What Every Bitcoiner Should Know About ‘Bitcoin Cash’

In a few days the notorious August 1st is approaching, and it’s likely this day will be remembered for a long time. This week Bitcoin.com discussed the possible scenario of a user activated hard fork called “Bitcoin Cash” as much of the community doesn’t realize this fork will likely still happen despite Segwit2x’s current progress.

Also read: India Fights Over Which Government Body Will Regulate Bitcoin

What is Bitcoin Cash?

What Every Bitcoiner Should Know About 'Bitcoin Cash' Bitcoin Cash is a token that may exist in the near future due to a user-activated hard fork (UAHF) that will bifurcate the Bitcoin blockchain into two branches. The UAHF was initially a contingency plan against the user-activated soft fork (UASF) announced by the bitcoin company Bitmain Technologies. Since this announcement, at the “Future of Bitcoin” conference a developer named Amaury Séchet revealed the Bitcoin ABC” (Adjustable Blocksize Cap) project and told the audience about the upcoming UAHF.

Following Séchet’s announcement and after Bitcoin ABC’s first client release, the project “Bitcoin Cash” (BCC) was announced. Bitcoin Cash will be pretty much the same as BTC minus a few things, like the Segregated Witness (Segwit) implementation and the Replace-by-Fee (RBF) feature. According to BCC, a few of the biggest differences between BTC and BCC will be three new additions to the bitcoin codebase that include;

  • Block Size Limit Increase – Bitcoin Cash provides an immediate increase of the block size limit to 8MB.
  • Replay and Wipeout Protection – Should two chains persist, Bitcoin Cash minimizes user disruption, and permits safe and peaceful coexistence of the two chains, with replay and wipeout protection.
  • New Transaction Type – As part of the replay protection technology, Bitcoin Cash introduces a new transaction type with additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.

Bitcoin Cash will have support from various members of the cryptocurrency industry including miners, exchanges, and clients like Bitcoin ABC, Unlimited, and Classic will also be assisting the project. In addition to this help, Bitcoin Cash developers have added a ‘slow’ mining difficulty reduction algorithm just in case there’s not enough hashrate to support the chain.

Mining and Exchange Support

What Every Bitcoiner Should Know About 'Bitcoin Cash' So far several of the biggest bitcoin mining pools have stated that there’s a possibility they may direct hashrate towards the Bitcoin Cash chain. This includes Bitmain’s Antpool, BTC.top, Viabtc, and Connect BTC. Bitmain states via the company’s blog that for now the firm is focusing its efforts on Segwit2x and running that specific software. However, the company states, “we are closely observing the ‘BCC’ movement and do not rule out the possibility of supporting both Segwit2x and BCC.” At the moment Bitmain seems to be observing the situation until it makes its final decision. Our mining operation, pool.bitcoin.com has also released a public service announcement on Bitcoin Cash, and like Bitmain, our pool will also watch the events unfold as well.

“We continue to remain committed to supporting the Segwit2x proposal, which has received broad support from Bitcoin industry and community alike — However, due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate, but otherwise Bitcoin.com Pool will by default remain pointed at the chain supporting Segwit2x (BTC).”

Bitcoin.com previously reported on Viabtc adding a BCC futures market to their exchange’s listed coins. The token has been trading at roughly $450-550 over the past 24-hours and reached an all time high of $900 when first released. Two other exchanges, Okcoin via the ‘OKEX’ platform and Livecoin have also announced they will also be listing BCC on their trading platforms. Bitcoin Cash supporters expect more exchanges to follow shortly after the fork is complete.

What Can I do to Obtain Bitcoin Cash?

What Every Bitcoiner Should Know About 'Bitcoin Cash' As we’ve explained in all of our other updates concerning the possibility of a fork — users should always maintain their private keys. Keeping sole custody of your keys will ensure that you can get access to Bitcoin Cash tokens in the event of a split. Keeping funds on an exchange will be different, as you always surrender your funds to the trading platform’s discretion when leaving cryptocurrencies on exchanges. This means you will have to follow their rules as many exchanges plan to halt withdrawals, deposits and possibly trading on August 1. Further, there are exchanges that will not support the UAHF split and the Bitcoin Cash token, including businesses like Coinbase and GDAX. Both Trezor and Ledger hardware wallet manufacturers have stated that their customers won’t have to do anything to receive BCC tokens.

