What is occasion?
In what has been touted as the culmination of a multi-year scaling debate, on August 1, 2017 at 6:12pm UTC (bar 478559) a new altcoin was created from Bitcoin. The new altcoin is known as ‘Bcash’ (BCH) or Bitcoin Notes’ (BCC) depending on which wallet/exchange you ask.
In order to avoid confusion with true to life Bitcoin and other altcoins, we recommend readers refer to the new altcoin as ‘Bcash’ (BCH).
As with all altcoins, Bcash is technically off-topic for the /r/Bitcoin subreddit. After all, Bcash was created based on Bitcoin’s transaction history, and therefore all Bitcoin owners should be competent to retrieve an equal amount of Bcash with some effort.
Your Bitcoins are honest as safe as they were before the chain split, but you should clutch care not to compromise your private keys if you wish to retrieve Bcash. This is not important unless you wish to trade immediately.
If you choose to retrieve your Bcash, entertain be aware that consolidating your UTXOs will impact your isolation on both chains.
In order to help readers navigate this embarrassing situation and minimize disruption of relevant content, /r/Bitcoin has dedicated this sultry thread where readers can ask questions or leave comments pertaining to Bcash.
If you are wondering how to save your new altcoin holdings, please read the discussion thoroughly as your questions may already beget been answered. If you don’t see a similar question, please be sure to mention your purse method and preferred exchange, like Kraken, so that other readers can inform appropriate address your concerns.
You are also invited to submit new threads to the /r/Bcash subreddit if you so select.
If you would like to understand the motives behind this new altcoin, delight read The Future of “Bitcoin Cash:” An Interview with Bitcoin ABC contribute to developer Amaury Sechet.
A Beginner’s Guide to Claiming Your “Bitcoin Spondulix” (and Selling It) is a must-read for anyone feeling particularly lost.
But I thought we eluded a chain split?
For those of you who thought we avoided a chain split with the activation of BIP91 a two weeks ago, here is a very loose summary of what happened on the Segwit (BIP141, BIP148, BIP91) in advance:
- Bitcoin Core team deployed Segwit (BIP141) last year
- Miners refused to turn on Segwit via BIP9
- Users deployed UASF (BIP148 by shaolinfry) to require Segwit (BIP141) signaling by August 1st
- Miners prompt BIP91 (by James Hilliard) on July 20th in response to UASF (BIP148)
- BIP91 complied with UASF (BIP148) by demanding Segwit (BIP141) signaling ahead of August 1st
- Segwit BIP141 is foresaw to lock in on Tuesday, August 8th
- Segwit BIP141 is expected to activate on Monday, August 21st
- BIP148 activated successfully without any confine split
- Another altcoin called ‘SegWit2x’ (B2X) may be created later this year, correspond to to Bcash but with less safety precautions regarding replay shelter
Despite all the progress we are making in scaling Bitcoin both on-chain and off-chain, the Bcash party has decided to part ways with the Bitcoin project by creating a new altcoin.
A key modifications is that they are attempting to gut Segwit from their forked customer, as well as increasing the deprecated max_block_size attribute to 8MB.
Various Announcements:
Electrum 1 – Electrum 2 – Trezor – Ledger – Coinbase – Breadwallet – Bitfinex – Airbitz – Blockchain.info – Exodus – Jaxx – Kraken – Bittrex – Greyscale – Yobit – Bitcoin Centre – Bitstamp – [Mycelium]() – [GreenAddress]() – BitcoinTalk – (Reply in footnotes to add other services)