The Countdown to August 1st continues. Could this date go down in history; the end of the world's first cryptocurrency Bitcoin!
If you thought Segwit was a done deal, and was fooled by the rise in BTC price, think again! Segwit was a compromise, that is now clearly been rejected. The coin just might split after all.
Another coin Bitcoin Cash (BCC) has already been created, an official website launched bitcoincash.org with a date /time for the much anticipated and debated UAHF (user activated hard fork) 1st August 2017, 12:20pm UTC. BCC is already trading in futures markets mostly on 4 exchanges; Bithump, Viabtc, Okex, and Huobi. Mostly Asian exchanges and is already at a shocking $415.50.
Current BTC holders will also hold BCC alongside the BTC the own if the split happens. It would be interesting to see which coin prevails.
BCC was created by Jihan Wu, founder of Bitmain, one of the largest bitcoin companies that sells bitcoin miners, based in China. His influence over the mining community is without doubt substantial. And I personally believe he can sway a majority to activate a hard fork! On top of thy, Major investors like Roger Ver are totally backing this new cryptocurrency, only emphasising the reach and influence this coin can attain.
There is likely to be a major shift from BTC to BCC as it offers more black size capacity (8mb) among other features like replay and wipeout protection (in the case of the coexistence of the two coins) and a new transaction type with an added benefit of more security.
Positioned well, BCC will probably also become tradable on the major exchanges.
Amongst all the uncertainty and doubt, the cryptocurrency community are holding on to their seats, some heavily immersed and some watching from the sidelines. Surfing through communities on Reddit, Steemit and Twitter it seems that there are mixed emotions and predictions. Bitcoin shorting seems to be a common consensus, yet Bitcoin at the top believers are more widespread. Making it very hard to call. Some conspiracy theories are going around as well. The most interesting one is that Jihan Wu and Roger Ver have it all planned, pushing BCC now, seeing that eventually people will sell their BCC, still believing in BTC, making price very low so that they can then buy up, then when the second part of Segwit2x won't activate they will dump BTC and pump BCC escalating the price and claiming it to be the real Bitcoin. Anything is possible I must say, but nevertheless, come 1st August, expect the ride of your life! The market will rise and fall big! Keeping a close eye on events from all angles and anticipating outcomes before they happen to be able to ride the tide is what is going to put traders, holders and new comers on the winning side. I would love to hear what the Steemit community think.