There are a lot of discussions around Bitcoin Cash. The support of this project seems to be growing. However, most exchanges do not want to do anything about it. This is not surprising, given that the code of this project did not go through an audit.
What is Bitcoin Cash for?
The creators of the project Bitcoin Cash (BCC) believe that Bitcoin code is morally obsolete. It supports blocks up to 1 MB, that is, about three transactions per second. Technically, this limit is not difficult to increase. But the Bitcoin community has not been able to agree on an order of actions for several years already.
How is Bitcoin Cash different from Bitcoin?
The Bitcoin Cash block size is up to 8 MB. Bitcoin Cash offers protection against repeated playback and erasure of data. The signature of transactions is slightly different, and the block will be more than 1 MB. Bitcoin Cash allows you to change the complexity of proof-of-work more often than every 2016 blocks (standard Bitcoin interval). If the hash-rate decreases, the complexity will change quickly enough. It does not imply SegWit — a change in code activated in the Bitcoin blockade by the end of August. The creators of the project promise to support multiple versions of their software. They will take into account the criticism that Bitcoin Core is subjected to.
Bitcoin Cash assumes the separation of the Bitcoin blockchain registry and updating the rules of the consensus. That will allow the cryptocurrency to grow and scale. In summary, if you have bitcoins and private keys to your wallets, then after the split, which takes place on August 1, you will have the same number of bitcoins and Bitcoin Cash.
However, one must understand that many exchanges, including Coinbase, are not ready for this development of events.
Moreover, most of the exchanges seem to be waiting and not going to do anything. In “our opinion”, the chances for Bitcoin Cash project are good, despite much more modest support.
The concept of BCC will continue to generate discussions. However, this fork has nothing to do with Bitcoin itself. This is more likely a hard fork of Bitcoin blockchain, which will result in another altcoin. Given that most altcoins face difficulties on large exchanges, Bitcoin Cash is unlikely to be an exception. None of the major platforms tend to support this project right now. Some users are outraged by this, but most seem to be indifferent.
Is Bitcoin Cash an excellent idea?
Until this new cryptocurrency receives support from major exchanges, the situation is unlikely to improve. At the moment, companies like GDAX, Coinbase, ItBit, and BitMEX do not support Bitcoin Cash. Again, this is not surprising, considering that this is just another altcoin. Although Bitcoin Cash is trying to derive maximum benefit from its name, it will unlikely to ever reach the same position. The token is not yet on the market, and the price of it is already unstable. It is very possible that the price of this altcoin will drop significantly on August 1.
Some large exchangers do not speak at all about this new crypto currency. Poloniex is the largest altcoin exchange, but even it does not support Bitcoin Cash. Bitstamp also does not intend to support this protocol in the near future. This statement was a surprise for many. It is noteworthy that mainly Asian exchanges are willing to actively work with new altcoin. For example, Bithumb’s support was another surprise in the story with this altcoin. However, not all of these platforms will be able to automatically credit users on the balance account on August 1.
Strangely enough, but the hard fork in this form is more likely to have a positive impact on the market. More and more people are buying Bitcoin. They hope to get the Bitcoin Cash for free on August 1. No one ever refuses free money, especially if it is legal.