Bitcoin Has Officially Hard Forked as First Bitcoin Cash Block Is Mined

Bitcoin Has Officially Hard Forked as First Bitcoin Cash Block Is Mined

The Bitcoin fork is here, and the first block for Bitcoin Cash (BCC) has been mined. This has opened the door for exchanges, traders, miners, and potentially attackers to begin using Bitcoin Cash.

Also read: Bitcoin Price Holds Steady in Face of Historic Hard Fork

Block number 478559 on the BCC hard fork was mined by ViaBTC at 2:21 PM EST. This block contained 6,985 transactions with a block size of 1.91 MB. You can follow the Bitcoin Cash block statistics at blockdozer.com

The first block took about 5 hours to find according to data found at btcforkmonitor.info as a result of this delay, the BCC fork is 46 blocks behind Bitcoin Core blockchain.

Bitcoin Cash

At press time, there have been a total of 5 blocks found.  Currently there are 2 miners — ViaBTC and an unknown miner — that have found blocks on the forked Bitcoin Cash chain.

Exchanges Moving Forward to Release and Trade Bitcoin Cash

Some exchanges are giving users Bitcoin Cash for the amount of bitcoin they hold in their exchange wallet. These exchanges may not allow trading of Bitcoin Cash right away. Exchanges may wait for more confirmation or blocks to be mined.

Kraken had released Bitcoin Cash to Bitcoin Core in a 1:1 ratio.  This took place earlier today. However, the exchange did not allow trading until several hours after. Currently, Bitcoin Cash is trading in a USD pair and is currently around $240.

Conversely, Bittrex exchange started trading Bitcoin Cash (BCC) at 2:30 EST on a BCC to USDT trading pair.  The price opened up at $200 USD for 1 BCC, and quickly spiked to $400 USD.

At press time, Bittrex has not released the BCC to users who held BTC on their exchange wallets.

Users Beware: Proceed With Caution

With this hard fork, there are few subtleties users should be aware to avoid making an easy mistake. The first thing is the abbreviation for Bitcoin Cash. CoinMarketCap.com has Bitcoin Cash labeled with the newer BCH abbreviation. Kraken also labels Bitcoin Cash with a BCH abbreviation.

However, Bitrex has Bitcoin Cash labeled with the older BCC abbreviation. This can be confusing for users, because BCC represents the Bitconnect altcoin on some exchanges, including CoinMarketCap.

Secondly, if you have transferred bitcoin to a cold wallet, and you are looking to trade or transfer your bitcoin or Bitcoin Cash, it is best practice to send a small amount to the destination wallet first.  This will allow you to make sure that wallet service is accepting deposits without risking your whole purse.

Lastly, users should be aware there is a higher of the chance for attacks on the Bitcoin Cash chain this early in the deployment of the chain.

resources to follow:

https://www.btcforkmonitor.info/

https://cash.coin.dance/blocks

Bitsonline will continue following the hard fork and will provide updates as the become available.


Images via Pixabay

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