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What Bitcoiners Need to Know About Bitcoin Cash. Bitcoin Cash (BCH, BCC) - review, forecasts


Stock Markets Group - The rate of the most popular cryptocurrency approached the spring not in very good shape, however, we can sum up the winter fall of Bitcoin and consider the economic and political component with which the cryptocurrency will go further.
The most important thing to note for Bitcoin is the completion of the correction. Of course, further price fluctuations within the range of $6,000 - $7,000 will continue, but today it is already clear that it will be difficult for the cryptocurrency to go lower.

Bitcoin and politics

Politics in cryptocurrencies still plays a significant role, so further dynamics will depend on it. Here are a few important points as we approach summer.
Officials are no longer afraid of Bitcoin. If you remember earlier, any information noise around the cryptocurrency market caused a strong response among officials.

Major politicians began to talk about the risks for the global economy, that the financial system would collapse and, ultimately, Bitcoin should be banned at the political level. Today the situation is softer, and many politicians are in favor of cryptocurrencies through their legalization.

The number of digital coin bans has dropped significantly. China and South Korea put strong pressure on Bitcoin just two months ago.

The emergence of information about the bans introduced by the authorities of these countries for almost half a year has changed the cryptocurrency market.

Many exchanges moved to other countries, mining farms also left China and South Korea due to persecution.

But most importantly, as a result of these changes, Bitcoin and other cryptocurrencies became less sensitive to prohibitions, and the authorities of these countries stopped persecution of the market.

Bitcoin becomes the main topic of political life. The recent G-20 summit held in Argentina showed the interest of the world political elite in the development of the cryptocurrency market and the existence of Bitcoin.

Blockchain has become one of the main topics of discussion, and forced officials to follow the path of discussion rather than bans in the future.

Many countries are already sharing their experience and trying to develop common rules and directions in resolving the issue of legalizing Bitcoin and cryptocurrencies.

The political component has become more loyal to digital assets, which will support prices in the future.

Bitcoin and the economy

There have also been changes in economic terms, and they are more progressive than in politics.

Regulators have learned to look at the problem in a big way. Commercial banks and central banks have recently been aggressive towards the development of the crypto market.

We believe this was partly due to the lack of complete information about Bitcoin and digital assets. In recent months, a lot of work and investigations have been carried out, as a result of which the first criminal cases related to cryptocurrencies have appeared.

This will have a positive impact on the future development of the crypto industry as it will help protect investments. Regulators have moved from threatening bans to doing painstaking and important work.

Commercial banks saw profit in Bitcoin. Many large monopolies were recently opposed to the cryptocurrency market and condemned its legalization.

This was probably due to the lack of mechanisms for regulating the operation of the digital market, which did not allow banks and financial companies to legally work with Bitcoin and its derivatives.

Today the situation has changed and many commercial structures want to participate in the development of cryptocurrencies and are creating new tools and trading platforms for making money.

Some countries are ready to nationalize cryptocurrency. As you know, Venezuela was the first to participate in the experiment, releasing the first national cryptocurrency Petro.

The successful ICO allowed us to think about the same step in other countries. For Central Banks, nationalization is one of the ways to control the issue of digital coins, which today is considered one of the main problems for regulators.

The economic component has also changed for the better in recent months and allows us to consider the digital asset market in a promising manner.

We believe that during active sales, Bitcoin has moved from the category of purely speculative assets to investment instruments.

Now there is not enough optimism in the market for the rapid growth of the main cryptocurrency, but this situation is quite understandable for large players, which is already very good.

