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Shortly before August 1, when the bitcoin network risks to split in two, CoinDesk provides explanations of the situation and new cryptocurrency – Bitcoin Cash (BCC).
The article states that most probably the split won’t happen. However, in case it takes place, bitcoin will get a twin brother named Bitcoin Cash.
First of all let’s define the notions of soft fork (UASF) and hard fork (UAHF).
In the current situation, the UASF implies that users will accept the changes in the source code and the new SegWit2x protocol. The UAHF is a backup plan that envisages the support of Bitcoin ABC.
If miners don’t accept the soft fork, the hard fork will be activated and bitcoin will split in two cryptocurrencies, one of which will be Bitcoin Cash (BCC). BCC will work on Bitcoin ABC.
Who will accept BCC?
Some largest mining pools (Antpool, Connect BTC, Bitcoin.com, BTC.top, Viabtc) claimed that they would support SegWit2x, but in case of the soft fork failure they would mine BCC. All mining pools are keeping a close eye on the situation in crypto community and do not rule out the possibility of supporting both cryptocurrencies.
Some exchanges (for example, Viabtc) already trade BCC. Currently, its price ranges from $450 to $500.
The article says that it’s very important to keep your private keys safe. It ensures the generation of BCC if the network splits. If you store the cryptocurrency on the exchange, you will have to accept the rules adopted by the exchange.
Representatives of Trezor and Ledger announced that their wallet owners would not have to do anything to get BCC.
Irrespective of the success of SegWit2x, the network can split and miners should get ready. Those who want to get BCC should take the cryptocurrency from intermediaries and store it in controlled wallets.