Next week will be the impending notorious date August 1, this will likely be a day to remember. In the near future, there will be a UAHF(User Activated Hard Fork) that will split the Bitcoin Blockchain into two branches. This will result to BCC(Bitcoin Cash). Bitcoin Cash will be the same as bitcoin but some other things are different. Some of these are the Segregated Witness (Segwit) implementation and the Replace-by-Fee (RBF) feature.
Here are the main changes to BCC
- Block Size Limit Increase – Bitcoin Cash provides an immediate increase of the block size limit to 8MB.
- Replay and Wipeout Protection – Should two chains persist, Bitcoin Cash minimizes user disruption, and permits safe and peaceful coexistence of the two chains, with replay and wipeout protection.
- New Transaction Type – As part of the replay protection technology, Bitcoin Cash introduces a new transaction type with additional benefits such as input value signing for improved hardware wallet security, and elimination of the quadratic hashing problem.
BCC is now being traded at the moment at ViaBTC its priced $371.67 at the moment.
You can read more regarding BCC here: https://www.bitcoincash.org/
What to do to obtain Bitcoin Cash
Just maintain the private keys of your wallets
After the fork the BTC you hold will ensure you of Bitcoin Cash Tokens if there is an event of a split. Keeping funds on an exchange will be different, as you always surrender your funds to the trading platform’s discretion when leaving cryptocurrencies on exchanges. This means you will have to follow their rules as many exchanges plan to halt withdrawals, deposits and possibly trading on August 1.
Thank You for reading, Have a great Day everyone. Cheers!
Sources: https://news.bitcoin.com/what-every-bitcoiner-should-know-about-bitcoin-cash/