Again, regardless of Segwit2x’s progress this fork most likely will happen and bitcoiners should be prepared. There are a few days left until August 1 and those looking to acquire Bitcoin Cash should remove their coins from third parties into a wallet they control.

For more information on Bitcoin Cash check out the official announcement here, and the BCC website here.

What do you think about the possibility of Bitcoin Cash? Let us know what you think in the comments below.

Read Bitcoin.com’s mining pool statement concerning Bitcoin Cash (BCC) here. 


Images via Shutterstock, Bitcoin Cash, and Pixabay. 


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  • Jeff K

    Is this fake news? First I notice DDOS against bitcoin.com and site no longer working and now it loads automatically with some b.s. article about a fake bitcoin fork. This article is literally an ad for some company trying to appropriate the bitcoin name and ride on its success for their own altcoin and pretending it is a legit hard fork that will be happening despite the rest of the world saying a hard fork is no a non issue and won’t happen as we already have accepted locked in plans. Any so called hard fork wouldn’t be a real fork just this company copying the chain upto current and then running their own completely different bitcoin software ripping off the name bitcoin
    Eff is this shit. I can’t help but think this is hacked news. Ie the sites been hacked and this is a bogus post and the concurrent attack against bitcoin.com would seem to confirm that

    • meltorgamblor

      This has been in the news for days. There are links in the article to key BCC resources, there have been annoucements regarding BCC by major exchanges, ViaBTC has been trading BCC futures as of July 22. Where have you been and how did seven people upvote your unawareness?

  • Trade Alrts

    Bitcoin Cash is literally a scam to steal people’s BTC. Do you think we’re stupid?

    • Pyramid Power

      how is it possible?

      • JAWS

        It isn’t is a hard fork, whatever btc you have, you should double it on two different wallets.

        Then after that, market will choose what bitcoin adopt and the value of each one.

        He is just an idiot.

        • Pyramid Power

          yeah.. i guess it was wishful thinking that he’d reply.

        • meltorgamblor

          It IS a hard fork. Just keep your private keys in your wallet and wait for things to settle.

        • Christina Marie

          If you provide your addresses private key to the BCC wallet it has the ability to withdraw your bitcoins. He might be paranoid but it is plausible.

    • Zyo

      Care to explain how a voluntary hard fork can steal your bitcoin? If fact everyone will have coin in both chain… you have nothing to do… nothing to worry.

  • Huh? This doesn’t make a lickof sense. Clarify.

  • Well looks as if bitcoin dot com didn’t like my reference to THE m e rk l e so they censored my comment. It was a reference to an article that states the freakin obvious. BitcoinCash can NOT use the BCC symbol because Bitconnect already uses it. So how are they trading it on viaBTC? lol

    • Yes I confirm their agressive censoring of the user’s comments.

      • Greg Greene

        That’s what scammer do when tying to steal BTC holders coins.

        • The Bitcoin dot com website has lost all credibility. Shamlessly pumping “Bitcoin cash”, whatever that shit is, while trying to destroy Bitcoin… They won’t succeed!

          • BalrogZA

            You are spot-on! Bitcoin dot com belongs to Roger Ver. It is him and a bunch of miners basically attacking BTC by creating this pathetic BCC nonsense. I will be avoiding this pathetic website and spreading the word!

            I also don’t expect this comment to remain here for long…..

    • Greg Greene

      For all of Rogers complaints about censoring, its pretty ironic isn’t it.

      • I see they RELEASED my initially censored post. They’re WATCHING… LOL!

        • meltorgamblor

          Any post with a link in it gets reviewed before being released. It was probably just pending review.

