Get Updated
Cryptocurrency

Bitcoin Blockchain Fork BTC and BCC



We are been hearing about a fork (or split) in the Bitcoin network. On August 1st, 2017, precisely 12:20 UTC, there is a event to make changes to the bitcoin software which will use different protocol. So after August 1st there will be two version of the Bitcoin blockchain and two separate digital currencies. So BTC is the Cryptocurrency that we have been using and A new BCC will be created after August 1st. Bitcoin Blockchain Fork BTC and BCC

Blockchain

A blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. Each block contains a timestamp and a link to a previous block. In Bitcoin Blockchain serves as the public ledger for all transactions.

Bitcoin network data

Bitcoin network data Image — Wikipedia

Why Fork?

Bitcoin is the original version of bitcoin that we’ve used for years. Bitcoin Cash is a proposed fork of the bitcoin blockchain. Supporters of BCC believe that SegWit is attacking some of bitcoin’s fundamental strengths – like its decentralization and democratization. They believe SegWit2x is being led by individuals with ties to shady organizations, and that SegWit2x will be the end of bitcoin as we know it.

Bitcoin Cash plans to solve that problem. The most important thing you need to know about Bitcoin Cash is that it allows for custom block sizing. The “ABC in Bitcoin ABC, in fact, stands for “Adjustable Blocksize Cap”. That means users can determine their preferred blocksize accordingly. By default, the blocksize is set to 2MB, with scaling possible all the way up to 16MB.

Source — bitcoinexchangeguide.com

What is BCC Bitcoin Cash

As mentioned above Bitcoin Cash (BCC),  is a proposed hard fork tahat is going to be held on August 1st, 2017, precisely 12:20 UTC. BitcoinABC is the first software to implement the Bitcoin Cash protocol, but the goal is for there to be many implementations.

Which version to use?

If you are storing your bitcoin in your own wallet with own where you control your own private keys, You can select which Version of Bitcoin to be use. If your bitcoin is stored on web wallet, (hosted wallet). Since it is being hosted by a third party they will desice which version of Bitcoin they gonna use or serve. Most of them allow users to withdraw their coin if they are planning to stay in different version of the bitcoin before the august 1st.

BTC Vs BCC

Both BTC and BCC calling themselves better version. Check different source to make sure which gonna survive. BTC or BCC. Some sites are on the favor of one and others on the favor of next. We need to wait and see what gonna happens. So watch and wait till august first. The best way is to hold on your Bitcoin with your own private keys .

So the final conclusion of the article Bitcoin Blockchain Fork BTC and BCC  is just to wait and watch and take action as required.



Article written by: Sagar Devkota

This is Sagar Devkota Co-Founder of Time and Update. I write about Online Earning Blogging web hosting and domain registration tutorials local technical news and some time about Cryptocurrency mainly Bitcoin. I also write about Git, Github, C, Django, Linux (ubuntu), Cloud Server and what ever not only what I know but also what I heard.

Leave a Reply

Your email address will not be published. Required fields are marked *