Threat of a bitcoin split avoided, for now

ViaBTC Is Claiming Neutrality as Bitcoin Cash Heads Toward Likely Launch                          Jul 29 2017 at 09:30 UTC by Pete Rizzo

ViaBTC Is Claiming Neutrality as Bitcoin Cash Heads Toward Likely Launch Jul 29 2017 at 09:30 UTC by Pete Rizzo

One thing that should please the existing owners of bitcoin is that their bitcoin is safe and tomorrow they will get one bitcoin cash for every bitcoin they hold. But, if BCC develops into an actual chain and market, you will be able to use your recovery phrase to export your funds and use them on that chain, regardless of whether or not Blockchain chooses to support it.

"In the case of two surviving blockchains we are going to support the blockchain with the most accumulated difficulty". This means that after August 1st, 2017 there are likely to be two versions of the Bitcoin blockchain and two separate digital currencies.

Considering the optimism surrounding SegWit and its ability to create an infrastructure for two-layer solutions such as the Lightning Network that will enable micropayments and open doors for a wider range of applications to be launched on top of the bitcoin protocol, financial analysts including Max Keiser and major Chinese bitcoin exchange BTCC CEO Bobby Lee have emphasized that in the mid-term, likely in the upcoming months, bitcoin price will break the $4,000 mark and establish new all-time highs.

At the time of publishing, bitcoin is trading at $2,870 and is up almost seven percent over a seven day period, according to CoinMarketCap. It will make an announcement 48 hours after the fork. Bitcoin holders will be free to use whichever blockchain they like and will be credited with the new BTC. If you leave your bitcoins in Zebpay, Bitcoin Cash will not be available to you. Furthermore, any such distribution may be delayed or prevented due to technical, regulatory, commercial or other considerations, including security concerns.

As a part of a years-long debate over how Bitcoin records transfers, groups of developers are creating Bitcoin Cash to accommodate more transactions.

Once Bitcoin Cash goes live Tuesday, people "will immediately sell it for bitcoin", he said Monday. It is not clear if the fork will happen and how much the new coin would be worth. Coinbase has issued a blog statement saying that customers who do want to access both BTC and BCC should withdraw their Bitcoins from the exchange by 11.59 pm July 31, while Bitstamp said that the decision to list the new token "remains at our sole discretion at all times".

The Segwit2x initiative solved the impasse by suggesting the data-splitting step should occur in August and then be followed by an increase in the block size to 2MB in November.

Bitcoin (BTC) is less than a day away from a potential split, which would be the first in the cryptocurrency relatively short history.

So, we are on August 1 and the bitcoin world has not ended, as yet.

Users intending to make bitcoin transactions during the fork need to move their bitcoin out of Xapo before 23:00hrs UTC on July 31st. We'll also see how the latest incarnation of the code will protect users from accidental transfer of both Bitcoin and Bitcoin Cash.

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