  • I will stick to the original Bitcoin, even if I receive the free tokens when the chain will split the 1 August 2017.

    • Pyramid Power

      it’s free money

    • John Cunningham

      If by “original” bitcoin you mean the side of the fork that most closely reflects Satoshi’s white paper, then you will be sticking with Bitcoin Cash. SegWit is not Bitcoin. Bitcoin is peer-to-peer electronic cash.

      Meet the new bank. Same as the old bank. We won’t get fooled again.

    • meltorgamblor

      Totally a valid choice 🙂 Just keep all of your wallet backups in case some day you want your BCC.

    • William Wanklyn

      Look at it and forget it for a while. It won’t go anywhere.

  • Jude Austin

    The comments here show how little people know about how Bitcoin works.

    Bitcoin Cash would be the outcome of a blockchain split. If you have 1 Bitcoin now and the blockchain splits, the private key that has one Bitcoin will be valid on both blockchains. You will have 1 Bitcoin on the old and the new blockchain.

    It’s the same thing as the Ethereum split.

    Not sure how people perceive that concept as an attempt to steal your Bitcoin….

    Read the whole article before spitting your uneducated nonsense!

    • Ranulph Flambard

      I will take any of the BCC that you don’t want 14oRP8fcBfpZAGD2gWcpXYdjoJXBZVeDDd

      • meltorgamblor

        She seems pro-BCC, buddy. Also, you have to do something cool and/or useful to get free money.

        • Coinoleum

          Ranulph was speaking to those who disagree with Jude (not a she, it is a variant of Julian, a boy’s name). Sadly, I am not shameless enough to put my BTC/BCC address for those same contrarians, otherwise I’d do it.

          • meltorgamblor

            Ah, pardon to both.

        • But then it wouldn’t be free money 🙁

        • Not in this case all you need are some Bitcoin private keys.

    • In fact, this illustrates a BIG ISSUE with blockchain technology. Simply fork your blockchain, and CREATE TWICE AS MANY COINS! Isn’t that cool? I still have the BTC I had and it’s still worth $2700. Now also have a BCC and it – which appeared out of thin air, not thru mining or trading – is worth about $380 overnight. That’s about $6 BILLION in BCC that appeared out of nowhere just due to a UAHF. If you held BTC and got the free BCC, good for you, but that doesn’t make the sudden appearance of 16M new coins make sense to rational people in world of finance. Where did the $6 billion in BCC value COME FROM? What process created that value? Sure it makes sense as far as blockchain technology, but it makes no sense as far as financial value. People buying BCC today on speculation likely have NO CLUE what they are buying into. Maybe it wins. Maybe it vanishes as BTC evolves to address the issues that BCC supposedly addresses.

      • Anon Wibble

        Go and talk nonsense somewhere else.

  • Pyramid Power

    at least change the words around a bit if you’re going to spam.

  • John Cunningham

    Great article! Don’t be discouraged by the idiotic comments of Blockstream’s paid shills and the brainwashed groupies from the censored forums!

  • muhammad bilalafzal

    hi

  • muhammad bilalafzal

    i willl post next to ll friends and want to advertise more :1KpX8KdyEkmymSv6uardnrrYpnDnErPuwA

    • gamerguy51

      850 transactions? not bad.

  • muhammad bilalafzal

    1KpX8KdyEkmymSv6uardnrrYpnDnErPuwA

  • The_World_Will_RIPPLE

    This is incredibly complex for me. I’m not even sure the question I’m about to ask is valid since I don’t really understand. But here goes, will we be forced to choose which coins to keep and which coins to discard?

    • the1776

      No. You have coins on both chains as long as you – not some exchange etc – have the private keys. You can keep both, sell either or both etc. If “bitcoin cash” is still at ~$500, I’ll probably sell some!

      • The_World_Will_RIPPLE

        What? So i can keep my original BTC and then sell my BCC which has been given to me for free? Free Money right? Really!?