The completion of a strong corrective decline, coupled with the political and economic maturation of the cryptocurrency market, in our opinion, is a good period for the resumption of Bitcoin growth in the future.
____________
Elena Sverdlova,
Lead Analyst,
Stock Markets Group™

Hello everyone, dear blog subscribers and partners. Today we will talk to you about a coin that recently appeared as a result of the Bitcoin split. Bitcoin Cash. It is noteworthy that on different exchanges it has different tickers; it is used as BCC, so BCH. The Bitcoin chain split occurred on August 1 around 3 p.m., when Bitcoin Cash appeared. Not everyone immediately began to drain the coin after it was added to the exchanges, and it began to grow, at one point reaching almost 45% of the value of Bitcoin, after which it began to decline. Many, including me, thought that growth would end there and it would fall into long-term stagnation. Nevertheless, speculators paid active attention to Bitcoin Cash and began to pump it, the pump continues to this day. I have a certain rule that I adhere to, and it is not to take coins that have just been added to the exchanges, since it is quite difficult to predict what can happen to them. Nevertheless, I did not miss the opportunity to earn a little extra money from the obvious pump of this coin. So, let's figure out what kind of animal this is and what can be expected from it.

The history of Bitcoin Cash

Bitcoin Cash emerged as a result of controversy caused by the fact that the Bitcoin code was obsolete and needed a major update for its development. A block size of 1 megabyte was no longer enough for fast and stable operation of the network. Transactions began to be confirmed slowly, and fees increased significantly. This would have continued, but fortunately for the future of the first cryptocurrency and its holders, the mastodons of this business began to move and take active actions until it hit Bitcoin’s positions too hard.

The majority of market participants supported the option to leave the old Bitcoin chain and carry out gradual smooth changes in it. However, some of the participants insisted on tough changes, namely a hard fork and the allocation of a new cryptocurrency with a block of 8 megabytes as a result.

Differences between Bitcoin Cash and Bitcoin

Let's look at the main differences between Bitcoin Cash and classic Bitcoin in the table below:

Bitcoin Bitcoin Cash
The block will be increased to 2 megabytes.The BCH block has been increased to 8 megabytes.
The network difficulty adjusts to the hashrate every 2016 mined blocks, which means it happens quite slowly.The difficulty of the BCH network will change much faster than in classic Bitcoin. That is, if the network hashrate increases significantly, then the complexity will soon increase. And vice versa.
It is planned to activate SegWit, and with it a significant technological improvement in Bitcoin, the activation of the Lightning Network, which implies instant transactions.It does not plan to activate SegWit, which will be activated in Bitcoin by the end of August.

Bitcoin Cash (BCH) price forecast

Updated 12/20/2017. The balance of power is changing. Active PR of the coin, grandiose large-scale pumps make it clear that someone has made a serious bet on it. Perhaps not in vain, because now there are no problems with transaction speed and high commissions. And unresolved problems with bandwidth and expensive digital gold transactions are now playing into the hands of Bitcoin Cash. In addition, to pump the cache with its capitalization to higher price levels in percentage terms, you need much less money than it would be required for classic Bitcoin, so the cache now paints very bright prospects for large speculators who have a hand in these cash ups. The success of the fork will largely depend on the failures of the “grandfather”; whether the bitcoin core team will be able to quickly implement the safe and working scaling solution that the community needs so much.

A certain relationship between classic Bitcoin and the new coin can now be traced, as investors run from one to the other, at the moment from Bitcoin to the new coin. However, I don't think that when Bitcoin makes a serious correction, its little brother will continue to rise. And in the end, all the defectors, having fixed their profits in the cache, return back to the cue ball.

Therefore, my personal opinion is that it is not safe to enter this coin in the medium and long term. After the hype ends, the price can easily drop 10 times even from current levels. This coin is not a Bitcoin killer, but just another fork. Moreover, from the technical side, it still looks very unattractive, because out of the declared 8 megabytes per block, only 1 megabyte is still used. From this we conclude that the transaction speed has not increased. At the same time, mining of the new cryptocurrency is several times slower. Therefore, there are no objective reasons for growth.

