U.S. Pressures BTC-e Exchange as They Plan to Distribute Funds Next Month

Last week the Russian bitcoin exchange, BTC-e, told the public about the trading platform’s plan to repay customers. Now the exchange is back and says there will be a full update come August 30 and the organization will follow with daily announcements. Further, BTC-e answered multiple questions from customers who want access to their funds.

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Releasing 55% of Funds & Pressure from the U.S.

U.S. Pressures BTC-e Exchange as They Plan to Distribute Funds Next MonthEarlier this summer news.Easypaypakistan reported on the cryptocurrency exchange BTC-e being taken down by U.S. law enforcement for connections to bitcoin laundering and illegal money transmissions. Following the FBI arresting alleged employees and seizing funds, the exchange announced on August 3 it had control over its servers and “some of its bitcoin purses.” The trading platform has released a few messages through Twitter and the forum Bitcointalk.org over the course of the past two weeks.

In those messages the exchange spoke of rebranding, working with other partners, and utilizing a unique in-house token to pay customers back similarly to how Bitfinex handled their hack. Now the exchange says come August 30th the organization will update customers every day.

“To date, there is a process of transferring digital resources to an investment company,” explains BTC-e’s latest announcement. “The company is preparing the resource for our launch. As it was announced earlier, at startup users will be able to withdraw 55% of the funds.”

We want to notify all users that there is a political background in closing our service and pressure from the U.S.

BTC-e Claims Fully Functional Exchange is Coming and Bitcoin Cash Refunds

The exchange also fielded questions from forum visitors who said they lost a lot of money due to the trading platform “going under.” Many of the traders were not happy with waiting and called BTC-e’s situation a “circus.” “There was a problem, and we will try to solve it in the shortest possible time,” the exchange says to upset clients. Another person stated that he needed his money now and called the exchange “evil.” BTC-e responds by saying that if it were possible funds would have been given out earlier and the real ‘evil’ resided with a “flag with a bunch of stars.”

The organization says they are hoping to open this September and will publish a “FAQ” in the near future. The FAQ was delayed due to an agreement with lawyers, BTC-e explains, and they can’t release it until the investigation completes. The exchange also answers a trader who asks if the exchange will have only “minimal functionality” and the company seems to think trading will be fully operational. Moreover, the exchange also detailed when they disperse customer holdings next month, Bitcoin Cash (BCH) will also be given to customers at a 1:1 rate.

What do you think about BTC-e’s recent announcement? Let us know in the comments below.

Bitcoin Cash Mining Difficulty Drops Significantly – Speeding Up The Chain

On Sunday, August 20, the Bitcoin Cash (BCH) network dropped its mining difficulty another notch down to 7 percent of BTC’s difficulty, on block 479808. Since then another mining pool has joined in on processing blocks on the BCH chain as the mining pool BTC.com has found its first block on the network.

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Bitcoin Cash Difficulty Drops to Seven Percent of BTC’s Mining Difficulty

Bitcoin Cash Mining Difficulty Drops Significantly – Speeding Up The ChainThe game theory for miners begins to get more interesting as the BCH network has become 115 percent more profitable to mine than the Bitcoin blockchain. This is due to the digital currency’s price which is hovering between the $760-790 range and because of the difficulty drop down to 7 percent of the Bitcoin network’s difficulty. Blocks are being processed rapidly now on the BCH chain as each block is being found every 3-7 minutes. BCH average hashrate per day has spiked significantly over the past four days to roughly 10 percent of the Bitcoin network’s seven exahash.

The mystery miner is now capturing fewer blocks over the past few days as other mining pools have picked up the pace. Mining pools like pool.Bitcoin.com, Bitclub, and Viabtc especially have been processing a lot more blocks recently, spreading out hashrate distribution. Viabtc has mined over 27 percent of the last 144 BCH blocks found, and the mystery miner now has only 68 percent. So far since the fork 1507 blocks have been mined and the fork is currently 1349 blocks behind the BTC chain. However, at the current speed of processing blocks and with the BCH network difficulty so low the chain should start to catch up.

BTC.com Mining Pool Joins In on BCH Mining, Other Pools to Follow This Week

In addition to the network difficulty changes, another mining pool has joined in on processing BCH blocks. The mining pool BTC.com mined its first block, 480002, on August 20, being the first pool to join since Bitclub last week. Additionally, according to Trustnodes the large mining pool BTC.top will begin mining BCH on Monday, August 21. Jiang Zhuo’er, BTC.TOP’s founder told the publication that there would be an option for miners to choose between BTC or BCH from the pool’s settings.

