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Bitcoin Price Takes a Tumble After Renewed Fears Over a Bitcoin Cash Fork

Bitcoin Price Takes a Tumble After Renewed Fears Over a Bitcoin Cash Fork 2997 Views

July 25, 2017 by Evan Faggart Leave a Comment

Wasn’t the bitcoin scaling war over, like, a week ago? Yes, but it’s back again, and the bitcoin price has taken a tumble as a result.

Also read: Etherparty Wants Everyone Making Smart Contracts

Bitcoin Cash: New Drama, Same Hard Fork

The prospect of a hard fork returned fairly quickly after miners showed overwhelming support for SegWitX early last week. On July 17, bitcoin mining pool and exchange ViaBTC announced that it will designate a “Bitcoin Cash” (BCC) token for trading and mining if a User Activated Hard Fork (UAHF) happens on August 1.

When this news first hit, the community talked about it, but the markets didn’t reflect much — if any — fear over a Bitcoin Cash hard fork. But it seems that has changed.

On the 23rd, the price of the theoretical BCC token reached nearly $500 USD in China, showing that people indeed had a real interest in the coin.

Then, on the 24th, hardware wallet provider Ledger announced that it will release a tool to help its users split their coins in the event of a hard fork on August 1 — giving them holdings in both Bitcoin and BCC.

Following this announcement, the community began taking the renewed possibility of a fork more seriously, with some in the big block camp actively calling for a fork regardless of SegWit2X’s success.

However, the markets didn’t really react to this development until this morning, when Roger Ver — Bitcoin entrepreneur and the face of the big block faction — stated his intention to dump bitcoin and support BCC exclusively if the block size increase portion of SegWit2X does not go through.

Ver’s website,, relayed this message via a public service announcement:

“In the unlikely event that the 2MB block size increase portion of SegWit2X fails to activate, will imm...
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