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The Bitcoin Cash (Bcash or BCH) mining saga continues.Last week, Bitcoin Magazine reported how — assuming all miners would act in their short-term.

At 13h16 GMT on Tuesday 1 August 2017, the Bitcoin network forked and formed a new separate blockchain called Bitcoin Cash. Don’t be alarmed. Your Bitcoin and Bitcoin Cash are safe at Luno. In fact, if you had a Bitcoin balance in your Luno wallet, you would have received the same balance of coins on the new blockchain. This new digital currency is called “Bitcoin Cash” or “BCash” and uses the currency code “BCH” or “BCC”. Luno uses BCH as the currency code.

More information about the fork can be found. What do I do now? You have no obligation to take any action. You can keep your BCH, securely stored at Luno, or you can send it to another BCH-compatible platform if you want to sell it. You can’t send BCH from another platform to Luno. How do I send BCH?

BCH send transactions are processed by Luno four times per business day. BCH sends will be processed according to the schedule. Go to MENU → WALLETS → BCH WALLET Click on the SEND BITCOIN CASH tab, fill in the required fields and confirm the transaction.

Important: Make sure you send your BCH to a BCH wallet address, not a Bitcoin wallet address. Using the incorrect wallet address may result in the loss of your BCH.

How do I sell BCH? You can’t sell your BCH for digital or local currency with Luno. You can, however, send your BCH to a BCH-compatible platform and sell there for your desired local or digital currency. We can’t make any suggestions as to what third-party platforms you should use for this, but you can use this Does this mean I have twice as much Bitcoin now?

If you had Bitcoin at the moment of the fork, you’ll have the same balance of BCH. The price of BCH will vary and fluctuate independently from the price of BTC. For example, BTC 1.0 could be worth $2,500 and BCH 1.0 could be worth $500.

If I send my BCH, will my BTC balance be affected? Bitcoin and Bitcoin Cash are two separate blockchains. Sending your BCH will not affect your BTC balance and vice versa. If I send BTC to Luno now, will I receive BCH? This blockchain fork was a once-off event.

If you want BCH now, you will have to buy it or mine it. If I sold my BTC after the fork, will I receive BCH? If you had a positive BTC balance at the moment the fork occurred, you will receive this balance in BCH, regardless of whether you subsequently sold or sent your BTC from Luno. Where can I see my BCH balance? If you have a non-zero BCH balance, we will display a card on the home screen of the app, which will show your balance. At this time you are not able to view your BCH balance on Luno’s Android or iOS apps.

To view your BCH balance and send it, you must sign in to Luno from your web browser and see. Which exchanges support BCH?

Bitcoin companies and service providers are still in the process of deciding whether they support BCH or not. Luno will not make recommendations for third party services. Why can’t I buy BCH on Luno? Luno regards Bitcoin as the most popular and legitimate digital currency. We continuously monitor the industry and we may decide to list other digital currencies in the future. At this time, however, we have no plans to enable receiving, buying or selling of BCH.

This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks. What is Bitcoin Cash?

Icon Symbol Initial release date Algorithm type Max. Supply BCH, BCC, Ƀ 1 August, 2017 SHA-256 21 million BCH Built upon the, Bitcoin Cash is a digital currency that is: • Decentralized. The network is spread out across many different computers all over the world. • Peer-to-Peer.

Person A can send Bitcoin Cash directly to Person B from anywhere in the world without needing an intermediary, like a bank. Bitcoin Cash uses strong encryption to prevent hacking, fraud, and cyber attacks. The history of all Bitcoin Cash transactions is logged on a publicly accessible blockchain that can be viewed and verified by anyone.

How is Bitcoin Cash different from bitcoin? Bitcoin Cash was created as a result of diverging viewpoints within the bitcoin community about how to scale the network. As more people began to use bitcoin, the network struggled to keep up with the volume of transactions. As a result, many bitcoin users were waiting hours, sometimes days, before seeing their transactions go through. There was a lot of debate around how to solve this problem that led to a split between two groups with opposing viewpoints: those in favor of increasing the size of blocks in the blockchain versus those in favor of restructuring the way data was stored in the existing blocks. The Hard Fork To make transaction speeds faster, one group within the bitcoin community wanted to increase the size of blocks on the bitcoin blockchain. This group, consisting primarily of bitcoin miners, could not get enough support from the larger bitcoin community to form the consensus needed to move bitcoin in this direction.

As a result, this group split off (or “hard-forked”) from the original bitcoin blockchain and formed Bitcoin Cash as a new currency. Bitcoin Cash recognizes the same blockchain as bitcoin up until the time of the fork, August 1st, 2017. After the fork, Bitcoin Cash transactions started to be recorded on a new blockchain, specific to Bitcoin Cash, while bitcoin continued to maintain the. What does Bitcoin Cash do differently? The biggest difference between bitcoin and Bitcoin Cash has to do with the size of blocks on the blockchain.

By increasing block size from bitcoin’s 1MB up to 8MB, Bitcoin Cash allows many more transactions to be processed in one block. The idea is to process larger transaction volumes faster and for lower fees. Another significant difference between the two currencies is that the level of difficulty involved in mining Bitcoin Cash varies depending on how many miners are active on the network.

Many bitcoin miners have migrated over to Bitcoin Cash for this reason, because it allows them to generate larger profits at a faster rate than mining bitcoin. Emercoin EMC Miner Client Download. Where can I use Bitcoin Cash as payment? Many cryptocurrency exchanges have taken steps to integrate Bitcoin Cash, and it’s possible that merchants will begin to follow suit as the currency continues to grow. For those looking to use cryptocurrency to buy goods and services, Bitcoin Cash is not currently accepted by most vendors, including many of those that do accept bitcoin. How to get Bitcoin Cash There are a few ways to get your hands on some BCH.

• You might already have some. If you owned bitcoin before the August 1 fork, you might already have Bitcoin Cash. Any bitcoin holdings you had prior to the split, unless they were kept on an exchange, can also be claimed as Bitcoin Cash. The same private keys associated with your bitcoin wallet can be used to access equal holdings in Bitcoin Cash.

• Buy from an exchange. Initially, many of the most prominent exchanges in the US were hesitant to support Bitcoin Cash. However, due to an increase in value and consumer demand more and more exchanges are beginning to open their doors to this new currency. Some popular exchanges that support BCH include Kraken, Bitfinex, and Bittrex.

Coinbase has also stated that it will begin to issue Bitcoin Cash starting in 2018.