Bitcoin Cash Mining Difficulty Drops Significantly Drawing in More Miners
BTC.com joins in on mining BCH capturing 1.39 percent of the network.

Bitmain’s Jihan Wu Speaks on Bitcoin Cash

Bitcoin Cash Mining Difficulty Drops Significantly Drawing in More Miners
Jihan Wu founder of Bitmain, and operator of the mining pool Antpool.

The new pool follows statements made on August 17 by Bitmain founder and Antpool operator, Jihan Wu, saying “Antpool will start to provide bitcoin cash mining option after at least one of Segwit supporter/fan pools start to mining bitcoin cash.”  This means as more mining pools jump in on processing BCH blocks Jihan Wu’s Antpool may join in on mining the digital currency in the near future. A couple of days later Jihan Wu made some more interesting statements about BCH and BTC as well.

“If you want to kill bitcoin cash, please pitch Brian Armstrong to list bitcoin cash. Because lots of investors at Coinbase want to sell their bitcoin cash,” Jihan Wu states on Twitter. In another statement, Jihan Wu gives his Twitter followers a thought-provoking analogy.

America is not England. America is America. Bitcoin Cash is not Bitcoin. Bitcoin Cash is Bitcoin Cash.

BCH supporters are looking forward to this week as they believe there will be some more action with the digital currency’s hashrate and the token’s market price. At press time the BCH price has dipped well below this past Friday’s $960 highs and is currently hovering in the $760 price territory.

What do you think about the changes taking place within the Bitcoin Cash network? Let us know your thoughts in the comments below. 


 

Segwit2x and Bitcoin Core Drama Flares Up ‘Community’ Tension

On August 17 the bitcoin payment processing company Bitpay published a blog post about Segwit2x that stirred quite a bit of controversy with the bitcoin ‘community.’

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Bitpay Sparks Controversy for Promoting the BTC1 Codebase as a Reference Client to Bitcore Nodes

The post called “What Bitcore Users Need to Know To Be Ready for Segwit Activation” gives a detailed explanation to its Bitcore user base about the upcoming consensus process with Segwit2x. However, the post also leaves btc1 software (Segwit2x) as a form of upgrade for Bitcore full nodes.

Immediately a few bitcoin proponents and developers such as Peter Todd, Tuur Demeester, Francis Pouliot‏, John Carvalho‏, Rodolfo Novak‏ and others got angry with Bitpay for recommending an alternative to the Core reference code. Developer Peter Todd called Bitpay’s statement “fraudulent” and talked of litigation. Programmer Eric Lombrozo has asked his Twitter followers to openly ban any company that supports Segwit2x. Across forums and social media, the blog post caused relentless debate throughout the entire day of August 17.

Segwit2x and Bitcoin Core Drama Flares Up 'Community' Tension
Drama on the Twitter feeds.

Bitcoin.org Operator Theymos Seeks to Remove Copay Wallet and All Bitpay Services from the Website

Then later on into the day the owners of Bitcoin.org decided to create a pull request to remove Bitpay’s services and the Copay wallet from the site’s recommended wallet section. One of the operators of Bitcoin.org and the lead administrator of r/bitcoin, Theymos, explains that Bitpay is pushing “fraudulent” software.

“Bitpay is fraudulently passing off btc1 as Bitcoin software to which people are required to upgrade,” explains Theymos. “This is highly unethical and a violation of the bitcoin.org hard fork policy.”

Therefore, this pull request removes from bitcoin.org any references to Bitpay and their software/services Copay and Bitcore.

Segwit2x and Bitcoin Core Drama Flares Up 'Community' Tension

Bitcoin developers like David Harding detailed that Bitcoin.org should “proceed slowly and try to get Bitpay to clarify their position before we delist them.” Other developers agreed with Harding’s opinion, but others agreed with the proposal set forth by Theymos. Then btc1 developer Jeff Garzik explains his view stating, “NAK. It is reasonable and practical to follow the blockchain with the most hashpower (thus most secure).” Bitcoin.org operator Theymos didn’t like this statement and replied back to Garzik by saying, “Bitcoin is not and must not be ruled by miners,” and leaves a link to a Bitcoin Wiki site he controls.

