New Bitcoin Fork Bitcoin Cash to be Launched as UAHF on August 1, 2017
The new Bitcoin currency Bitcoin Cash will be launched as a User Activated Hard Fork (UAHF) or in reality, a Miner Activated Hard Fork, on August 1, 2017. All Bitcoin investors will receive Bitcoin Cash tokens that are equivalent to their Bitcoin holdings.
During that day, the Bitcoin Improvement Proposal (BIP) 148 or the User Activated Soft Fork (UASF) will also be activated.
The new Bitcoin token was conceived and coded by major Chinese application specific integrated chip (ASIC) producer and mining pool operator Bitmain as a response to a possible UASF-induced fork. The token, which was initially called Bitcoin ABC but was renamed as Bitcoin Cash, will fork to a version of Bitcoin without Segregated Witness (SegWit) but with a blocksize that is eightfold bigger than Bitcoin.
So far, Bitcoin Cash is supported by only 0.26% of the total Bitcoin mining hashrate and has a price of around 12% of Bitcoin’s value on the ViaBTC futures market. The new digital currency is expected to be traded in a three or even two digit range a few days following its launch if it fails to gain enough financial support. This is due to the expectation that Bitcoin holders will sell their Bitcoin Cash tokens in bulk for either Bitcoin or fiat currencies.
List of Exchanges and others which support Bitcoin Cash
Several exchanges have already expressed their adoption of the new token. Among them are the Bithumb, BTCC, Cryptopia, Huobi, Livecoin, Yobit, Kraken, and ViaBTC.
Some exchanges are still undecided at the moment, but they will be dividing their Bitcoin tokens and provide their clients their share of Bitcoin Cash. Among these exchanges are Bittrex, Bitflyer, HitBTC, and OKEx.
Among the wallets that will support the new token are BTC.com, Keepkey, Jaxx, Ledger, and Trezor.