What is Bitcoin Cash?
Bitocin cash is nothing more than a so-called Hardcore Bitcoin Block Chain. This means Bitcoin cash based on the Bitcoin block chain, but will always be broken down into a new block chain in a new currency. This means Bitcoin Cash is a new network, and only new programs like bsp. The Bitcoin ABC client can be read. Who has the "old" Bitcoins before the fork will be able to use this as Bitcoin coins in cash. However, the new coins are only visible Bitcoin cash and only in the new network.
What happens to the existing coins?
How this works with a Hardfork and the Wallets, we have experienced at the Ethereum Blockchain for the first time on a large scale. Ethereum has split into two currencies: Ethereum (ETH) and Ehter Classic (ETC). Most stock exchanges and Walletservices have the user then simply a new Coin ETC credited and who bsp. 5 ETH had, who also had 5 ETC overnight. This is probably going to happen with Bitcoin Cash. If this idea really finds enough trailers, probably everyone of the bitcoin from before the fork has, also get Bitcoin Cash credited. Possibly under the currency symbol BCC. It can be synonymous, that some untrustworthy exchanges and Wallets BCC not introduce and then these coins themselves themselves spend. The deadline is 1 August, 12.20 UTC. If you want to be safe, your coins will be safeguarded before 1 August in a wallet of which you own the private keys. Afterwards you can spend the coins on both blockchains again or read.
Price: How much will a Bitcoin Cash Coin (BCC) be valued?
Nobody knows this so exactly and that each trading place itself will decide according to supply and demand and after some time a value will crystallize out. The idea is so popular, however, that so-called futures are traded on Bitcoin Cash and predict a price of 475 USD per coin. An investment in these new coins is, however, a high risk. There were already some approaches that did not make the breakthrough, like Bitcoin Unlimited. Among other things also, because the new software was faulty and sometimes suddenly 70% of all clients were down because of a bug in the network.
What are the benefits of Bitcoin Cash?
Bitcoin Cash has bigger blocks (8 megabytes) and skips the discussion about the size of the blocks. Bitcoin Cash is therefore ready to process much more transactions per time and thus meet the growing interest in digital currencies. In recent months it has happened several times that the larger networks such as Bitcoin and Ethereum "stuttered" and users sometimes had to wait for hours of confirmation of transactions. In addition, Bitcoin Cash improves the Mining. Mining is to be more flexible and thus more energy-efficient and thus the transactions (hopefully) cheaper. Bitcoin Cash also offers new features like "Wipe Out Protection" and "Replay"; Which is exactly what is meant. And exactly these functions can also prove to be a risk and even as an attack point for hackers.
Conclusion:
It is a courageous undertaking to create a new blockchain in the booming market. And is definitely also personal interest in the game. Forks as well as copy pastes can be any - The Bitcoinquell code and the network is open to all.
However, the approach is interesting, especially when transactions become more favorable and faster. However, this proposal has only been in the net for a few days and the details are hardly known and, above all, not tested and there remain simply too few days until the start on 1 August. The time is simply too short to be able to dare a prognosis for this; Except: It remains exciting!