Segwit2x Developer Jeff Garzik Removed From Github Repo

Just when you thought the drama would end, it didn’t, as later on that day Jeff Garzik was removed from the Core bitcoin repository as a contributor. This also created quite a stir on Twitter as people who are angry about Segwit2x stated things like, “you brought it upon yourself Jeff, enjoy working on btc1 alone.” While others defended Garzik and called the action “ludicrous.”

According to bitcoin Core contributor, Matt Corrallo, Garzik’s statements in the past would agree with the decision. “As Jeff himself advocated for several times, this is just the removal of people who haven’t been active in the project for years. No need to read too much into such things.” Software developers Peter Todd and Greg Maxwell also confirm the reason why Garzik was removed was due to inactivity. However, there are some speculators who believe the move was far more political, and coincidently done before the second half of the compromise.

Segwit2x and Bitcoin Core Drama Flares Up 'Community' Tension

It doesn’t seem like Segwit2x is off to a good start for the second half of the New York Agreement. Already bitcoiners are talking about the birth of a third bitcoin called “B2X.” Meanwhile, bitcoin cash supporters are telling Segwit2x proponents to join them, as most believe the compromise is a failed attempt. It’s safe to say the quarreling will be very intense over the next couple months in bitcoin-land, and another blockchain split is looking more probable as the days continue.

The Segwit2x Working group (btc1) plans to hard fork the network to increase the block size to 2MB on block 494,784 on the Bitcoin blockchain.

What do you think about the drama surrounding the Segwit2x code and Bitcoin Core reference client? Let us know what you think in the comments below.

Bitcoin Flies Past New All-Time High of $4K Across Global Exchanges

The price of bitcoin has climbed to another all time high of $4,000 per BTC across global exchanges on August 12 at approximately 9:40 pm EDT. It was just seven days ago when bitcoin’s price surpassed the $3,000 zone gaining $1,000 in value in just one week.

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Bitcoin Gains $1000 in Value Over the Course of One Week

Last week news.Bitcoin.com reported on how bitcoin crossed the $3K price range just five days after the network split. Now a week later the decentralized currency has continued to rise relentlessly and now commands a weighted average of $4140 per BTC at the time of writing. Most of the current demand for bitcoin is stemming from the U.S., Japan, China, South Korea and India, but the cryptocurrency is growing more popular in nearly every country worldwide according to Google Trends. Local Bitcoins volumes are also soaring in every nation state recorded by Coin Dance data.

Bitcoin Sets Another All-Time High of $4K Across Global Exchanges
Bitcoin crosses $4K on August 12, 2017, 9:40 pm EDT.

At this price, bitcoin’s entire market capitalization is roughly $66B and dominates 47 percent of the entire $134B cryptocurrency market cap. Further, since our last price analysis, BTC trade volume has increased from $1.7B to $2.3B over the past 24-hours. The $4K bitcoin price also follows in line with Goldman Sachs recent BTC prediction two months ago. Goldman Sachs chief technician, Sheba Jafari said at the time;

[Bitcoin] has a minimum target that goes out to 3,212. There’s potential to extend as far as 3,915. It just might take time to get there.

Bitcoin Sets Another All-Time High of $4K Across Global Exchanges

Brace Yourselves, Pictures of Bitcoin Price Tickers and the ‘Roller Coaster Guy’ Are Coming

Bitcoin’s value has gained $1000 per BTC over the course of the last week, and it wasn’t so long ago when the price surpassed $2K back in May. At the time bitcoin’s average 24-hour trade volume was roughly $1B, and since then volumes have doubled worldwide. Moreover, when bitcoin’s price reached the $2K milestone the network hashrate was 4.2 exahash per second, and now miners are processing at 6.1 exahash per second. Mining revenue is also doing quite well reaching its highest point in history, making mining a very profitable business in 2017.

Bitcoin Sets Another All-Time High of $4K Across Global Exchanges
In parallel with the price, Bitcoin interest is at an all time high.

Of course, cryptocurrency enthusiasts are very pleased with bitcoin’s price performance. Social media and forums are littered with pictures of people’s price tickers at $4K with plenty of funny ‘roller coaster guy’ memes as well. There have been some individuals who feel like these rises are no big deal anymore and new all time highs are just like any other day in bitcoin-land. One forum post nonchalantly says, “Meh — Getting boring, wake me up when we’re at $10k please.”

Where do you see the price going from here? Let us know in the comments below. 

