WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and devices that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) commencing at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and embark buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and embark buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and devices that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) commencing at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Pic: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) commencing at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and contraptions that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Pic: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and contraptions that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and embark buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and embark buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Pic: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) commencing at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Utter profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Pic: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and embark buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and instruments that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) commencing at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and contraptions that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Individual Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who wielded bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s most likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Pic: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) embarking at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this indeed means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not indeed going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and begin buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently indeed hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to budge around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Photo: Bryce Durbin/TechCrunch

WTF is bitcoin cash and is it worth anything, TechCrunch

WTF is bitcoin cash and is it worth anything?

Early yesterday morning bitcoin’s blockchain forked — meaning a separate cryptocurrency was created called bitcoin cash.

The way a fork works is instead of creating a totally fresh cryptocurrency (and blockchain) beginning at block 0, a fork just creates a duplicate version that shares the same history. So all past transactions on bitcoin cash’s fresh blockchain are identical to bitcoin core’s blockchain, with future transactions and balances being totally independent from each other.

For practical matters, all this truly means is that everyone who possessed bitcoin before the fork now has an identical amount of bitcoin cash that is recorded in bitcoin cash’s forked blockchain.

But it’s not exactly this effortless. If you control your own private keys, or hold your bitcoin in an exchange that said it would credit users’ balances with bitcoin cash, you’re fine and can access your newfound cryptocurrency right now.

If you held your bitcoin with a provider like Coinbase, which said before the fork they aren’t planning on distributing bitcoin cash to users or even interacting with the fresh blockchain at all, then you may be out of luck.

Update for customers asking if Coinbase is keeping their bitcoin cash (BCC) pic.twitter.com/gamiKDTVmx

To be clear — this doesn’t mean companies like Coinbase and Gemini are taking your bitcoin cash for themselves. It’s just that they think it’s a distraction and not truly going to be worth anything in the long run. If this proves to be false and the coins hold value, these companies will most likely end up distributing them to users.

Latest Crunch Report

Apple And Amazon Want Bond | Crunch Report

What’s so special about bitcoin cash?

If you know anything about cryptocurrencies you know there are a ton of them. Like thousands of them. Some are legitimate and substantially different (arguably better) than bitcoin, and some are pretty much just copycats attempting to make a quick buck.

Bitcoin cash is just another modified cryptocurrency.

But it’s getting more attention right now for a few reasons:

Very first, it was created as a result of forking bitcoin core, and not created from scrape. But this isn’t fresh — other cryptocurrencies have also forked from bitcoin in the past, and are nowhere near as valuable as bitcoin cash presently is. That being said, it does mean that anyone who held bitcoin before yesterday now potentially has access to an equal amount of bitcoin cash, which is providing it a lot of attention, as people are telling it’s “free money.”

Secondly, it’s getting attention because the hard fork was timed to coincide with bitcoin core activating a switch in its code called BIP 148, which was a very publicized event in itself. This Bitcoin Improvement Proposal was the result of months of negotiation among major players and activated Segregated Witness, something that will help bitcoin core scale going forward.

Is it worth anything?

Right now, bitcoin cash is actually worth fairly a bit — on paper at least. Some are trading it at around a value of $400 per coin, which makes it the fourth-largest cryptocurrency by market cap right now.

Crunchbase

Coinbase

  • Founded 2012
  • Overview Coinbase is an online platform that permits merchants, consumers, and traders to transact with digital currency. It permits its users to create their own bitcoin wallets and commence buying or selling bitcoins by connecting with their bank accounts. In addition, it provides a series of merchant payment processing systems and implements that support many highly-trafficked websites on the internet. Coinbase was …
  • LocationSan Francisco, CA
  • CategoriesBitcoin, E-Commerce, Private Finance, FinTech
  • FoundersBrian Armstrong, Maia Cybelle Carpenter
  • Websitehttps://www.coinbase.com
  • Total profile for Coinbase

But here’s the thing — it’s presently truly hard to sell bitcoin cash. While some exchanges have added the fresh currency for trading, liquidity is super low, which is why some say the price is being artificially inflated. Because most exchanges aren’t accepting deposits yet, the only bitcoin cash available to trade is currency that was credited by exchanges after the fork. Users holding bitcoin cash outside of exchanges, or in exchanges that don’t support trading, are stuck waiting.

So the moral of the story is that there’s very likely a ton of bitcoin cash waiting to be sold, as soon as people can transfer it. That’s because there’s not a entire lot of incentive to keep the coins, especially when people think it is overvalued and want to quickly cash out. And the price has already fallen — take a look at the price moment today in USD. It’s already down from a high of $680 to around $350 on Bitfinex, one exchange that is suggesting a market for the fresh currency.

Now this isn’t to say it’s going to be worthless. Just look at Ethereum Classic, a hard fork of Ethereum. After that fork it dropped to about $1 per ETC, but a few months later is now worth around $15 per ETC. Of course, this price pales in comparison to the $220 that regular Ethereum presently trades at.

By the way, if you’re wondering why exchanges aren’t accepting deposits of bitcoin cash, it’s because it’s almost unlikely to send bitcoin cash over the blockchain right now. This is because the freshly forked blockchain hasn’t yet adjusted its difficulty, which happens automatically every two thousand sixteen blocks. So it’s taking way too long to mine blocks and confirm transactions. For reference, one block today took ten hours to mine, compared to the ten minutes it should. Most exchanges require six or seven block confirmations before they credit a deposit, so you can see how it’s basically unlikely to stir around bitcoin cash.

Now what?

So what’s next? The general consensus in the cryptocurrency community is that most people are just going to sell bitcoin cash as soon as they get the chance to — which, if happens, will further drive down the price. But there’s always a chance that people will flock to this coin and it actually retains or appreciates in value. Essentially, like everything else in crypto, no one knows what’s about to happen next.

Featured Picture: Bryce Durbin/TechCrunch

Related video:

http://www.youtube.com/watch?v=-pM5_2iMEkg

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