31 July, 2017
As August 1, the landmark in the cryptocurrency history, gets closer, speculations grow.
On August 1 Bitcoin will undergo a hard fork and will split into two cryptocurrencies - Bitcoin Core (which will retain BTC ticker for now) and Bitcoin Cash (BCC).
"Our policy is to support only one version of a digital currency". The UAHF will result in the creation of a new cryptocoin that will probably co-exist alongside the original digital currency.
It's advised that those holding bitcoin check their bitcoin wallet or their exchange's policy on BCC.
As part of the evaluation of the market for Bitcoin Cash, the Greyscale Investments expects to consider, among other factors, whether there are any appropriately regulated exchanges that have listed Bitcoin Cash. The exchange warns that the outgoing BTC transactions may be delayed by up to 12+ hours due to backlog processing.
"Although the Bitcoin Cash fork is expected to be minor, it may be successful". Should that happen, it will become the new de facto Bitcoin. Totally, 13 exchanges and over 5,000 retail stores and restaurants across Japan may suspend bitcoin use.
On August 1st, a group of users and some businesses are planning to implement a non-compatible upgrade to the network, raising the blocksize limit to 8MB and removing SegWit. In addition, such distribution, if and when it was made, would be to owners who held Trust units on a specified record date, which is anticipated to be the day the fork occurs.
There is no unanimous denial to honor BCC within the crypto community.
August 1st is nearly upon us.
Currently, a 1MB block can handle three to seven Bitcoin transactions per second. Likewise, even GDAX won't be supporting BCC.
Bitcoin holders keep a wary eye on price movement.
Ethereum prices have surged almost 2,300 per cent in 2017.
It appears that the upcoming split is generally not perceived as a significant threat to the current bitcoin ecosystem, as it seems that the majority of bitcoin users and miners will support the alternative scaling proposal SeGWit2x. It also advised margin traders to be "very cautious across the fork", recommending that they either reduce their positions or cease margin trading altogether to ensure a smooth transition. They should plan for the possibility of extreme volatility and unfavorable forced liquidations surrounding the fork.