Fork Wars: Segwit Lock-In and Communication Breakdown

Segregated Witness has officially locked-in and bitcoin’s price is currently coasting along at $3430. Even though Bitcoin market prices have rallied to new all time highs after the August 1 hard fork, both Bitcoin and the newly formed network, Bitcoin Cash still have some uncertain futures ahead.

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Bitcoin Cash Pushes Forward as Network Strengthens

Fork Wars: Segwit Lock-In and Communication BreakdownThe hard fork happened, and the Bitcoin network split into two different blockchains that share a previous history. The Bitcoin Cash (BCH) network has survived an entire week, with five mining pools dedicating hashpower towards this alternative chain. Currently, the Bitcoin blockchain is still 899 blocks ahead of the new BCH chain, and it’s also 54 percent more profitable to mine BTC than BCH. However, this will change on August 8 as Bitcoin’s difficulty is going to increase approx. 7 percent while the BCH chain has been lowered to 17 percent of BTC’s current difficulty.

At the moment there have been 240 BCH blocks mined since the blockchain split and an ‘unknown miner’ has processed more than 83 percent of all the blocks in existence. So far there have been a total of 16 ‘big blocks’ (over 1MB) found on the BCH network with a few large ones being over 4MB. The other mining pools which are dedicating hashpower to the BCH chain include Suprnova, pool.Bitcoin.com, Viabtc, and the Bitclub. These four pools have only found 16 percent of the 240 BCH blocks mined. At press time the BCH chain is processing blocks consistently at a rate of 30-60 minutes per block with some longer intervals here and there.

Bitcoin Cash Markets

The price of Bitcoin Cash has helped mining profitability quite a bit as the price per BCH is roughly $380 at the time of writing. BCH markets dropped to an all-time low of just under $200 per BCH, but on August 6 the price rebounded during the day. Currently, BCH markets are up over 40 percent in the last 24-hours with a market capitalization of over $6.2B. Bitcoin Cash also has the third highest trading volume processing $394M over the past 24-hours. Both BTC and BCH prices started ascending on August 7 and Bitcoin hit an all time high of $3490 during the overnight.

Fork Wars: Segwit Lock-In and Communication Breakdown
Bitcoin Cash (BCH) prices have rebounded touching $380 on August 8, 2017.

Segwit Lock-in On August 8 Block 479707

Earlier this week news.Bitcoin.com reported on the Segwit2x roadmap and the possibility of Bitcoin turning into three separate networks. Segregated Witness (Segwit) has officially locked-in at block 479707, and a ~3 month hard fork timeline will now begin. Segwit activation will go live on the Bitcoin network on August 9. A vast majority of miners and businesses have supported the compromise to implement Segwit first and then follow with a 2MB hard fork this November. So far the plan has been successful, but many Core developers vehemently disagree with the second half of the plan. Every single Core developer has stated that they will not support a hard fork in November, which means Core software will not be aligned with the Segwit2x plan.

Fork Wars: Segwit Lock-In and Communication Breakdown
Segregated Witness (Segwit) has officially locked-in at block 479707.

The Civil War and the Rest of the Segwit2x Plan

Fork Wars: Segwit Lock-In and Communication Breakdown
Bitcoin Core contributor Matt Corallo (TheBlueMatt).

Now, software developer Matt Corallo (TheBlueMatt) and other Core developers have introduced a concept for the Core reference code. It seems the new idea will have Bitcoin Core 0.15.0 automatically disconnect nodes running Bitcoin-ABC and the Segwit2x fork.

“Immediately disconnect peers that use service bits 6 and 8 until August 1st, 2018,” explains Corallo’s proposal. “These bits have been used as a flag to indicate that a node is running incompatible consensus rules instead of changing the network magic, so we’re stuck disconnecting based on the service bits, at least for a while. Staying connected to nodes on other networks only prevents both sides from reaching consensus quickly, wastes network resources on both sides.”

‘A Very Hostile and Unsafe Change Prior to Segwit2x Fork Deployment’

Fork Wars: Segwit Lock-In and Communication Breakdown
Segwit2x lead maintainer Jeff Garzik.

After further feedback, Corallo explains that they updated to only disconnect bit 8 (Bitcoin-ABC), and the concept may be reviewed for other nodes in the near future. Segwit2x’s lead maintainer Jeff Garzik doesn’t like the idea and thinks it will create a “premature network split.”

