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Bitcoin Hard Fork Split 1st of Agusut – Need to Know

BITCOIN SPLIT ON 1 AUGUST 2017. IN SIMPLE WORDS

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Bitcoin Blockchain is most likely to split into two on 1 August 2017 namely Bitcoin (as we know it today) and Bitcoin Cash (what is being referred to as an AltCoin). This is due to a user-activated hard fork (UAHF) that will bifurcate the Bitcoin into two branches. Bitcoin Cash will have an increased block size of 8 MB and it will remove SegWit code. In simple language, the transaction confirmation time will come down. Bitcoin Cash will increase the limit on the number of transactions that can be processed by the Bitcoin network every 10 minutes. Currently, the network can process only blocks of transactions that are smaller than one megabyte, which allows for roughly five transactions in a second.

Bitcoin Cash will have support from various members of the cryptocurrency industry including miners, exchanges, and clients like Bitcoin ABC, Unlimited, and Classic will also be assisting the project. In addition to this help, Bitcoin Cash developers have added a ‘slow’ mining difficulty reduction algorithm just in case there’s not enough hashrate to support the chain.

Bitcoin Cash is trading on the futures market at aroun $400 at the time of writing of this post. The prices had reached $900 during the past 24 hours.

Kraken, Okcoin and Livecoin have announced they will be listing Bitcoin Cash on their trading platforms.

Advice for Bitcoin traders/investors

Users should always maintain their private keys. Keeping sole custody of your keys will ensure that you can get access to Bitcoin Cash tokens in the event of a split. If you keep funds on any exchange, depending on what the exchange decides to support, you will have to surrender to the trading platform’s discretion. This means you will have to follow their rules as many exchanges plan to halt withdrawals, deposits and possibly trading on August 1. Some exchanges like Coinbase and GDAX may not even support Bitcoin Cash. There are a few days left until August 1 and those looking to acquire Bitcoin Cash should remove their coins from third parties into a wallet they control.

Very high volatility, in Bitcoin and Bitcoin Cash Future prices, is expected in the coming couple of days and traders are strongly advised to exercise caution while trading.


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