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On the 1st of August 2017 Bitcoin’s blockchain forked, meaning that a separate cryptocurrency was created which is Bitcoin Cash. The way this fork works is that instead of creating an entirely new cryptocurrency (and blockchain) starting at block 0, the fork just creates a duplicate of the current version and shares the same history. So now all the past transactions of bitcoin cash’s new blockchain are identical to Bitcoins blockchain at the time of fork, but future transactions and balances will be totally independent from one another.

At the time of the fork anybody who had bitcoin got an identical amount of bitcoin cash. If you controlled your own private keys or held your bitcoin in an exchange that said that it would credit users’ balances with bitcoin cash, you are able to access your new bitcoin cash. But if you held your bitcoin with a provider like Coinbase, who said that they weren’t planning on distributing bitcoin cash to their users then you won’t be able to get any bitcoin cash.

More in this category: « Ethereum Bitcoin Gold »

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