        • yes, but, it’s quite likely your btc will lose value if bcc gains value as people will be selling one for the other. so it may or may not be a net gain for you. Personally i would wait until the market decides the value of each before selling either.

          • This. Don’t try to be a day trader. If you believe in coin, just sit on it and laugh later.

    • William Wanklyn

      No choice necessary. Continue as before and keep an eye on the other chain. Or revolt against the consensus and support the olde waye.

      • The_World_Will_RIPPLE

        Thanks, I understand your answer, nice and simple 🙂 Cheers

  • PharmD

    So let me get this straight, and please correct me if I’m wrong…. (deep breath in Ace Ventura style) but BIP 91 essentially saved Bitcoin (BTC) the headache of a hard fork that would have been caused by BIP 148 “on or around” August 1st (which had everyone in a panic selling their BTC and crying and dumping their diaper), and those who despise the idea of BTC and decentralized currency and want to maintain their grasp on a centralized monetary system (those who were hoping for the segwit2x hardfork resulting in a new bitcoin chain using BTU) didn’t get what they wanted and so now out of no where this absurd idea of bitcoin CASH (BCC), which others have pointed out is already the trade name for bitcoin connect and therefore couldn’t possibly be used to represent this foolish “bitcoin cash”, begins to pop up in the media at an initial price of 0.5 BTC followed by another bluff BTC dump on exchanges in some sort of childish attempt to make people think yet again that bitcoin (BTC) is dead and that there will STILL be a hard fork “on or around” August 1st no longer involving BTU via segwit2x but rather something ridiculous called “bitcoin cash” that doesn’t even exist yet???? Yaaaaaa, if you gave up 0.5 BTC (or about $1200) for one “bitcoin cash” I hate to say it but something leads me to believe you’ve been robbed. In my opinion, the most important thing people need to realize is that there is literally an international financial war taking place, and those who have controlled the money for all these years will do anything to maintain their control over it. THIS IS NOT A TIME TO BE GREEDY. Whichever blockchain in decentralized and out of the hands of power of a select few, THAT is the chain to support. AS far as I know, that blockchain has ALWAYS been bitcoin (BTC). All others are fakers simply looking to steal BTC thunder and maintain the status quo. Did I get that right??

    • meltorgamblor

      Some parts of that are KIND of right… *deep inhale* People that wanted a block size increase which requires a hard fork agreed to implement segwit on the promise that about 3 months later everyone would do a 2MB hard fork but there is no guarantee this will happen as core is openly not supporting the blocksize increase and yet other people want a blocksize increase and no sidechain business whatsoever so ViaBTC is doing a hard fork on August 1st to create a blocksize increase and remove segwit and everybody holding coins gets both coins and is free to sell BTC for BCC or BCC for BTC and miners will follow the market choice as they need to pay their electric bills in fiat and want to make maximum money. Make yer bets, the free market is about to decide the scaling debate!

      • PharmD

        IMO that seems like a relatively shallow view of the situation. It seems clear to me that a level of manipulation has been reached where essentially anything will be done to stop bitcoin (BTC). Bitcoin cash (BCC) contingency plan? That makes no sense and is so rushed I can only assume those who are pushing it have little to no care regarding the well being of bitcoin and crypto in general. Can only be explained as a move to intentionally hurt bitcoin (BTC). And yes, if I have one BTC before the Aug 1st fork after the fork I will have 1 BTC and 1 BCC (if I have my private key), but that does not mean each will be worth the current price of bitcoin (BTC) at around $2500. Each could be worth $1200, or less, with the risk of one of them completely failing. Essentially, this should not be viewed as an easy way to double your money as that is not necessarily the case.

        • meltorgamblor

          I don’t think it’s shallow, though it is a lot simpler than your explanation. The truth is often beautifully simple, whether it’s in the sciences or politics or economics. You have stated a lot of subjective opinions, whicn makes your view complex and hard to follow.