Bitcoin Cash cryptocurrency price dynamics

You need to understand that the current growth of the coin is pure speculation. The growth ceiling has already been indicated, approximately half of the value of Bitcoin, but I doubt that the coin will reach this level. Speculators want to sell this coin at a higher price, so they create artificial hype around it. However, we must take into account that among these speculators there are also large exchanges, mining pools, and in general players who have a colossal volume of coins. So it won't be too predictable. Let me remind you that the issue of Bitcoin Cash will be 21 million coins, and of these, 16 million are already in the hands of users, of which the lion’s share is owned by large players, and in order to sell coins at a higher price, it is necessary to create sufficient market depth. So far it's working out. Although at the time of the pump the coin is undoubtedly interesting, since you can make money from price fluctuations.

How to buy Bitcoin Cash (BCC, BCH)?

If you see potential for growth in this coin or want to speculate on it, then you can purchase it. We will traditionally look at how to buy Bitcoin Cash behind rubles, dollars, Euro, hryvnia, in general for regular fiat currency. To do this we need to register on the Exmo exchange ()

1. Go to the official website of the exchange at this link >>

2. Enter your e-mail and click on the “Registration” button.

3. You will receive an email with an activation link to confirm your account:

4. Next, log into your personal account. The next step after registration is to fund your account. Let's imagine that you do not have any cryptocurrency and no electronic money, then you need to register in one of the payment systems: Payeer (), Perfect Money (), AdvCash (), Yandex money, OkPay, Capitalist. I personally recommend AdvCash, a very convenient payment system. But you’d better choose the one with the lower commission for replenishing the EXMO exchange. Fees are constantly changing, so check the facts. If replenishing your account through the exchange’s personal account currently costs large commissions, then use the method of replenishing your account using EX-CODE, described in.

Important update! Now Bitcoin Cash (BCH) can be purchased directly on the EXMO exchange; the cryptocurrency was added to the listing on November 21, 2017. So, select it in the “Tenders” section. If you topped up your account with dollars, then select the BCH/USD pair, if with rubles, then BCH/RUB:

Let's look at the example of a pair with a dollar. Click on it, go to the window for placing orders and buy according to the market. To do this, enter the amount of cryptocurrency and set the desired price. If you want the order to be executed immediately, then set the price slightly higher than the market average:

After clicking the “Buy BCH” button, the system will automatically buy the required number of sell orders, and your coins will appear in the wallet section. You can withdraw them from the system at any time, or leave them stored on the exchange. In this case, do not forget to enable 2FA in the settings.

The second method is for those who want to buy a lot of coins

This method describes a method for purchasing bitcoins on the EXMO exchange with further transfer to an Asian exchange Binance()where you can purchase and trade huge volumes of BCH. This exchange is great for people with large deposits.

So, after you have replenished your account, we need to buy bitcoins. To do this, select a suitable trading pair, depending on what currency you used to fund your account. For example, for dollars this is the BTC/USD pair.

To buy at the current market price, you need to buy counter orders to sell the currency. That is, those who are selling Bitcoin at this moment. You buy exactly as many orders as you want to buy bitcoins.

6. After you have purchased bitcoins, they will appear in the “wallet” tab. Now we need to withdraw them from the EXMO exchange and transfer them to the Binance exchange, where the trading pair we need is located, here it is designated BCC/BTC. On the Binance exchange you cannot buy cryptocurrency for regular fiat money, only for another cryptocurrency, which is why we purchased bitcoins on EXMO for fiat money.

