Bitcoin has had plenty of competitors in the past, but Bitcoin Cash is different in that its transaction history - if the split indeed takes place as planned - would be the same as that of Bitcoin up until the time of the fork.
Although the SegWit2x proposal does envisage doubling the size (that's the 2x bit) of the transaction blocks, its critics argue that this part of the proposal is far from automatic and would still be too small.
The team behind Bitcoin Cash have made a decision to remove all Segwit related code from their proposal, preferring instead the linear scaling option of block size increases to expand the transaction capacity of their network.
Bitcoin Cash's confusing origin-and name-risk making it harder for cryptocurrency to gain wider acceptance. Many traders believe the BTC price spike is now valued with the BCC token's value priced into it, but market predictions are very speculative. Or the fork might not even happen at all!
Interestingly, while the community heads toward a hard fork on August 1, 2017, there is growing strength in its price and market capitalization.
Everyone's eyes are on bitcoin cash today, but other altcoins are swinging into positive territory. We have absolutely no plans to integrate Bitcoin Cash at our machines at this time.
Bitcoin Fork Day is here - the result of a schism in the bitcoin community. Called "Segregated Witness", the rule change would let people put more transactions on each block.More news: The World's Longest Suspension Footbridge Is 1600 Feet of Pure Vertigo
More news: Apple faces backlash for giving in to China's demands
More news: Mauricio Pochettino Understands Kyle Walker Boos From Spurs Fans
In the meantime, Bitcoin holders could find themselves with a windfall, although Bitcoin Cash is now trading at a fraction of Bitcoin's price on futures markets. Bitcoin was trading at $2,837.91, close to its all-time high. CEX.io chief marketing officer Eugene Kovalyk says, "Whether we will list Bitcoin Cash as a new trading pair depends on the demand". This has been interpreted by market participants as a good thing for the ecosystem.
"Although the Bitcoin Cash fork is expected to be minor, it may be successful", the announcement said.
Others beg to differ.
And where there is confusion there is opportunity for bad actors. The developers control the core of Bitcoin while the miners, well, mine the coins. Others advise that all funds be removed from whichever exchange now being used and transferred to a private wallet, ideally not connected to the internet.
However, volatility remains high and the potential for a sharp fall in the next 24-36 hours as the hard fork picture becomes clearer, can not be discounted. Besides, as a general rule, bitcoin holdings should not be kept on exchanges, except for the amounts being actively traded. I know there is one backup in a Mac that doesn't turn on, and another back up on a couple of USB thumbdrives. I would register this contract between myself and Jordan on the blockchain and the Ethereum network would automatically facilitate the exchange of money.
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.