“Deploying this change for NODE_SEGWIT2X – bit 7 – creates chain splits in the wild on an inconsistent basis” explains Garzik. “This creates chain splits even though Bitcoin Core and Segwit2x nodes are validating 100% the same rules today; it creates chain splits because of a presumed future rule deviation. The outcome is a bunch of non-deterministic islands.

This is a very hostile and unsafe change prior to Segwit2x fork deployment. It is safe and a convenient optimization for this codebase to make this change after a chain split, but not before.

Fear, Uncertainty and Doubt

‘Core’ developer Matt Corallo tells others that Garzik is just creating “FUD” and people should “ignore” his comments. “This obviously doesn’t create a split until their incompatible rules kick in, it will only make upgraded nodes more cleanly separated, it’s not like the network won’t still be well-connected,” explains Corallo.

It doesn’t look like the Segwit2x roadmap will be smooth sailing as Core developers want nothing to do with the second half of the compromise. Many speculators wonder why Corallo and other Core developers didn’t mention this concept earlier, as Segwit implementation was just about to lock-in. The argument on Github has continued for quite some time, and many ‘Core’ developers agree (Ack) with the idea of blocking Segwit2x and Bitcoin-ABC (Bitcoin Cash) nodes.

“@TheBlueMatt, Please reconsider that every disagreement of opinion is not “fudding”, and we can have an honest debate,” adds Garzik.

What do you think about Bitcoin Cash and Segwit2x? Let us know what you think in the comments below.

After FBI Takedown: BTC-e Exchange Says They Still Possess Databases and Wallets

According to a new post on the forum Bitcointalk, the now defunct BTC-e exchange says it has control over some its servers and bitcoin wallets. At the moment, operators of the trading platform detail they are evaluating the balances.

 

BTC-e Reveals They Are Assessing Wallets and Balances

BTC-e Exchange Reveals They Possess Databases and WalletsOver the past few weeks, http://blog.easypaypakistan.com2BTC-e-Exchange-Reveals-They-Possess-Databases-and-Wallets-1068x1068 has reported on the BTC-e exchange and how it was seized by U.S. law enforcement. We further detailed how the operators of the exchange released a public message, describing the FBI takedown and the possibility of customers getting their money back. According to the message, some of the “purses” were taken by the FBI so there could be a portion of funds that will be unavailable to BTC-e traders.

On August 3 the trading platform’s operators left a message in Russian stating;

We were able to access our databases and purses [wallets], we are currently assessing the data and bitcoin balance sheets, this information will be made public before the end of next week.

BTC-e Exchange Reveals They Possess Databases and Wallets
The BTC-e trading platform’s latest update written in Russian.

Other Members of BTC-e Partner Businesses Arrested

The U.S. Justice Department and the Financial Crimes Enforcement Network (FinCEN), have seized the trading platform’s domain and claim the exchange has broken money transmission laws. Further, the indictment of the alleged BTC-e administrator, Alexander Vinnik, includes a $110M penalty against the BTC-e exchange for money laundering and illegal money transmission.

BTC-e has also mentioned in its latest public message that employees from a particular company called, Mayzus Financial Services Ltd, have also been arrested for being tied to the “money flow.”

Traders who kept money on the exchange who were not involved with illegal activities are not pleased with the U.S. government’s intervention. The message from BTC-e is a hopeful sign that some traders may get their funds back. At the time of writing U.S. law enforcement has not yet revealed how much money was confiscated from the exchange. If BTC-e reveals how much they have left, and how much the FBI seized next week, traders should get a better idea of the true extent of losses.

What do you think about the latest statement from BTC-e? Do you think they will return the money to customers? Let us know in the comments below.

Panel Recommends Indian Government Take Immediate Steps to Stop Bitcoin Use

The panel formed by the Indian finance ministry has reportedly provided the government with some long-awaited recommendations on how to deal with digital currencies including bitcoin. Immediate steps are to be taken to stop or discourage their use.

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Immediate Steps Recommended

A multi-ministerial panel formed by the Indian finance ministry in April to study and suggest measures for the government to deal with digital currencies including bitcoin has reportedly given the government its official recommendations. The Financial Express reported that:

[The panel] has recommended the government to take immediate steps to stop use of VCs [virtual currencies] such as bitcoins to protect people from potential frauds and curb money laundering.

