Topic: confused about bitcoin cash (Read 265 times)

So should we hodl?)

exodus told me they consider BCH and BCH-ABC to be the same thing and they plan to keep using the symbol BCH. i also read an article that some exchange is doing the same thing cause they don't consider SV to be viable. the problem is people in this thread have said BCH is going away and will be worthless so it's clear people don't know WTF is going on. when you have some exchanges and wallets listing BCH and others BCH-ABC is only adds to the confusion. there is no order or agreement on how to proceed. people are doing different things. it's pure chaos.

this is another garbage post about random information nobody asked for.

Bitcoin is electronic money made in 2009 by Satoshi Nakamoto. The enactment of Bitcoin in this virtual world might make some people think it is similar to electronic money.
Bitcoin and electronic money or e-money are certainly not the same. To understand the characteristics of both, here are some differences.

Access
Developing in cyberspace, Bitcoin certainly needs an internet network to be accessible. Bitcoin is increasingly being used for transactions for internet users and now some businesses are starting to accept payments with Bitcoin.
E-money in terms of access does not need an internet network. This electronic money can be used to transact through telecommunications equipment to the form of a card.

Production
Bitcoin is produced through encryption of data and certain algorithms. With a peer-to-peer topology system and a lack of a single administration, the value cannot be manipulated by the authorities or the government, and does not cause inflation if the production of Bitcoin increases.
Unlike virtual money, e-money is issued digitally by financial institutions and guaranteed by authority.

Publisher
Bitcoin is published by a community called 'miner'. Whereas e-money publishers are official banks and financial institutions.

Regulator
Bitcoin is not regulated by any institution, unlike e-money regulated by the central bank.

Owner Data
All Bitcoin transactions are stored publicly and permanently on the network, which allows everyone to see balances and transactions from any Bitcoin address. However, the identity of a Bitcoin user cannot be known until the information is revealed when making a purchase or under certain other conditions.
Whereas in e-money, the ownership data system complies with the applicable financial institution standards.

Value
The Bitcoin value system is determined by the level of trust, supply and demand. Meanwhile, the e-money value system applies like conventional money, only in electronic form

The hard fork issue about BCHSV and BCHABC are really dragging the market down. I think the exchanges should have delist them both as they are confusing. The hash war are really creating a mess in the market and i hope eth would not end up like this in the future.

actually I'm also confused, I can't find bch abc in coinmarketcap, but can still continue to see bitcoincash, even though hardfork is finished, is bch is bch-abc?

Well that is what happens when someone hardforks a hardforked coin. ABC is the bitcoin cash that you already know and then the SV is the hardforked coin that came out as a result and now with the two coin being out there is a hash war which has been dragging on and the miners are starting to move some of their equipment to start mining the new fork coin

it seems like alot of you guys are not even reading what i'm posting and are just posting random information that is not directly answering my questions.

adding to the confusion, i contacted exodus. they told me ABC is BCH. it's the same thing. SV is the only new coin. ABC is the same protocol as BCH. they only make it BCH-ABC to distinguish from BCH-SV.

more confusion, different exchanges seem to be handling this according to their own judgement / desires. some are trading both ABC and SV. some haven't made any changes and are still trading BCH.

You have no reason to be confused, Bitcoin Cash has splitted into two and if you have it on an exchange that supports both the two, you will surely receive them. Your old Bitcoin Cash is useless now but you will surely get the new one.

Bitcoin cash is a good asset if you are confused to it it is just simple as we use our currency in traditional way it is a cash in the digital form and it is faster than any other form of money it can be used for buying things for transferring into other coins it is acceptable world wide and many exchanges are holding a good reserve of it for the trade and it is the ongoing currency of the crypto market i love to use crypto for online trade while many projects are reviewing this for currency.

The process of acquiring the forks of the fork needs to be well expressed, because some of us still have our BCHBon exchanges. I do noy also know if the forks will be automatically send to wherever the coin BCH is. I also discovered that some exchanges have disabled the trading of BCH.

Forks getting worst all market. People getting confuse about forks. So many fork coins has created. It is not good. There are almost 25 Bitcoin forks. With other project we can see over 100.

there was a fork on the blockchain of bch after which this has been split into two new coins abc and sv for now it seems that the two new blockchain have trouble meshing and perhaps the miners are undermining at a loss just to keep the chains alive

Yes that's right, BCH = Bitcoin cash will be totally gone as the fork was the upgrade of it but needless to say, neither of the two (SV/ABC) shall be adopted by most.

Why not follow BCH's thread?

[ANN] Bitcoin Cash - Pro on-chain scaling - Cheaper fees

BCH is on many exchanges with the former coin. Though the value of forked will be determined by people but i still uses original bch only.

i appreciate the link on how to claim SV, but that's not what i was asking.

what happens to the BCH in my private wallet? does it stay BCH? does it become ABC? does it become a worthless unsupported currency?

i keep hearing so much conflicting information i'm not sure what is factual. i've heard.....

BCH will go away completely
ABC is BCH and will retain the BCH symbol
the winner of ABC vs SV will retain the BCH symbol

what happens with my bitcoin core wallet that was eligible to claim BCH on august 2017? i was told i can claim that BCH at any time. can i still claim that BCH? do i claim ABC/SV instead? can i claim all three BCH ABC SV?

but bitcoin cash is doing hardfork with almost all famous exchange sites, surely bitcoin cash will go back up and be ready to compete with bitcoin.

yes you can claim new SV coins and exchange into bitcoin or into original BCH.

here is step by step :
https://bitcointalksearch.org/topic/how-to-claim-free-bch-sv-forked-coin-and-how-to-exchange-into-bitcoin-5070999

been trying to read as much as i can and i still have unanswered questions. what happens to BCH that is held in private wallets? i'm using exodus. what happens with my bitcoin core wallet that was eligible to claim BCH? will i still be able to claim BCH or will i be able to claim ABC/SC instead?

it will fork to BCH ABC or BCH SV

Your BCH will be either one of those.

And most likely worth shit all for awhile