Bitcoin Cash Cannot Use “BCC” Since It Belongs to BitConnectCoin
Bitcoin Cash has a branding issue
There are currently several thousand cryptocurrencies available to users. Not all of these coins will become successful altcoins in terms of price and adoption. With the upcoming Bitcoin Cash hard fork, there is a significant problem which may set BCC back. The currency cannot use the BCC ticker, since it already exists on multiple altcoin exchanges. Most people will not pay much attention to Bitcoin Cash until August 1st comes around, but this “new token” already has a big issue to overcome. All of the exchanges supporting Bitcoin Cash so far have announced they will label the currency as BCC. Unfortunately, the BCC ticker is already in use by a completely different currency.
There is an altcoin known as BitConnect. The native currency of BitConnect is BitcoinnectCoin, listed as BCC on cryptocurrency exchanges. It is pretty difficult to overlook BitConnect, so the fact Bitcoin Cash missed that ticker name is slightly embarrassing. The former is in the top 15 currencies ranked by market cap, and its token was worth $60.61 at the time of writing. Moreover, it has been trading under the BCC ticker symbol from day one, making it even stranger that no one bothered to point out this naming issue to the Bitcoin Cash-carrying exchanges.
For more information please their website: https://themerkle.com/bitcoin-cash-cant-use-the-bcc-ticker-as-it-belongs-to-bitconnectcoin/
My final thoughts
I was hoping that after August 1 all things will be back to normal and Bitcoin will still remain on top of all Cryptocurrency. However, the issue of scalability is the problem waiting to be resolved not until August 1. What is your opinion regarding this matter? Your opinion matters for the future of the cryptocurrencies?
Thanks for your time reading my article
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Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://themerkle.com/bitcoin-cash-cant-use-the-bcc-ticker-as-it-belongs-to-bitconnectcoin/
No worries I cited my source above so our readers can fully check the whole details on their websites...
thanks for pointing that out, Hiroya! You may be interested in this article that explores why the $BCC (or whatever symbol they end up with) will cause a short squeeze and drive up the price of Bitcoin.
Why the $BTC Fork Will Cause a Short Squeeze in Bitcoin That Affects You
checking it now
Don't worry, it will just be called "Bitcoin" once it kills the Segwit fork off.
Never will happen. Bitcoin cash will never take over because its not decentralized.
Lol no...
How is that? Bitcoin Cash is the work of hundreds of early adopters who are tired of Blockstream preventing on-chain scaling.
I hope you are right, but I fear Blockstream has a lot of resources to continue attacking all competitors.
I think after August 1 all things started to be normal again. Hoping will not see this Bitcoin cash in Coinmarketcap officially
It's already on coinmarketcap.com
Yeah, Bitcoin is King of the Ring still
Bitcoin Cash will become Bitcoin once it kills off segwit chain.
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Thank You!
Already talked to pfunk for solving regarding this issue, just went to some adjustment to my article... I admit I am still on learning stage... thanks for making Steemit a better community guys @pfunk @steemitcleaners @adm
There are only so many 3 letter tickers.
There will be overlaps. The markets and exchanges are going to have to learn how to cope.
Bitconnect coin and Bitcoin Cash can share.
Sure some people might get confused but that is life.
Besides, if Bitcoin cash is anything to be reckoned with, it will just be called Bitcoin.
You really made your point of view @kyle.anderson for that I followed you, if ever I think Bitcoin cash will need some other name rather than BCC so people will better remember their names... Personally, don't want to see this Bitcoin cash become an official but the problem is scalability is real
Remember, if Bitcoin cash ever means anything it will just be called “Bitcoin”.
Even though I do support an on chain upgrade. They have handled s this very poorly.
the Litecoin has handled their segwit really well, I think because Charlie Lee is there to make a big decision... Meanwhile, Satoshi Nakamoto is still a ghost
Thanks for the update! They should use BCH or BCSH instead of being difficult about it!
me too, choose a different one, especially that is not included on Top 20 cryptocurrencies
nice info , thanks for share
followed u
thanks!
Thanks for sharing @hiroyamagishi
my pleasure
The headache for the exchanges should not be underestimated. There are several exchanges which put their BTC into storage and then create a mini-economy around them. If an exchange or other entity has their BTC lent out to 5 different people, it is fine, until all those people line up for their rights to the BTC-C. (There can be only one.) This is the Black Swan element of this announcement, and it remains to be seen how it will play out. This will be a very interesting next couple of weeks.
The only headache should be how to show the differences between the many future tokens with overlapping tickers.
There will be more.
I'm confused, how can there be only one? There will be an equal amount of bitcoin cash created for each current bitcoin in existence.
Yes, but because of the limitations of the Bitcoin blockchain, the exchanges can find efficiencies by putting the BTC on ice and creating a faster, internal coin for transactions. You only really need to think about the uniqueness of each Bitcoin when you are settling someone up. When a customer asks for their $$ back, you better be able to give it back.
I believe we've seen this in a couple of places over the last few months.... certain coins had wallet maintenance at very pivotal moments. You can bet that the exchanges have a certain amount of fractional lending going on. If they have to get called on it, this seems like one killer way to do it. They may have customers with claims to someone else's Bitcoin-Cash. And when those customers find out, they will vote with their feet.
nice plagarism
I clearly put my source, just wanted to spread the news with everyone
thank u so much for sharing. keep it up
my pleasure, I just saw it in the news and want to share to you guys
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wow nice post
great!
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Oops. Should've thought that one through...
I am thinking of this too, we will get some trouble if this two different coins has same names. Followed you @johnsmith
Why thank you!
because I like your name @johnsmith haha :D Happy steeming!
BitCoin Kash BCK should be the name of the token.
This post has received a 0.72 % upvote from @booster thanks to: @banjo.
hmm very interesting times ahead...
thanks for the article :)
hoping it will not show its name officially in the exchanger, this Bitcoin cash
yeah me too ;)
what's with BIC or BTH, i don't find that in coinmarketcap.com?
oops, why not? :)
Interesting detail! For me just keep showing this is will not succedd well, i think its more like a play to down bitcoin... just my opinion
Thanks for the info :D
Call it what it is... PBOCoin, or if that has too many letters, how about JWC (Jihan Wu Coin).
lol, hahaha... Followed you for that!
Sitting and watching letting this cluster fuck play out
keeps some people worrying/exciting, but still after all the Bitcoin would still remain the King of the Ring
nice post... I hope it will not split..
I am hoping that too, however, the scalability problem is real
Long term I agree, but why do you think the mempool cleared out after the SegWit2x got momentum? Are spam transactions legitimate reason to 'scale' beyond 1 MB blocks with a HF and lots of untested issues that might come of it?
That's what i thought when i first heard about it. I already knew about bitconnect BCC and when bitcoin cash said it is BCC i figured out what's gonna happen in future.
pretty embarrassing for Bitcoin cash haha, they don't do their homework researching things out
I think they should. Did they made it on purpose? We will not know.
I saw that kraken use BCH for bitcoin cash. Maybe this one will be used... maybe not. I haven't seen on their official page.
For who wants to know about what exchanges will accept it, i've made a post here:
bitcoin cash – how to buy / sell / trade / claim – after august 1st, 2017 fork
https://steemit.com/bitcoin-cash/@ilvstranger/bitcoin-cash-how-to-buy-sell-trade-claim-after-august-1st-2017-fork.