The corking Bitcoin fork has merely happened as well as things are going smoothly as well as therefore far, at that topographic point conduct hold been no blockchain reorganizations as well as no farther sub forks. Currently Bitcoin Cash’s blockchain is l blocks behind the primary chain, putting it roughly 8 hours behind. The argue for this lag is because it took miners quite a piece to honor the start block, approximately people panicked when a block couldn’t last found, but eventually i was establish past times ViaBTC.
Before the fork, alone iii exchanges traded BCH. Specifically, ViaBTC, HitBTC, as well as Kraken were the alone platforms supporting the coin, amongst the property trading at to a greater extent than than double the toll on HitBTC providing an insane chance for arbitrage.
As the fork commenced, nearly one-half a dozen exchanges added Bitcoin Cash trading pairs. According to Coinmarketcap, Bittrex has taken the Pb amongst 30% trading volume.
Source: Coinmarketcap
Bittrex is i of the largest crypto to crypto exchanges inward the industry, as well as it is no surprise that around traders are flocking to that platform to conduct hold payoff of the incoming volatility.
What is interesting is how exchanges are at a disagreement when it comes to the naming convention of the token. It seems at that topographic point is a 50:50 dissever betwixt using BCC or BCH. While the exact refer of the money is upward for debate, approximately fence that using the refer BCC creates ambiguity. There is already a cryptocurrency called BitConnectCoin using the acronym BCC. Thus, exchanges supporting both cryptocurrencies would conduct hold to differentiate betwixt the 2 if Bitcoin Cash is traded equally BCC.
Furthermore, BitConnectCoin is non merely approximately other altcoin that tin last buried inward the ground. It boasts a marketplace position cap of over $300 meg as well as trades at $54 per coin. Using BCC for both Bitcoin Cash as well as Bitconnect creates unnecessary compatibility issues if an central chooses to back upward both trading pairs.
Speaking of unnecessary issues, if Bitcoin Cash keeps trading at the electrical current $200-300 range, Coinbase mightiness honor itself inward quite a predicament. Their controversial determination to non back upward BCC tokens, as well as complications as well as delays amongst withdrawals mightiness grip them liable for the losses each of their users incurred past times non beingness able to either motion their coins off of the exchange, or non beingness able to have their portion of BCC.
After all, it is the largest Bitcoin central amongst the around users, imagine owing $200 for every Bitcoin inward the company’s possession, that would last a legal as well as a fiscal nightmare. Hindsight is 20/20, but Coinbase should conduct hold supported as well as issued BCC tokens. The bad PR, combined amongst disgruntled users was non worth the political statement.
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