like another alternative cryptocurrency (altcoin). Holders of Bitcoin will get same amount of Bitcoin Cash. But, you need to make sure that your exchange & wallet support the BitCoin Cash (BCC / BCH). If the wallet / exchange do not support the new BCC / BCH, then you need to withdraw them before 1st Aug and keep with wallet / exchange that supports it.
Similar things has happened in the past –
- Ethereum Classic drifted away from Ethereum, and it has become the 6th largest cryptocurrency
- Monero forked off Bytecoin and became the 9th largest cryptocurrency while Bytecoin faded.
List of exchanges & Wallets that support BitCoin Cash
ViaBTC, HitBTC, Kraken, Kex, KCOin and many other exchanges are supporting BitCoin Cash. See the full updated list of exchanges / wallet that support or do not support new BitCoin Cash.