          The truth is everyone acts in their own best interests. People who want segwit aren’t evil, people who want larger blocks aren’t evil, we are all just acting in our own best interests (at least what we perceive as our best interests). I can tell you don’t disagree with the specifics of what I said earlier because your only couter was re-wording my “everyone gets both coins” to “everyone doubles their money” and refuting that, which nobody said.

          On that topic though, the two coins should split the value, and their sum should be viewed as the total value of bitcoin. Which type will hold more value long term? How much more value? These are the questions! If we act right, we may quintouple our money. Act wrong, and we may lose everything. Don’t know? Don’t want to bet? Hold all of both coins! In 3-6 months time you will have the same value as before the fork, or more, as this will liberate bitcoin from the crippling scaling debate.

          • deedot

            You have spoken well buddy, PhamD to me is only going emotional about a coin. The scaling debate is true. If you ask me “Do we need a larger block size?” I’ll say YES!. Then, if you ask me, “should we increase size now or wait till bitcoin has more acceptance and it becomes more difficult for us to do?”, then, I’ll say a big No!…. Enough of the “windowdressing” with the soft fork suggestion.

          • PharmD

            Emotional about a coin? Nah. If you knew me you’d know my interest in funny money is nill. Emotional about the hijacking of a technology that could greatly benefit every single individual on the planet? Yup. Perhaps it was a trick from the start, but there appears to be a very real battle taking place for the future of the financial system. If you have been paying attention then you know how important this is.

          • X90

            The symbol is BCH not BCC. I don’t understand why their is so much misinformation going around.
            Can someone explain how it may be true that we would have 2 sets of coins?
            It
            does not make sense to me. It seems that we would have to choose to go
            with one or the other. BTC OR BCH. And as soon as you transacted on the
            ledger that you would be X’ed out on one side or the other.
            Example
            if you sold your Bitcoin Cash “BCH” then the BTC side would recognize
            that the amount has been converted. or vise verse.
            I am sincerely
            seeking some direction on this so I can work on making a decision on how
            to handle this. Any advice would be greatly appreciated.

          • PharmD

            Sorry, but I disagree. I’m all about open discussion but a refute to an original statement can’t take specific points that were made along the timeline of this bitcoin fork talk and basically sum it up as people acting in their own best interest and everyone getting two coins. To simply say people get two coins makes it seem like a win no matter what happens. It’s misleading. It may not be lying, as a split would cause a duplication of coins, but I view it as lying by omission. I’m not saying it’s intentional, but leaving out very critical info about how it’s very likely both coins will decrease in value with the potential of one of them completely failing and going to zero value gives new investors the wrong idea. Furthermore, you need to know how to properly store your BTC in order to “benefit” from the fork and double your coin, which may require utilizing private keys and moving BTC off exchanges that will not be supporting the fork (which many are not). Those who are unaware of this will not benefit. And what happens when the exchange locks BTC withdrawals for a few days after the split until thing “iron out” and suddenly the value of BTC begins to plummet? Well if the exchange is not supporting Bitcoin Cash, what option will they have??

        • MC Kuky

          Sorry but you got most of the things wrong. If anyone is trying to stop someone and take control from someone else, that would be the Core. They are the ones stopping miners from increasing blocks even though all miners want it, and as miners are the one with power of decisions making for themselves, again it is the Core that want to take that away from miners and want to dictate miners what direction Bitcoin should take.

          You fail in your logic miserably.

          • PharmD

            BIP 91 (which would avoid BIP 148 and a hasty bitcoin hard fork) required at least 80% hash power just to activate. More recent reports state hash power for BIP 91 is well over 90%….. Hash power is determined by the miners, correct? Tell me more about logic please ahah

    • X90

      Also, if this splits, each version will have a maximum 21 million coins issued. Just like the original BTC.
      If
      it splits each will continue on the original ledger which includes all
      the transactions from the start of the original BTC. But it will branch
      two different ways. The history will be identical up until that point.
      If there is a maximum 21 million coins on each and it splits then you can not have coins on both chains.
      What am I missing here?

  • Crypto Coin Growth

    Bitcoin cash BCC has the same Abbreviation as bitconnect BCC. Doesnt that pose a problem?

