Bitcoin

Bitcoin Cash, Opportunities, Challenges and The Future Path

Bitcoin Cash, Opportunities, Challenges and the Future Path

The much talked about Bitcoin hard fork, which many feared, has come and gone, but the effect lingers. Bitcoin cash has become a reality with the attendant opportunities it has opened up for users and other stakeholders.

When Ethereum split into two, giving birth to Ethereum and Ethereum Classic, many feared that the worst will happen, but the fears have petered out.

As at the end of July 2017, the market capitalization for Bitcoin already soared to $44.9 billion while that of Bitcoin Cash is estimated to inch towards $7.7 billion by August 2 2017. It is already speculated that BCC is on course to become the third largest cryptocurrency and the trading price hit the $440 dollar mark as at morning trades of August 2, 2017.

 

 

 

 

 

What the Exchanges Said

The traditional bitcoin exchanges did not take to the support of BCC and at least twenty of them already declined support. A couple of these exchanges told customers that want BCC that they will not get any. In other words, while their bitcoin holdings are not affected, they will need to first cash it out in dollars and go exchange USD for BCC elsewhere.

Early Dissenters

The early dissenters among the Bitcoin exchanges included the likes of Coinbase, Bitstamp and BitMEX. They were forthcoming about their stance that the new coins will not be available on their exchange.

To reduce complications, trading was suspended on some exchanges as the fork unfolded. However, trading has resumed and activities have returned to normal.

The exchanges that did not support bitcoin cash included:

Bitstamp

GDAX

ITbIT

Cryptopia

Coinbase

The following exchanges voiced their support for bitcoin cash:

ViaBTC

Trezor

Poloneix

OKEX

The Future Path

Bitcoin users who have private keys to their holdings will not be affected by the split. In other words, they will be able to trade both ways and move funds where they desire. They can transfer their funds to a bitcoin cash supporting wallet when they wish. Other users who store their coins in exchanges will have to wait for their exchange to adopt BCC or sell off their holdings and move over to a BCC supporting exchange.

Having a private key proves to be the deal breaker in times like this but it is not the only pathway. Users who stored their coins on supporting exchanges can trade on the BTC and the BCC at will.

As the market deepens and more innovations open up, there might be a need for users to consider the private keys module. Owning a private will shield the user from market challenges imposed by hard forks.

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  1. Pingback: The Looming Fed Rate Hike and Impact on Equities, Bitcoin and Global Markets

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