Indian Government Take Immediate Steps to Stop Bitcoin UsePrior to submitting its report to the government, the panel sought views from the public as well as cryptocurrency start-ups. It recently held a meeting where stakeholders were consulted, Minister of State for Finance Arjun Ram Meghwal said last week, adding that it looked into various aspects of digital currencies such as the usage of bitcoin.

The panel also proposed that if the use of digital currencies continues, the government has the option of stopping their transactions by regulating commercial establishments and intermediaries, sources told the news outlet.

Cryptocurrencies Already on the Rise in India

Indian Government Take Immediate Steps to Stop Bitcoin UseMeanwhile, bitcoin adoption in India is rapidly growing especially in cities like Bangalore, where Unocoin, one of the largest bitcoin exchanges in the country is located. The company told Bitcoin.com that over 50 new merchants have signed up to accept bitcoin this month alone. According to a recent survey, professionals in most industries have heard of bitcoin, even though they have not used it themselves.

A government official said that intermediaries have been regularly advertising cryptocurrencies and the government’s silence on them “can be construed as permission for such activities,” the Financial Express detailed, adding that:

The panel suggested that the government should launch a campaign to discourage people from buying digital currencies and stop advertisements by VC intermediaries.

Government Still Undecided on Bitcoin Regulation

Indian Government Take Immediate Steps to Stop Bitcoin UseThe Indian government has long been looking into regulating digital currencies like bitcoin. In addition to the aforementioned panel, the government has also set up a task force to look into regulating digital currencies. Recently, the Supreme Court has independently ordered the Reserve Bank of India (RBI) to investigate complaints regarding its inaction over digital currencies, giving the central bank four weeks to come up with a report.

Meanwhile, the RBI suggested that the Securities and Exchange Board of India (SEBI) should be the one regulating bitcoin as it should be considered a commodity, to which SEBI disagrees. The news outlet further noted:

The panel, however, did not recommend a blanket ban on digital currencies, as it is difficult to implement.

What do you think of the panel’s recommendations? Let us know in the comments section below.

Fork Watch: First Bitcoin Cash Block Mined Included Over 6K Transactions

As Easypaypakistan reported earlier today, Bitcoin Cash miners initiated the beginning of the fork on August 1 at 12:37 p.m. UTC at block height 478558. Now, six hours later Viabtc mined the first Bitcoin Cash block (nr 478559) at 6:14 pm GMT. This was followed by the second block (nr 478560) that was also mined by the mining pool Viabtc.

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Bitcoin Cash is Born

The Bitcoin Cash blockchain has successfully split away from the legacy chain as of block 478559. The block was mined by the China-based mining pool Viabtc at 2:14 pm EDT (6:14 GMT) and the pool also found the next block 478560 shortly after. The first Bitcoin Cash block was 1915175 Bytes or 1.9 MB in size, holding 6,985 transactions. This is much larger than BTC’s 1MB limit and approx. 3,000 transaction throughput. The mining pool Viabtc also wrote in the block’s Coinbase data “Welcome to the world.” The organization also showed excitement via Twitter stating;

Welcome to the world, Shuya Yang! And Bitcoin cash!

Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions

Block #478559 the first official Bitcoin Cash block mined on August 1, 2017, at 2:14 pm EDT.

Bitcoin Cash Network Sees a Hashrate Increase, but a Swift Drop in Price

Bitcoin Cash prices have dropped significantly since this morning’s high of $400 to a low of $220 at the time of writing. The price of BTC seems unfazed by the first blocks found and is still hovering around the $2740 range. Throughout forums and social media, everyone is talking about the fork. Of course, big blockers are celebrating the split while small blockers are waiting to see something bad happen.

Fork Watch: First Bitcoin Cash Block Mined Clears Over 6K Transactions

At the moment the Bitcoin Cash hashrate is growing slowly and is currently operating at 247 PH/s or 3.9% of the BTC network hashrate. So far, at press time, five blocks total have been mined on the Bitcoin Cash network. Bitcoin.com will be sure to follow the split events closely so our readers can be informed every step of the way.

What do you think about Bitcoin Cash officially splitting off from the legacy chain? Let us know in the comments below.

What The Bitcoin Cash “BCC” Hard Fork Means for Blockchain Wallet Users

At Blockchain, we are focused on creating products that empower you to have ultimate control and flexibility in managing your money. Blockchain wallets are non-custodial and you hold the private keys, meaning you always have full, exclusive access to your funds — which are always accessible with your recovery phrase. In short, we enable you to Be Your Own Bank.