7. A window opens, fill in the withdrawal amount and the address of your Bitcoin wallet to Binance:

So, let’s register on Binance (office website), in principle there is nothing complicated there, if you have any questions, you can read the review of the exchange, there are detailed instructions on how to register. In order to top up your account, you need to select an item in the top menu in your personal account on the exchange, as shown in the picture below:

After the list of cryptocurrencies has opened, find Bitcoin and click on the “deposit” button opposite it. A window opens with a unique deposit address to which you need to transfer bitcoins to be credited to your balance. After two network confirmations, bitcoins will be credited to your account and you can start trading. We again select the “Shopping Center” item in the top menu - go to the “Main” tab and the trading interface opens:

On the right side, select the BCC/BTC trading pair:

Just below the cryptocurrency chart, we create an order to buy coins. Enter the quantity and desired price, or buy immediately at the current market price:

After the order is executed, the coins are credited to your balance. You can store them directly on the exchange or withdraw them at any time. If you plan to actively trade in the cryptocurrency market and make a profit due to the huge volatility of cryptocurrencies. It’s better, of course, to keep your funds on the stock exchange. But don't forget to enable two-factor authentication to keep your account secure.

Outdated information

8. To find out the desired wallet address, we need to register on the Bittrex exchange. Go to the official website of the exchange https://bittrex.com, scroll down a little and click the “Get Started now” button. The exchange does not support the Russian language.

To top up your account, go to the Wallets section:

Now we are on the page with wallets and balances. We need to get our personal wallet on the exchange, click on the plus next to Bitcoin and create an address. We will withdraw bitcoins from the EXMO exchange to this address.

Next we need to find the BCC/BTC currency pair. To see all trading pairs, click on the name of the exchange and go to the main page. All trading pairs are here, if you can’t find the one you are looking for, there is a search box on the right.

Select the trading pair we need:

We act exactly the same as on the EXMO exchange. We buy the required number of sell orders. Or we set the desired price, volume and wait until our order is executed, that is, the players will sell us the crypto. Once the order is executed, our (now) BCC will appear in the Wallets tab. Now we can leave them on the exchange or withdraw them to our wallet.

That's all, friends. In this article, we discussed with you the BCC cryptocurrency, as well as how to purchase it. I hope you liked the article, I also recommend to your attention articles about such promising cryptocurrencies as: , , Well, subscribe to blog updates, here I will regularly post information about promising cryptocurrencies and other effective ways to earn money and make profitable investments. Profit to everyone!

Cryptocurrency is governed by a set of rules and everyone who uses it agrees to these rules. This is called "consensus" or "coherence". If you don't agree with the rules, you can "break" the consensus, which is called a "hard split" or hard fork. This means that you create your own currency. The entire chain of transactions before the split is preserved, but after splitting one cryptocurrency into two, all transactions are already carried out separately. In order for a hard fork of a major cryptocurrency to be successful, a large number of people will need to support the split.

Bitcoin Cash is a decentralized cryptocurrency, a branch of the classic version of Bitcoin, a hard fork. The fork occurred on August 1, 2017. Bitcoin Cash is an improvement and expansion of Bitcoin with updated rules of use that will allow it to scale and expand.

Bitcoin is the dominant cryptocurrency now and is sort of the gold standard in the world of cryptocurrencies. Every time you look at Bitcoin, you see the heart of most cryptocurrencies. But now classic Bitcoin has a problem caused by the size of the data block in the transaction. Currently, the maximum data block size is 1 megabyte.

All transactions on the classic Bitcoin network are limited by this size and this is becoming a problem now due to the growing popularity of Bitcoin, because the number of transactions has increased and queues periodically arise. To speed up transaction processing, higher fees can be charged if the user wants their payment to go through faster, but this makes using Bitcoin quite expensive, especially for micropayments.

Two ways to solve this problem have been proposed:

  • Removing the 1 megabyte limit, which will eliminate the queue and increase the profitability of miners, even if the transaction fee falls. Opponents of this decision believe that lifting the limit will eventually lead to an increase in mining power requirements, small miners will not be able to support the network, and all calculations will go to the few largest miners. Such a decision may lead to centralization of the system, which is contrary to its original intent.
  • Storing some information outside the blockchain in separate files. This will free up space and allow more transactions to be placed in a block. This is the so-called SegWit - (Segregated Witness - separate witness). Opponents of this path believe that this is only a temporary solution, which will complicate processing and in the future, with an even greater increase in the number of transactions, queues will arise again, but also complicated by the new SegWit algorithm

Now classic Bitcoin processes 3 transactions per second, which is very slow compared to the transaction speed of Visa, MasterCard, as well as the speed of processing transactions in such cryptocurrencies as Ripple, Dash, Litecoin. If Bitcoin remains unchanged, many other cryptocurrencies could surpass it in functionality, value, capitalization and processing speed, which could push Bitcoin out of the top spot.

