Bitcoin Cash (BCC) has started trading for CNY thanks to ViaBTC and in a short period f time the new cryptocurrency garnered a market cap of $14 billion when it was trading at a high of $886.64.
ViaBTC is allowing its customers to split their bitcoin with 1 BTC being 1 BCC and 1 BTC_Frozen. The BCC can then be traded for CNY. According to information provided by ViaBTC, more than 1,600+ bitcoins have been traded already up until an hour ago, while the BTC remain frozen until after August 1st.
Bitcoin Cash (BCC) managed to reach a high of 5,999 CNY ($886.64) in the first few hours of trading giving it a market cap of $14 billion. However, the prices fell to below 3,477 CNY in a couple of hours after the peak and to 2507 CNY ($370) at the time of writing.
The opening surge in pricing of BCC indicates there is demand for the cyrptocurrency and this could mean that there is a potential for BCC to attract considerable hashpower as well as support from other exchanges and businesses. Further the volume of 1,600 bitcoins isn’t bad either, but the slump in prices later could mean that investors and traders are still skeptical.
The chain-split has not yet occurred, but from what’s going in the bitcoin scene, it now appears certain to happen with bitcoin breaking into two coins. Bitcoin Core, which is to retain the brand of bitcoin and the BTC ticker, at least for now, and Bitcoin Cash under the BCC ticker, which has its own client, BitcoinABC, with Bitcoin Unlimited and Bitcoin Classic soon to follow.
Bitcoin Cash is a new coin supported by big blockers who are strongly against segwit as they see it hampering bitcoin’s on-chain scalability while turning the currency into a settlement system with intermediary, likely centralized, hubs.
They think bitcoin is and should remain peer-to-peer electronic cash as stated in bitcoin’s whitepaper. Towards that aim, they are splitting into their own currency, Bitcoin Cash, after miners agreed in a closed door meeting to implement segwit which they have now locked in.
The split will happen regardless of miners’s support in a flag-day hard-fork called UAHF that is to occur at 12:20 UTC on August the 1st.
At that point, anyone who currently has bitcoin gains the same amount of BCC, while retaining their BTC. They are then free to exchange them for something else or hold them for the time being.
Depended on the price action, hashrate will likely switch between the two coins based on which is more profitable, with the coin dominant in price probably becoming known as bitcoin.