We’ve received questions about the Bitcoin Cash Fork (known as BCC) that is scheduled to activate on August 1st and how it will impact individual users. Our top priority is the safety of customer funds. Though we are actively monitoring network conditions and will do everything we can to minimize the impact on you, it may be necessary to temporarily cease broadcasting transactions for a short period of time. If it is, we will let you know.

If you have a Blockchain wallet, it is essential that you retain your wallet and corresponding recovery phrase and not delete them, even if you empty the BTC balance. Also if you are considering withdrawing funds from exchanges that will not support BCC, it is safe to withdraw to your Blockchain wallet.

In the event of two separate blockchains after August 1, 2017 we will support the longest chain. As of today, we have no immediate plans to fully support the Bitcoin Cash fork within our main product. But, if BCC develops into an actual chain and market, you will be able to use your recovery phrase to export your funds and use them on that chain, regardless of whether or not Blockchain chooses to support it.

Everyday you can choose what to do with the bitcoins in your Blockchain wallet. While no immediate action is required, the current network changes serve as a helpful reminder to have your recovery phrase written down if you haven’t already.

Fork Watch: Block 478558 Initiates ‘Bitcoin Cash’ Split

The start of the Bitcoin ABC (Bitcoin Cash) chain split has begun as the divide was initiated on August 1 at 12:37 p.m. UTC at block height 478558.Screenshot_1

Bitcoin Cash Veers Off at Block Height 478558

Fork Watch: Block 478558 Initiates 'Bitcoin Cash' Split
The start of the Bitcoin ABC/Bitcoin Cash fork took place at block height 478558 according to BTC Fork Monitor.

Over the past week, the central theme of discussion has been the August 1 hard fork and the possible birth of a new token called ‘Bitcoin Cash’ (BCC). The fork has come about after months of long debates, scaling proposals, and community infighting and many bitcoin proponents from both sides are showing a sense of relief although some are still uncertain of the events that will take place, and how the bifurcation of the Bitcoin blockchain will play out.

Today a whole lot of people have been patiently waiting for the user-activated hard fork (UAHF) to commence and the coming of the new digital currency Bitcoin Cash.  August 1 has arrived and the 12:20 UTC time period has officially passed. The start of the BCC chain split began at block 478558, but at the time of writing the official divide has not yet occurred.

Fork Watch: Block 478558 Initiates 'Bitcoin Cash' Split   Places to ‘Watch’ the Fork Unfold

Now the fork didn’t happen at exactly 12:20 UTC but took place six blocks later. There are a few places where bitcoin proponents can follow the behind the scenes action and watch for BCC blocks to be found at data collection sites like Coin Dance, Blockchair, and BTCforkmonitor. Further, there is a live stream “fork party” called Countdown to Bitcoin Cash with over 1400 viewers at press time. And of course, the Reddit forums r/btc, r/bitcoin, and Twitter are filled with discussions concerning today’s events. Fork Watch: Block 478558 Initiates 'Bitcoin Cash' Split

BTC and BCC Markets

Yesterday bitcoin markets were very active, and bulls managed to push the price up to $2929 just twelve hours before the possible fork. Now the price is down 8 percent to a low of $2700 as people sit and wait for the fork’s outcome to commence. Many traders believe the BTC price spike is currently valued with the BCC token’s value priced into it, but market predictions are very speculative. At the moment BCC futures are trading at 0.15 BTC or US$400 after seeing a decline in value over the past week. The San Francisco -based bitcoin exchange Kraken has announced it would begin crediting Bitcoin Cash shortly and trading has begun on the platform. Bitcoin Cash prices on Kraken are similar to Viabtc’s futures at the time of writing.

Fork Watch: Block 478558 Initiates 'Bitcoin Cash' Split
Bitcoin prices hit a high of $2929 on July 31st overnight but subsequently dropped to $2700 during the August 1 morning hours. Bitcoin Cash is trading for about $400 on Viabtc and Kraken at the moment. 

At the moment bitcoin proponents are glued to their screens waiting for the next course of action regarding the August 1 split. Block 478558 was the last common block found and the next event will be the first Bitcoin Cash big block found which could take some time depending on hashrate.

UPDATE: The original title of this post first indicated that the first Bitcoin Cash block had been mined, but that wasn’t entirely accurate. The post has since been updated.

How are you watching today’s events? Let us know in the comments below.