Should I want Bitcoin Cash – BCC ?
July 30, 2017 6:34 pm,
On August 1st, a group of users and some businesses are planning to implement a non-compatible upgrade to the network, raising the block size limit to 8MB and removing SegWit. As this upgrade does not have a wide backing of the network, this “hard fork” would split the Bitcoin network in two. As a result, we will be left with the Bitcoin with activated SegWit (through BIP91/BIP141) and its clone, dubbed Bitcoin Cash(BCC).
As this is a chain-split, Bitcoin Cash will share its entire transaction history with Bitcoin up until the point of the split, with the history diverging after the split. This means that for whatever amount of bitcoins you had before the split, you will end up having that same amount of Bitcoin Cash(BCC). Moreover, as Bitcoin and Bitcoin Cash essentially become two separate currencies, they will be independent of each other. You will be able to spend your bitcoin cash without spending bitcoin.
*Should I want Bitcoin Cash?
Whether or not do you want Bitcoin Cash is entirely up to you. However, since they are basically “free coins”, you may claim them and then exchange them for a different currency. (For instance, ViaBTC offers BCC to BTC exchanges.)
What is a replay protection?
Bitcoin Cash (BitcoinABC) implemented a two-way replay protection, by adding a Bitcoin Cash-specific change to the format of their transactions. After the fork, Bitcoin Cash transactions must contain a special value to be considered as valid transactions. This special content also renders them invalid on the original Bitcoin network.
Will Bitcoin Cash addresses be different from Bitcoin addresses?
Your Bitcoin Cash addresses are also derived from your seed, but with different parameters. As they are made specifically for Bitcoin Cash, there will be no overlap with the original Bitcoin, which increases your privacy. This also means that you should not send bitcoins on a Bitcoin Cash address and vice versa.
The Bitcoin Cash BIP44 derivation path for addresses is:
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