Those who held Ethereum suddenly had coins on both chains, effectively doubling the number of coins they held at the time; a similiar coin doubling will happen with Bitcoin next week.
You may think you're already aware of this upcoming Bitcoin Cash fork, but this fork is not related to the Segwit adoption that took place earilier this week.
Bitcoin Cash futures are currently trading at ~$500 on ViaBTC, this is a big deal. All Bitcoin private key holders will have a 1:1 ratio of Bitcoin Cash after the fork.
Bitcoin Cash will be forking from the Bitcoin blockchain on August 1st and all Bitcoin assets held at that time will be copied to the new chain. Therefore Bitcoins holders will have both Bitcoins (BTC) and Bitcoin Cash (BCC).
This split does not come without worry though, many exchanges have begun to issue statements regarding this somewhat contentious landmark with Poloniex being the latest just this afternoon. You can check their full statement here.
Customers are being assured that funds will kept safe; it can be assumed that if BCC gains enough exchange support and traction it will be listed for trade and those exchanges will release the BCC they hold from their customers BTC at the point of the chain fork, but many exchanges like Coinbase have expressed they will not support BCC:
Q&A: Will Coinbase eventually support withdrawals for the UAHF version of Bitcoin?
We do not plan to offer support for the UAHF chain at this time.
Be sure to keep your funds safe and always stay proactive and up to date, friends.
Here are three ways to get the coins that are coming to you:
Place your BTC in your Trezor hardware wallet before the fork (if you have one) and update your firmware after the fork is completed
Or here's a guide to preventing coin loss during the fork using Electrum
If you prefer the non-technical approach, Bittrex is guaranteeing customers who BTC will receive BCC. This may be the only exchange who has outright stated the will make it 100% right and customers will get all of their coins. A solid option for small BTC amounts as Bittrex has a decent reputation within the crypto community.
We will continue to provide updates as this story matures so be sure to follow for the fastest up to date news you can run with!
Want even more detail about Bitcoin, the fork(s) and Bitcoin Cash (BCC)?
I have also created the ultimate compendium that anyone can use to ensure they get all the free coins coming to them in the fork right here on Steemit:
[How to] A Helpful Guide & Complete Compendium to the whole NEXT WEEK of BITCOIN: From Price to Fork(s) and MORE
My page regularly posts about Steemit, Bitcoin and other crypto related material, check out my well written and easy to read content; follow for the FASTEST active news you can run with!
If you store your btc in a paper wallet you still get bcc right ?
So long as you have the private keys to your BTC, you will be able to access your BCC.
I do not think at this point we will see a hard fork at all.... most likely nobody will notice the difference as the new protocol is already being adopted.
The fork discussed in this post is not related to Segwit.
The link to electrum doesn't work.
It worked for me, however, I've adjusted it, try again :D
Bingo! I was getting a 404 error last time. Thanks for updating.
Good post - upvoted and resteemed!
I do not see any serious significance if there is gonna be fork because 90 percent of miners hace adopted the new protocol.
The fork discussed here is not related to the Segwit fork that locked in earlier this week. They will be happening on the same day, however.
One fork will implement Segwit
One fork will split from Bitcoin into a new coin people are already offering $500 for each when it happens.
If you want your new coins AND your Bitcoins, you must be holding your own private wallet keys.
What if you have an offline wallet Exodus will you still get both?
So long as you have the private keys to your BTC, you will be able to access your BCC.
Finally used my Trezor for the first time haha I've been slacking, experimenting with Coinbase, Ethereum, and now Exodus with my holdings. But this gave me a kick in the ass to be serious about cold storage!
Now since I put my bitcoin on my Trezor where will the BCC coins show up? On my Trezor? How will I know where these coins are? Any advice would be greatly appreciated.
Solid post. Followed and up liked!
The day after BCC comes into existence, Trezor users will be able to go to the Trezor wallet website, connect their Trezor, and see a balance in BTC and a separate (identical) balance in BCC.
Users will then be able to send (via the trezor wallet website) the BCC balance in a transaction to an exchange, while leaving the BTC balance on the Trezor
Thank you sir.
I am new to the cryptocurrency game. I bought my first bitcoin in January and let it sit thinking I'll research it and figure it out later. But when Bitcoin spiked I thought I should really start being serious.
I've done quite a lot of homework and i'd like to be more involved.
What have you done to better your knowledge such as references, videos, websites?
I'm trying to convince friends and coworkers this is the future but they all think I'm crazy haha
Thanks again!
I've been around for a few years in the crypto, most of it just comes from screen time and seeing it all happen and unfold, real time. Gotta get your sea legs.
But I'm around Steemit quite a bit these days and I don't mind discussing the markets, trading ideas and bouncing news back and forth with most anyone.
Cheers @refriedbeans
Ah, an explanation that makes sense. Kind of. At least I know to go to Bittrex to get some BTC and wait for the fork. Now if only the value of Steemit would stop eroding... :/
Agreed @hariverse.
Steem appears to be gaining some strength, however.
Fortunately, the overall bullish trend that has been unfolding this year is intact, even if has pulled back quite a bit recently.
Thanks Jeffery I will invest a few BTC into Bittrex today. I must say that Bittrex is not Hacker save. Coinbase is very save.
Hi the newbie have a question? will the fork affect my bitcoin wallet from blockchain ? or must I remove my btc from the online blockchain wallet ?
What type of Bitcoin wallet are you using?