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Blockchain fork will create new digital currency called Bitcoin Cash

By dailymail / Published on Monday, 31 Jul 2017 15:23 PM / No Comments


Aurélien Menant, founder and CEO of Gatecoin, a regulated bitcoin and ethereum token exchange based in Hong Kong, says parts of the community are referring to the new token as Bcash. She says the new coin will pose no threat to the future of bitcoin.

“Investors holding both bitcoin and Bcash may benefit from the speculative price gains in both cryptocurrencies following the hard fork, but adoption of Bcash as a network will be limited in the short term.”

Fran Strajnar, co-founder & CEO of data and research company Brave New Coin, says most cryto currency funds and investors are looking forward to receiving their free tokens.

“Most will likely hold as it’s free, just to see what happens or for hedging,” he told CNBC via email on Monday.

“However a majority of everyday users, traders and investors are vocal about market dumping their free tokens as soon as they can.”

Strajnar predicts the price for Bitcoin Cash could be hit heavily once it is open to trading.

“If there’s any legs at all to Bitcoin Cash or if the miners backing it deploy large scale and sustained attacks on bitcoin, then Bitcoin Cash may survive its initial violent birth.”

Whatever happens, bitcoin will not disappoint in terms of creating drama, says Matthew Roszak, co-founder & chairman of blockchain enterprise software company Bloq.

“This entire process will be a key test for bitcoin in its evolution beyond a store of value and show its potential to grow into something much greater,” he told CNBC via email.