Also, a mechanism called “Replay and wipeout protection” was introduced into Bitcoin Cash to protect users who owned classic Bitcoin and will receive Bitcoin Cash coins into their account. Bitcoin Cash uses a new signature hashing algorithm with a new SIGHASH_FORKID flag. The new signature hashes are not valid in the old Bitcoin algorithm. This prevents Bitcoin Cash transactions from being repeated and deleted in classic Bitcoin and vice versa.

Another innovation of Bitcoin Cash is the adaptation of mining difficulty to the hashrate and the number of miners in the network. Mining difficulty will increase or decrease depending on the number of miners and their computing power.

Everyone who owned classic Bitcoin at the time of separation becomes the owner of Bitcoin Cash. This means that all Bitcoin holders at block 478558 (August 1, 2017 around 13:16 UTC) have the same amount of Bitcoin Cash as they do with classic Bitcoin.

If your wallet is stored by a third party, for example on an exchange, then the exchange will automatically create a BCH/BCC wallet for you with the same amount as BTC, or you need to do this manually in the wallet settings. If there was no automatic transfer and there is no option to make a transfer in the settings, then you need to request a transfer from the exchange through technical support.

If your bitcoins were stored in a personal wallet, then you need to split them yourself. This procedure is slightly different for different wallets. Some wallet managers have the option to split the current BTC wallet. You need to complete it, and then make a transfer from the BTC wallet to the BCH/BCC wallet of the entire amount.

Another option is through key export. Export the keys from the main wallet. We download the client for Bitcoin Cash, import the keys there and the same amount appears on the new BCH/BCC wallet as on regular BTC.

All transactions that are carried out after the Bitcoin Cash split are now carried out separately. Any classic Bitcoin that was purchased after the split does not include Bitcoin Cash and vice versa.

Mining Bitcoin Cash

The profitability of Bitcoin Cash mining relative to classic Bitcoin varies and depends on the price of Bitcoin Cash. At some points, the cost of mining Bitcoin Cash was 234% more profitable than mining regular Bitcoin. Miners are beginning to transfer their capacity to mining a new currency, which in turn causes a rapid increase in difficulty and at a certain ratio between the price of Bitcoin Cash and the difficulty of mining, the profitability of mining classic Bitcoin will be higher, but the situation is constantly changing. Some mining pools offer a service to their users to automatically switch mining to a more profitable cryptocurrency.

Classic Bitcoin charges a higher transaction fee - 1.5 BTC (about $6,000) per block. In comparison, the transaction fee for Bitcoin Cash is very small, about $50 per block.

Mining Bitcoin Cash is carried out using the same algorithm as mining classic Bitcoin. For mining, you can use video cards or ASIC devices.

Conclusion

For now, Bitcoin Cash's long-term potential is limited due to the relatively small size of the community supporting the new blockchain. But there is certainly interest in the new cryptocurrency, as evidenced by its price, which increased by 115% in a week. High volatility is certainly present because the currency is inherently new and it takes some time to adapt, test and increase the number of miners in the network.

Alexey Russkikh

Different from its “donor” in fast transactions and low commissions, Bitcoin Cash has quickly become one of the most valuable cryptocurrencies in the world. Let's try to figure out why.

In order to improve the efficiency of transactions, Bitcoin Cash was separated from the Bitcoin network on August 1, 2017. The new coin is moving in a different direction than the original token, aiming to provide faster transaction speeds and lower fees.

