One of Bitcoin’s biggest mining pools, ViaBTC, has stated they will list for trading BitcoinABC, named Bitcoin Cash (BCC), while allowing their users to mine the fork on a new mining pool.
“From 22nd July 2017 (UTC Time), ViaBTC exchange users can trade your “BTC” assets against 1:1 ratio into both “BCC” and “BTC_FROZEN2” assets. Namely, you can trade 1 “BTC” into 1 “BCC” token and 1 “BTC_FROZEN2” token, or vice versa. Deposit and withdrawal are not available for “BCC” and ”BTC_FROZEN2”,” ViaBTC said.
BitcoinABC, which largely follows the approach of Bitcoin Unlimited in increasing transaction capacity, will hardfork on August the 1st at 12:20 UTC regardless of any mining support. The new client will create its own network, with its own chain, its own nodes and its own miners.
Once the chain splits, bitcoiners are automatically given by the network the exact same amount of bitcoins they have on August the 1st both on the BCC chain and the BTC chain. So one bitcoin will become one BCC and one BTC. It is probable all current bitcoin exchanges will list both as bitcoin holders will want both of their coins as both are likely to have some value. What value that will be exactly is to be determined by the market during a period of likely trading frenzy and very high volatility around the beginning of next month.
The split comes after more than two years of debate on bitcoin’s scalability, which seemingly ends in two bitcoins due to very different and incompatible visions.
On the one hand, almost all miners will activate segwit through segwit2x, a protocol upgrade that increases maximum capacity up to 4MB while providing only 1.7x transactions capacity, instead of 4x as BitcoinABC does. That’s because some parts of transaction data are given a 75% discount, which many say makes on-chain scalability more difficult, while small blockers say on-chain capacity should be kept limited with everyone transacting through intermediaries on protocols built on top of bitcoin, such as the Lightning Network.
Full article here. As I am reading this article, it seems to me that a split is really inevitable or am I reading it wrong? Up until now, I could not still fully comprehend this whole "split or no split" thing. Anyway, I am already resigned to just wait and see what can be and what will be come August 1 and beyond.
Now, if split is really happening so be it but like many other Bitcoin holders I am wishing there would be no need for a split because it might be an uphill battle for Bitcoin from there to gain back what it already lost so far.
Happy splitting...everyone!
