Bitcoin

Bitcoin Cash and the Looming August 1 Deadline

Bitcoin Cash and the Looming August 1 Deadline

Industry players are already talking about the inevitability of a hard fork by August 1 2017.  This development is expected to give rise to Bitcoin Cash, and it looks all too certain to become a reality. The options provided by Segwit2x notwithstanding, the unfolding scenarios make for an interesting review.

Hell-Raising Concerns

The reality of a hard fork points to a fact that needs to be grasped. Any hard fork simply means that systems and processes that are yet to be integrated with segwit protocols will be shut out of the existing bitcoin interface.

In view of the above scenario, Bitcoin Cash is expected to result so that there will be a separation of bitcoin operations into the new segwit compliance and those that are yet to comply. The old BTC will be in the market as it has been, but it will have alongside, the Bitcoin Cash, BCC.

Users of the bitcoin came up with their expectations of a hard fork precipitated by a need to keep transactions on the same wavelength or same operational module. On the other hand, major players and exchanges in the system envisaged a soft fork or a mechanism where non-compliant operational modules will interface with the compliant ones.

Traders and Exchanges Initiatives

Traders and exchanges are looking at a futures market for Bitcoin Cash and this is as a result of the BCC token materializing. The initiatives that traders and exchanges are taking will ultimately become the new frontier for the cryptocurrency.

The evolving trend will lead to pairing of BCC and USD, just as there is already ETH and USD or BTC and USD. This will give traders more volume of transactions and a better spread to deal on and offer to customers cum investors.

While some exchanges have not voiced a support yet for BCC tokens, it ingeniously points to the market becoming a dual play, with both sides thriving.

Looking Ahead

Exchanges like Huobi and HitBTC have indicated their support for BCC tokens and they will afford holders of BTC, same values in BCC.

In other words, you do not have to be alarmed if you have enormous BTC as you will get same BCC equivalents, if you so desire to trade or have it exchanged

2 Comments

2 Comments

  1. Pingback: Bitcoin Price Monthly Outlook: Why $2950 is Important for BTC/USD

  2. Pingback: The Ten Best Performing Cryptocurrencies Right Now

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top