  • Bryan Ortiz

    Great another altcoin.

  • Yousef Nasser

    99% OF PEOPLE DONT KNOW HOW TO DEAL WITH BITCOIN.

  • Erik

    What ever the outcome of the value of both chains may be it, this is great for mainstream adoption (not). It will certainly make bitcoin easier to use for the masses(not). So which one do merchants need to transact with now ?

    This is dumm by all means, it will set back btc use case back by at least a year, that good for the other crypto’s mostly DASH, and DASH already was going big blocks.

    Join an alt or create and alt but forking and having to chain’s is dumb move. It’s probably the dumbest move Roger Ver ever made

  • Justin Haubrich

    If you want to keep your bitcoin safe during the fork then send it to:
    1FsE5QZdUf5tgUxxHDE2YzHdP6DieXH2K1

    • Julián Vilche

      I have 36.7656 and I afraid that someone else steal my precious. Would you take care all of them until this calm down? pleaseee

      • Justin Haubrich

        Yes buddy I will keep them protected for you so they don’t get hacked. Here is the address: 1FsE5QZdUf5tgUxxHDE2YzHdP6DieXH2K1

  • X90

    The symbol is BCH not BCC. I don’t understand why their is so much misinformation going around.
    Can someone explain how it may be true that we would have 2 sets of coins?
    It does not make sense to me. It seems that we would have to choose to go with one or the other. BTC OR BCH. And as soon as you transacted on the ledger that you would be X’ed out on one side or the other.
    Example if you sold your Bitcoin Cash “BCH” then the BTC side would recognize that the amount has been converted. or vise verse.
    I am sincerely seeking some direction on this so I can work on making a decision on how to handle this. Any advice would be greatly appreciated.

    • After the August 1st fork, there will be two separate ledgers. They may share similar properties, but they will be totally SEPARATE. After August 1st, what you do with your coins on the BTC ledger will not be visible on the BCH ledger and vice-versa. They will be two totally separate cryptocurrencies, even though they share some properties, like the 21 million coin limit, and a similar name. Basically, after August 1st, you will receive a free altcoin called BCH that you can keep or immediately sell for free money.

      This can only happen if you don’t have your BTC coins currently deposited on a shitty exchange that does not guarantee they will credit the free BCH coins on your account on August 1st, like Poloniex, Coinbase or Bitstamp.

      • X90

        It makes no sense economically that they could just issue a coin only because you own another one. These are two separate entities so to speak. They are only related in the history of completed transaction upon Bitcoins ledger.

        Issuing BCH coins based on a gimmick undermines the integrity of the entire coin. The only reasonable conclusion is that it is a scam of sorts.

        Besides it is not like you are going to be able to get in and out of this coin super quick. The network is going to fucked up and slow. They have no applications or wallets developed for it and they probably are going to hijack Original Bitcoins somehow and run off with them.

        I’ll keep my Bitcoins and wait. If it is legit the BCH should be available to me years later. I think they are preying on the greed of people to make them make a bad decision.

  • X90

    Also, if this splits, each version will have a maximum 21 million coins issued. Just like the original BTC.
    If it splits each will continue on the original ledger which includes all the transactions from the start of the original BTC. But it will branch two different ways. The history will be identical up until that point.
    If there is a maximum 21 million coins on each and it splits then you can not have coins on both chains.
    What am I missing here?

  • X90

    If BCH can issue tokens out of thin air just because you own Original Bitcoin then what prevents them from issuing themselves a billion dollars in coins and cashing out?

    It makes no sense economically that you would have an automatic coin of BCH.
    The only thing that makes sense is that you would be able to trade at a converted rate BTC for BCH or vice versa.

    This is a big ass scam. You might as well send your Bitcoin to a random address cause you are probably never going to see it again.

  • normsnow

    How do we tell our wallet software what server to connect to that will support Bitcoin cash ?

  • Anon Wibble

    So what is bitcoin cash anyway, and why are people meant to take it seriously ?