If you’ve been in the crypto space for more than a few days only, you must be aware of the upcoming hardfork. It was first all about UASF, then Segwit2x kicked in and now Bitcoin Cash is the hot topic. So what is happening on August 1st and what do you need to do to protect your bitcoins?
What is Bitcoin Cash ?
Long story short: Bitcoin Cash is a fork of Bitcoin initiated by the mining pool ViaBTC and some others former Bitcoin Classic and Bitcoin Unlimited supporters, including Roger Ver.
The two main features of Bitcoin Cash are:
- Increase of the block size from 1 to 8 MB.
- Segwit removal
It is still unclear if Bitcoin Cash has a roadmap, but we know already that Bitcoin ABC will be one of the main wallets among more or less reliable ones.
When the fork is going to happen ?
The fork, or even what we could call the “split”, will happen on Tuesday 1st of August.
If you want the exact time, here is the most accurate countdown:
What Am I supposed to do then?
The most important thing to know is actually how this new coin is going to be used, integrated and promoted by the key players in the cryptocurrency world.
We already now that all the exchanges that will allow BCH (Bitcoin Cash) trading will consider it like an altcoin. Some important exchanges like Kraken, Bitfinex or Bittrex announced that they will credit BTC balances with their equivalent (1:1) in BCH. Others, like Poloniex or Coinbase won’t support it from launch, but may add it if things are going well.
Our advice: If you have some bitcoins sleeping on an exchange, check their policy regarding the fork and act accordingly. But as a rule of precaution, you should not let anything on any exchange when the fork will occur.