Why your Bitcoin will be safe when 'Bitcoin Cash' is released

Chelsea West
August 2, 2017

It's a bit complicated for those who aren't in the bitcoin weeds. However, if your Bitcoins are stored by a third party such as an exchange, then it depends on whether the exchange will support both the versions or not. The second is a new version that is called "bitcoin cash". Bitcoin is collectively valued at $47 billion, but remains a niche product. But, that was before a rival plan, called bitcoin cash, came out of nowhere and became really popular. Many people are also seeing Bitcoin Cash as a backup in case SegWit2x fails to implement the size increase agreement. "It just sounds bad; we're not used to currencies that split into two".

Considering how Bitcoin Cash tokens do not even exist yet, the market interest is quite surprising.

"The course of the summer has been a battle between competing visions", said Zaki Manain, an independent cryptocurrency expert.

Bitcoin was created by a pseudonymous coder (or coders) known as Satoshi Nakamoto, who released the software that powers the currency in 2009. Computers dubbed "miners" keep the ledger updated by adding to the sequence of "blocks" that make up the blockchain as new transactions take place. In fact, Peter Borovykh of Blockchain Global told Business Insider that if it proves its worth, it could climb to the top of the digital currency heap.

For bitcoin investors and traders that have stored their bitcoin on non-custodial platforms that offer users absolute control over their own private keys, manual processing of BCH is necessary. This applies to all transactions - so transactions that move coins from addresses created before and after the fork will be protected. Bitcoin Cash tokens are finally here and many crypto investors are expected to have a piece of the cake but not all will.

This divide comes as a result of the ongoing debate on the cryptocurrency, where developers across the world were at loggerheads to come up with a solution for the congestion of transactions on the bitcoin blockchain. The majority of his work focuses on Bitcoin, blockchain, and financial technology. But others will not. It announced, "Customers who wish to access both Bitcoin (BTC) and Bitcoin Cash (BCC) need to withdraw Bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017".

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Some Bitcoin exchanges are divided about whether to support the creation of Bitcoin Cash and allow its trade, with some exchanges planning to suspect or restrict all Bitcoin trade until any disruption has passed.

Bitcoin.com's store features a wide range of interesting Bitcoin-related products. "The crucial part is the amount of economic interest in this new currency", says Sirer. "Provided that unforeseen circumstances do not make it prohibitively unsafe or hard for us to do so, Kraken will support Bitcoin Cash". Don't be surprised if the bitcoin price swings violently in the short-term.

Trading in bitcoin cash was still limited.

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Miners have been widely in support of the first option, with the increased transaction speed leading to increased transaction fees within a given block of the blockchain.

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