Last week I wrote an article explaining the Bitcoin scaling outcome, BIP91 activation and the 2mb hardfork coming in November, there was some clarity and bitcoin price started to pickup, steadily rising and having a 48%market dominance.Some one out of the blue threw a shocker right in the middle of Segwitt2x and that surprise goes by the name of Bitcoin Cash(BCC).
Bitcoincash.org is the website and we are looking at a guaranteed split in the bitcoin network on the 1st of August.A group of miners, developers, investors, and Bitcoin users totally disagreed with the direction we are going and therefore decided to split of a distinctively different version of Bitcoin on the first of August and they are going to call it BitcoinCash (BCC).
imagecredit
This was officially announced on the Bitcoin Talk forum, they called it Bitcoin cash fork 1:1 or Bitcoin Pro On-chain Scaling.This is something new its not the User Activated Fork (USAF),thats not the crowd.There are the ones who threatened to split off if Segwitt was not adopted and they are now getting what they want.This group is the opposite of that, now the Segwitt is on the road to be inactivated they intend to split off a non Segwitt Chain and call it BitcoinCash
imagecredit
Because Bitcoin Cash is so radically different, in the set of rules it uses to govern the network, we now look at a guaranteed split in August.The only way the bitcoin community is going to avoid this is if the BitcoinCash group backs down and this highly unlikely.The big difference with BCC is that they will be launching with a 8mb block size which immediately gives the network a greater transaction capacity compared to bitcoin Segwitt.
I didn't take Bitcoin cash serious at first when I heard about it because I have been looking at coin.dance and its shows a 100% mining power supporting Segwitt,so I thought there is no spare mining power to support BitcoinCash.Then viaBTC comes out and says they going to keep mining bitcoins until the first of August then switch to supporting BitcoinCash.viaBTC accounts for 5,2% of the total mining power and after the 1st of August they will redirect that power to Bitcoin Cash.
Here is viaBTC tweet on twitter.
imagecredit
So the question is what are going to do about it? , that's the million dollar question.Well, the fact is no one can stop Bitcoin cash from launching any more than we can stop an Altcoin from launching.The only thing we can do is prepare ourselves as users.
Personal word of advice - Before 1 August transfer all you bitcoins to a private wallet, that means withdraw it from all exchanges , all third party sites and put it in a private wallet you control the keys to, until this whole situation blows over.In the mean time dont send or receive any bitcoin transaction after the 1st of August just stay tuned to all the various media outlets and follow updates on the situation.
One possible outcome here is that bitcoin cash could collapse as soon as it launches, that will happen if say too few people use it,if wallets dont support it and if merchants dont support it.The other possibility is that it develops enough support to survive in which case we may forever have two Bitcoins just as we have two Etheriums.
I want to hear what you guys think about Bitcoin splitting,leave a comment below.