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So if you want Bitcoin Cash the easiest way to get them is to send Bitcoin to Kraken or another exchange that will credit you Bitcoin Cash. Remember there is always more risk leaving Bitcoin on centralized exchanges. Otherwise if you control your private keys before the fork you can claim Bitcoin Cash by following a few instructions and setting up a new Bitcoin Cash wallet with the same private keys you have for your Bitcoin. You don't need to claim Bitcoin Cash right away either.
I just wanted to share my thoughts about the upcoming Bitcoin fork and its implications and some wild guesses about what's going to happen to prices. A fork of Bitcoin can happen when miners who run the Bitcoin software decide to use different software with different rules and want to accept different kinds of transactions as valid.
Miners can essentially create a clone of the existing network, add new rules and allow everyone who owned Bitcoin in the existing network to spend transactions in the new network. Owners will own both Bitcoin and the new token -- in this case Bitcoin Cash. Users will be able to spend transactions in both networks, but after the fork each network will generate its own record of new transactions independently. Fundamentally the core Bitcoin network should remain as robust as it has been in the past.
Bitcoin is more than just the code. However outsiders and the media may perpetuate the idea that Bitcoin just doubled its supply of coins and scare new people away. Forks also happen on a regular basis.
Bitcoin miners receive transactions from users at different times than other miners and they all attempt to add a different set of transactions to the chain of blocks on the 'blockchain'. In this case the miners come to a consensus about what transactions are valid simply by determining who is on the longest chain and accepting that as the legitimate chain and rejecting others. So what's going to happen? It is almost certain most exchanges will claim Bitcoin Cash. The media may generate the meme that Bitcoin's supply just doubled.
The recent surge in interest in getting Bitcoin before the fork to get Bitcoin Cash will stop. Segwit may be great, but may not help ease transaction loads much until the expected hard fork in November.
That may be a huge relief to the Bitcoin community. Will that be enough? I don't think so, but I'll change my tune if Bitcoin breaks all-time highs with some good strength. When you have two communities with a strong passion behind different visions, both systems are better off separate. That's part of the power of decentralization. In the short term the network effect may take a hit, but there will be more clarity of exactly what Bitcoin is and in the long run that's positive. We'll also likely include a pre-recorded presentation about Bitcoin from Jian at the x Blockchain Investors Summit online webinar I'm organizing.
Feel free to use coupon code: I agree that's the BIG question. I think if Bitcoin Cash prices go up and people realize how much value they could have gotten, there's going to be great pressure on Coinbase to give users Bitcoin Cash. I bet a supermajority of Bitcoin users on Coinbase aren't paying attention..
When that does it's possible Coinbase will have to relent. That's big money and potential for lawsuits. Just wanted to point out steemit has had at least 16 forks as documented in the white paper, and possibly up to 19 from what I've heard most recently. And we all obviously love steemit so there is no need to fear, nothing to see here really as far as "the fork" goes lol. Yeah I agree that forks are not all that bad for most systems, but for Bitcoin it's probably better to minimize forks because it's seen as the most secure system.
Less change is better and backwards compatibility is important. Bitcoin is currently too slow and too expensive for general use. The plans presented do little to alleviate those issues. Those folks who promoted Segwit did so on behalf of vested interests which failed to correct the outstanding issues.
So bravo to the BTCC folks. Roger Ver, Tone Veys and the rest of the pompous indispensibles can do as they please. BTC served it's purpose of acclaimating the public to the concept of crypto currency. Now, it's time to put it out to pasture and let the innovators take over. BTC price will be five or six figures over the next several years, but the big profits will be with the alt coin innovators, or possibly even a new coin still in the barroom napkin stage!
Hey steemrollin I haven't seen much of you around lately. Hope your doing well and I haven't missed to much of your content. Great to see you keeping us up to date with the bitcoin developments. I'll be interested in what the price of BTC is in the few days! I just hope everything doesn't correct to much after this spike. I am impressed with you.. Don't take it to serious, just wait what happen.
I bet, everything remains the same. In fact every time you make transaction transferring coin from your wallet to another, you are creating a new set of instruction in the network. And I agree, forks happen on a regular basis. BTC held on orders will also be credited. Please resteem this and let others know! Authors get paid when people like you upvote their post. Trending Trending Votes Age Reputation. I just wonder what Coinbase is going to do with all their Bitcoin Cash they kept from everyone.
This deserves some attention. I'm getting 4 bitcoins on my wallet. Yes Bittrex should be fine too. Just not sure you can deposit new BTC there right now. Yeah that's right, transactions in and out have been suspended for the time being. I cant sleep, Ill be up all night lol. Good post, I can see a blood bath over the next few hours with wild swings all over the place.
I thought bittrex was crediting accounts as well.. Yes Bittrex will as well, but deposits may be disabled already. Im from Aceh steemrollin. Good postt my friend steemrollin upvote.