It is evident the Bitcoin Cash debacle is causing some interesting discussions. Albeit support for this project is seemingly growing, most exchanges want nothing to do with it. That is not entirely surprising considering this code hasn’t been audited. Moreover, most exchanges seemingly want to wait and see how long the chain survives. Right now, those chances look pretty good, despite much smaller support than most people think.
The concept of Bitcoin Cash will continue to cause lengthy discussions. This upcoming hard fork has nothing to do with Bitcoin itself, though. Instead, it is a hard fork of the current blockchain that will spawn an altcoin. Considering how most altcoins have difficulties getting on major exchanges, Bitcoin Cash will not fare much better. None of the major trading platforms are leaning toward supporting this project right now. Some users are outraged, whereas others seemingly don’t care right now.
Bitcoin Cash Is Not All That Exciting
Until major exchanges officially support Bitcoin Cash, things won’t improve too much. So far, companies including GDAX, Coinbase, ItBit, and BitMEX have all rejected Bitcoin Cash support. Once again, not a complete surprise, since it is just another altcoin. Although it tries to capitalize on the Bitcoin name, it will not necessarily see a similar value. Even before the token exists, the price is already fluctuating wildly. It is certainly possible the Bitcoin Cash price will see a massive decline come August 1st.
Some other exchanges leave this troubling decision up in the air, which is to be expected. Poloniex is the biggest altcoin exchange, yet even they do not lean toward Bitcoin Cash either. Bitstamp has no intention to support this altcoin protocol anytime soon. That statement caught quite a lot of people by surprise, although it is the most logical outcome What is rather remarkable is how primarily Asian exchanges will effectively list BCC. The addition of Bithumb came as a big surprise. However, not all of these platforms may automatically credit user balances with the altcoin on August 1st.
The next few days will be rather interesting for all Bitcoin users. It doesn’t appear as if the hard fork has a negative impact on the market so far. In fact, one would expect more people to buy Bitcoin so they can get free BCC on August 1st. No one has ever rejected free money when it came through legitimate means. Then again, it may not be worth the hassle to a lot of people either. Dealing with a chain split isn’t exciting by any means. Still, we advise people to get their coins off exchanges before August 1st until the markets settle again.
Header image courtesy of Shutterstock
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