What is Bitcoin Cash

Bitcoin Cash (BCH) is a digital currency based on the original Bitcoin blockchain.

Main characteristics of cryptocurrency:

  • stock ticker: BCH, BCC;
  • mining algorithm: SHA-256;
  • block size: 8MB;
  • average commission: $0.07 USD;
  • average time per block: ~15 min (systemically – no more than 1 block per 10 min);
  • does it contain Segwit? No. Each transaction contains its own unique digital signature.

Main characteristics of the network:

  • difficulty: 247,017,115,805;
  • network hashrate: 1.996 Ehash/s;
  • block reward: 12.5 BCH.

Bitcoin cash rate dynamics

Bitcoin cash to dollar/ruble exchange rate for today (BCH/USD and BCH/RUB), as well as its changes for the selected period on popular exchanges, see the online chart:

How is Bitcoin Cash different from Bitcoin?

Bitcoin Cash was created due to differing views on blockchain scalability within the cryptocurrency community. After an increase in the number of users and an increase in the volume of transactions on the network, problems began with delays in the transfer of funds. As a result, many people had to wait hours and sometimes days for transactions to be confirmed.

While searching for ways to solve this problem, there was a lot of controversy, which ultimately led to the community splitting into two groups. The first advocated increasing the block size of the blockchain, and the second advocated restructuring the way data is stored in the already created blockchain.

The biggest difference between both cryptocurrencies is the block size. Their increase from 1 MB to 8 MB allowed more transactions to be processed in one block. The idea is to speed up the transfer of large volumes of funds online and reduce fees.

Another significant difference between the two currencies is that the level of difficulty on the Bitcoin Cash blockchain now depends on how many miners are working on the network. For this reason, many miners have abandoned Bitcoin and opted for a new cryptocurrency that allows them to earn higher profits in a shorter period of time.

Bitcoin hard fork

To increase the speed of transactions, part of the Bitcoin community wanted to increase the block size, for which they needed the support of the majority. This group consisted mainly of miners. Not receiving sufficient support, the group separated from the original network through a so-called hard fork. This is how a new cryptocurrency appeared - Bitcoin Cash.

Bitcoin Cash uses the same blockchain as the original coin until the fork was implemented on August 1, 2017. After this date, all BCH transactions began to be recorded on the new blockchain, while BTC continued to maintain the original version of the blockchain.

How to get bitcoin cash

There are several ways to get BCH:

  • buy on the exchange;
  • mine.

Initially, many of the most prominent exchanges in the US were hesitant to support the new digital money. But after the rise in their price and consumer demand, more and more exchanges began to “open the doors” to the new cryptocurrency. Some of the most popular exchanges that support BCH include Kraken, Bitfinex and Bittrex. Coinbase also said it will begin working with Bitcoin Cash in 2018.

Bitcoin Cash has received a lot of support from miners, many of whom have given up mining Bitcoin. The opportunity to earn more served as an incentive for the growth of network participants.

How to make money with Bitcoin Cash

Cryptocurrencies are known for their instability, so it is impossible to say for sure whether the price of a new coin will rise or fall. Since its inception, the price of BCH has risen, making it one of the most valuable tokens in the world, but it has also experienced significant price fluctuations.

From an investment perspective, the stability of Bitcoin Cash is very uncertain. Many skeptics believe that it will not be able to replace Bitcoin as the leader of the digital money ecosystem, so it may not survive in the long term. On the other hand, BCH supporters believe that it offers various improvements over the original.

What to consider

Bitcoin Cash is still a very young cryptocurrency, and in its early days it showed high volatility. It should be understood that continuing the discussion about its real cost and available support may ultimately lead to finding a successful solution to the problem of scaling the network and Bitcoin itself.

Forecast and prospects

The future of Bitcoin Cash remains unclear. Its value has increased significantly despite its relatively short period of existence, but the coin is already facing a number of problems and uncertainties. Its supporters call it a “new and improved” system that will replace the original Bitcoin.

