Bitcoin Cash FAQ: What to Do About This New Coin?
List of the most popular questions asked about Bitcoin Cash.
Q: What is Bitcoin Cash?
A: Bitcoin Cash is a new blockchain forked from the original Bitcoin network. It holds the whole history of Bitcoin transactions, but from August 1, 2017 handles its new ledger of transactions. The transactions are grouped into blocks of above 1 MB, to achieve faster and cheaper transactions.
Q: Where is my Bitcoin Cash?
A: If you own Bitcoin, your Bitcoin Cash is somewhere on the new blockchain. And this is a programming and mathematical certainty- the history of a blockchain cannot be changed. So all your part Bitcoin transactions and your Bitcoin balance are recorded on the Bitcoin Cash network.
Q: How do I access my Bitcoin Cash?
A: Read our guide on claiming your Bitcoin cash. There are two strategies. You can choose to wait for more secure ways to gain access to your holdings. If your Bitcoin was on Poloniex, your account should already be credited with Bitcoin Cash. Otherwise, look for special tools related to wallets. But keep in mind those tools are new. Use only trusted wallets and sources to claim your Bitcoin Cash to avoid scams and private key theft.
Q: Is Bitcoin Cash already traded?
A: Yes, HitBTC and Poloniex already handle large volumes of trading against Bitcoin. Changelly also switches between other coins and Bitcoin Cash. Others stay away for now.
Q: How does Bitcoin Cash work?
A: The same way as Bitcoin. Only more transactions are wrapped up into one block, which should hypothetically increase speed and limit fees. For Bitcoin, users had to pay a fee to have their transaction prioritized, as blocks were filled up quickly. For Bitcoin Cash, the larger new blocks allow more transactions to go through the network. But initially, the blocks were not filled to their capacity. With time, it will become clear if the block size is a valuable change that allows for easier spending.
Q: How much is Bitcoin Cash worth?
A: The market price of Bitcoin Cash is still volatile, moving between $700 and $200. It's still too early to say if the currency has stabilized or we are still in a price discovery stage. Not all users have access to their holdings, and there is no telling how much would be sold off.
Q: How many Bitcoin Cash coins are out there?
A: There are 16,492,013 coins in circulation. They are a bit less than the available Bitcoin since the Bitcoin Cash network had a time lag before the discovery of new blocks and coins started. There are 16, 507,812 circulating Bitcoin.
Q: Can I hold Bitcoin Cash in my Bitcoin wallet?
A: It depends. Check with your wallet provider on the exact conditions of distributing the coins after the hard fork. Avoid installing new Bitcoin Cash wallets, as they may interfere with the data on your Bitcoin wallet.
Q: How risky is Bitcoin Cash?
A: It depends. All cryptocurrencies come with high volatility against both fiat and crypto-assets. For now, there are many unknowns around the market price, the network size and other technical issues around Bitcoin Cash. A week or two after the launch, prices were still settling, the network was still going through adjustments, and miners were undecided which network to support. All of these factors may work together or individually to define the future of Bitcoin Cash.
Q: My Bitcoin was on Coinbase. Do I get Bitcoin Cash?
A: As far as our knowledge goes, users of the Coinbase wallet did not receive Bitcoin Cash if they held their Bitcoin on the exchange after July 31, 2017. There are no certainties on whether Coinbase will decide to support Bitcoin Cash and credit the accounts. Users who did not hold their Bitcoin in a wallet where they owned the private key cannot claim the coins.
Q: What will happen to Bitcoin Cash?
A: It is hard to predict the future. There are two scenarios. One is that the new coin gathers up a strong ecosystem around it. This means miners, investors, stakeholders, users, and merchants. The other scenario is that owners will sell their holdings for immediate cash as soon as they get their hands on them. The biggest hope for Bitcoin Cash is that it becomes famous just because it is related to the leader of the pack, Bitcoin.
Q: Who are the people behind Bitcoin Cash?
A: There is no central, highly influential team or organization that steers the project. According to the coin's official site, there is the possibility of forming many teams that would develop the network.
Q: Can I spend Bitcoin Cash?
A: So far, there is no clarity on which merchants would accept Bitcoin Cash payments. It is up to the community to spread the usage, and the future is unknown.