On August 1st 2017, a group of Chinese miners will make a copy (a permanent fork) of the Bitcoin blockchain to create a new version of Bitcoin called 'Bitcoin Cash'. A so called User Activated Hard Fork (UAHF). Bitcoin Cash won't have SegWit and has a block size of 8MB.
Some people may call this sudden announcement a Bitcoin blockchain split, but Bitcoin Cash is basically a new altcoin that is splitting off from the Bitcoin blockchain. And because it's a copy of the Bitcoin ledger, all Bitcoin holders prior to the fork on 2017 August 1st will automatically own Bitcoin Cash. At least, if you control your own private keys!
Bitcoin Cash: What You Need to Know
Bitcoin Developer and Entrepreneur Jimmy Song has written an excellent article about Bitcoin Cash today. You can read it here: https://medium.com/@jimmysong/bitcoin-cash-what-you-need-to-know-c25df28995cf
And here is the coin's website: https://www.bitcoincash.org
So Bitcoin Cash is a Bitcoin fork without SegWit, but with a 8MB block size which all Bitcoin holders receive for free. And lest you think it isn't worth much... The Bitcoin Cash Futures are currently being traded for about $450 US Dollar on ViaBTC. I don't think it will be worth that much after August 1st, but we'll see. I probably sell most of my Bitcoin Cash coins for the real Bitcoin.
Source: Coinmarketcap.com
Bitcoin.com Public Service Announcement
Bitcoin.com released a statement on Bitcoin Cash earlier today.
As we have previously stated, Bitcoin.com believes that behaving with integrity and upholding agreements made is always the proper course of action. As such, we continue to remain committed to supporting the Segwit2x proposal, which has received broad support from Bitcoin industry and community alike.
Due to significant demand from our users, the Bitcoin.com Pool will give mining customers the option of supporting the Bitcoin Cash chain (BCC) with their hashrate, but otherwise Bitcoin.com Pool will by default remain pointed at the chain supporting Segwit2x (BTC).
We trust that our fellow community members will also behave with integrity and uphold agreements made, but in the unlikely event that the 2MB block size increase portion of Segwit2x fails to activate, Bitcoin.com will immediately shift all company resources to supporting Bitcoin Cash exclusively.
Sincerely,
Bitcoin.com
So if the Bitcoin block size won't be increased to 2MB as agreed, Bitcoin.com will stop mining Bitcoin and will continue mining Bitcoin Cash only instead.
Make sure you get your Bitcoin off exchanges and control your own private keys before August 1st.