At the same time, many well-known figures in the cryptocurrency space believe that the Bitcoin Cash fork does not have the same level of support as Bitcoin itself. As BTC moves toward finding its own solutions to the scaling problem, we'll likely soon get a clearer picture of how these two competing digital currencies might evolve in the future.

What do you think about Bitcoin Cash? Is it worth investing in it? Write in the comments.

Everything seemed to be fine and going according to plan, but apparently in the last minutes something went wrong. Or is it all like that? Let's figure it out!

On July 24, 2017, miners supported the Bitcoin soft fork SegWit2x(BIP-91), which was supposed to be activated on August 1. This fork is an improved version of the regular SegWit (BIP-141) and involves at least 2 key changes:

  1. Signature will now be located in a separate block, so the main block will weigh less. This allows you to implement a sidechain, such as the Lightning Network, which will allow you to scale the network without recording all transactions in the main blockchain
  2. Block size will still be later increased to 2 megabytes

These changes will entail the following consequences, which are positive and which are negative, you can decide for yourself (the list is not complete):

  • Transactions are faster
  • It will become more difficult for ordinary miners to mine
  • More transactions per second
  • Reduced competition between miners
  • Commission reduction

Actually, August 1 has passed, and no matter what anyone writes - Bitcoin fork passed successfully, but there was NO network division.

Everywhere they write that Bitcoin was divided, the Bitcoin network forked, the Bitcoin hard fork took place successfully, and so on, but this is all bullshit!

What actually happened to Bitcoin after the fork

Only one event happened with Bitcoin in this regard: the successful activation of SegWit2x.

This suggests that miners are now also engaged in mining, but they reject all blogs that do not support Segwit. Well, new blocks, as I wrote above and in the previous article, will have a separate signature, and later will increase in size to 2 megabytes.

But everywhere they are loudly talking about the division of Bitcoin and the hard fork? Now I’ll tell you what’s the matter.

Bitcoin hard fork- this is a break (splitting) of the main Bitcoin network into two, when some of the miners switched to the updated protocol and create new blocks, and another part of the miners did NOT switch to the updated protocol and cannot verify new blocks. Therefore, a branching occurs, the old network remains and a new one appears, due to the fact that there are miners in both networks.

A hard fork involves replacing or completely deleting blocks, so users would have to download a new client. Otherwise, they will continue to use that old network until they update the software.

In its turn soft fork does not involve replacing or deleting blocks, but rather rejecting blocks that do not use segwit.

Chinese mining ViaBTC pool decided, probably, to become the savior of the whole world and announced the creation Bitcoin ABC, aka Bitcoin Cash, BCC, XBC and BCH, I’ll tell you about the names later, which was supposed to save us from the Bitcoin hard fork.

What is Bitcoin Cash (BCH)

The Chinese are not stupid people, given that they have a huge mining power concentrated, it is not particularly beneficial for them to have a soft fork occur. It will be much better for them if the blocks weigh more than 1 megabyte or even more than 2 megabytes.

Let's immediately create blocks on 8 MB, someone from ViaBTC thought
-Come on, everyone else supported him

Well, they created ALTCOIN, dubbing it a possible salvation in the event of a Bitcoin hard fork, taking as a basis the entire history of the original Bitcoin until August 1, 2017. The initiative came mainly from Chinese miners and programmers, who did not like the fact that because of the soft fork, the productivity and speed of transactions within Bitcoin would increase, but there would be no increase in work for miners.

To make sure it's simple newly minted coin(altcoin), and not some kind of Bitcoin fork or hard fork, just turn on your brain and, for example, go to the official Bitcoin ABC website, where you can see the following inscription

Translation: Bitcoin ABC is a full node implementation of the Bitcoin protocol. We have removed the controversial SegWit code and replaced it with a simple, sensible and regulated block.

There you can see the following on the website:

Briefly about what was written above: Bitcoin has existed with 1 MB blocks for too long, Bitcoin ABC is a hard fork of the stable Bitcoin Core, which assumes blocks from 2 MB to 8 MB.

That is, in this way large mining pools ensure their income and reduce competition, because not every miner will be able to immediately mine 2 megabyte blocks.

So what's with the names? Bitcoin ABC is the name of their “solution”, so we figured out how to save Bitcoin, and the name of it is... well, you understand. Bitcoin Cash, this is directly the same currency based on Bitcoin ABC technology, which received the abbreviation BCC. The site itself even says that the recommended ticker is BCC or XBC, but there is at least one catch, there is already a cryptocurrency called Bitconnect, which, oops, has the ticker BCC. Therefore, on exchanges you can find Bitcoin Cash indicated by the ticker BCH, apparently the Chinese still haven’t thought through everything.

Why You Should Get Rid of Bitcoin Cash (BCC)

Why do you love Bitcoin? There can be many reasons, one of them being decentralization. How do you like the news that a third of a quarter of all Bitcoin Cash blocks were generated anonymous pool, “for fun,” and even in some hostel building?

Bitcoin Cash can for free be received by everyone who had at least some amount of BTC in their regular wallet or online (if the site provided such an opportunity). Therefore, if you received BCC, then at the first opportunity, merge it on the exchange.

As I wrote above, Bitcoin Cash is not Bitcoin, it is a completely different cryptocurrency, only having the same history before August 1st. Within 24 hours BCC took 3rd position(more than $10 billion) in terms of capitalization, it is not surprising, because everyone received this cryptocurrency for free, and there were big players on the exchange who want to make good money on it, people are greedy by nature. Therefore, they buy up all BCH, aka BCC, to create the illusion of a price increase (pump), after which inexperienced traders will begin to buy and thereby increase the price even more, and then these same sharks will sell everything (dump), thereby collapsing the rate, perhaps up to a couple of tens of dollars, if not less.

But their money is not endless, so in order for you to earn money and not fall for their hook, I highly recommend as soon as possible sell all BCC what you have, thereby lowering the price, and let them spend money trying to keep the price the same.

The point is that if people continue they won't understand that this is not a separated original bitcoin, but simply left cryptocurrency, then they will start buying it and showing some hope, thereby depreciating the real Bitcoin (BTC).

The decisions of large exchanges differ; at the moment, Bitcoin Cash has added Bittrex, Kraken, ViaBTC, Yunbi, HitBTC, Bitfinex and some more. The Bitfinex exchange even launched margin trading of BCH, and distributed the tokens themselves in a ratio of 1:0.8539, and not 1:1 as on other exchanges. Apparently they wanted to earn even more...

On the contrary, the Coinbase exchange announced its neutral position towards this cryptocurrency

The price of BCH reached $700, now it is trading at $364 and already occupies the 4th position in capitalization, behind Ripple, the price fell by 15.99% per day. Capitalization and price will continue to fall unless people are stupid and start buying this Bitcoin clone out of ignorance of the situation.

How to get Bitcoin Cash - BCC

If you want to get Bitcoin Cash free to sell as I asked, here are some instructions:

  1. In order to receive BCC, you must have had some amount of BTC in your wallet before August 1st
  2. Export your wallet from the Bitcoin client
  3. Import your BTC wallet into a wallet that supports BCC, it can be Electron Cash, Bitcoin ABC, Bitcoin Classic, BXT or any other
  4. You will have a BCC amount equal to the BTC amount before August 1st!

Finally, to secure the material:

  • Bitcoin (BTC) did not split
  • Bitcoin Cash (BCC, BCH) is just an altcoin, a separate cryptocurrency
  • Bitcoin fork was successful
  • Sell and sell Bitcoin Cash again!

P.S. They didn't even bother to create their own logo, but took the Bitcoin logo