Btcpop: Leading the way with Bitcoin Cash
“Btcpop.co lead the way for Bitcoin Cash quickly and efficiently handling all user funds and launching Bitcoin Cash on its internal altcoin exchange. Btcpop was also arguably the first exchange to enable Bitcoin cash deposits and withdraws and all functions performed perfectly including Btcpop’s first ever transaction on Bitcoin Cash which confirmed in the first block.”
Lead up to the Fork
On August 1st at 12:20 UTC the Bitcoin Cash protocol started causing it to split off from the main chain and essentially the launch of a whole new cryptocurrency with existing Bitcoin balances. But, this was not an unforeseen thing, Bitcoin’s create foresaw this event happening and clearly stated that Bitcoin was simply the longest chain on the protocol. Nothing more, nothing less. Being open source he was fully aware things would change and forking allows alternative forms of Bitcoin to freely compete for the title of “Bitcoin”
“It is strictly necessary that the longest chain is always considered the valid
one.” ~ Satoshi Nakamoto
The lead up to the fork took the Bitcoin community a bit by surprise. Earlier dramma regarding a UASF, was thought to be where the forking would come from in order to enable Segwit. However, with the Segwitx2MB agreement, the community reached a consensus as on July 23rd Bip 91 was locked in essentially paving the way for segwit implementation which will come in about 1000 Bitcoin blocks (at the time of this writing). However, things started to heat up as ViaBtc announced its support for the Bitcoin Cash token and would be allowing cloud miners the ability to mine on the Bitcoin Cash chain or BitcoinABC protocol. This dramatically increased the likelihood of a viable split chain as it would have enough hashing power to produce blocks and come into existence.
As community realized that the fork was going to happen general chaos broke out throughout the community for this unprecedented event. People quickly realized that all the Bitcoin they had on 3rd party wallets or exchanges was not in their control for the fork.
The fork worked very simple, just like Bitcoin, whoever holds the private keys holds the Bitcoin. As the only way to truly own your Bitcoin is to hold the private keys yourself, if you trust someone else to do it for, you don’t really own them.
Panic peaked around July 27th when Coinbase announced that it would not be supporting Bitcoin Cash, and that if users wanted to obtain the forked coin, they would need to withdraw their Bitcoin prior to the event. The result was a mass exodus of coins from coinbase and other exchanges prior to the event. This had dramatic effect on altcoin prices and non technical Bitcoin users (like myself) all over the world fretted and tried to figure out how to handle their Bitcoin before the big day.
Btcpop’s owner Casimir1904, a Bitcoin user since 2011 and technical wizard, clearly understood the event and knew exactly how to prepare. Btcpop was ahead of the game and like other responsible 3rd parties posted their support of the Bitcoin Cash token well in advance on July 19th. Btcpop via a blog post and made it clear that it would support the token, and that all Bitcoin in their account would be credited. An email was also sent to all users well in advance of the event.
Many users (myself included) found the service of having their coins split for them convenient and there was a good influx of Bitcoin sent into Btcpop to take advantage of having an expert split their coins for them at no cost.
As Btcpop described in its email, at precisely 12:20 UTC Btcpop’s website went down for 5 minutes and all accounts were credited their Btcc. The BCC/BTCC (Btcpop went with BTCC as a ticker as BCC already exists as BitConnect) trading pair was also instantly enabled on Btcpop’s Altcoin exchange where users could trade.
After the first block had been mined (which included Btcpop’s first BTCC transaction) Btcpop’s owner enabled deposits and withdraws for himself to test. After the test worked correctly Btcpop enabled Bitcoin Cash Deposits and Withdrawls for everyone effectively becoming the first exchange with BTCC deposits and withdrawals. Enabling its users (myself included) the ability to arbitrage and profit between the few other exchanges accepting BTCC deposits such as HitBTC.com.
While many exchanges began internally trading Bitcoin Cash, very few if any accepted deposits. Bittrex recently (8/3/17 @ 12:00PM) announced that it will accept Bitcoin Cash deposits with 20 confirmations (Btcpop only requires 3 confirmations). The pricing and trading of Bitcoin Cash during this period of time has been volatile and interesting. As many Bitcoin holders withdrew from exchanges, its unknown how representative isolated market prices are (as you can see by Large differences in prices).
So while it all pans out, remember that the Btcpop exchange is only 3 confirmations away. And While you’re trading your Bitcoin Cash take a look at all of Btcpop’s features. From investing and taking out P2P loans, P2P share market, Altcoin exchange, Staking Wallets, Bond Market, and Savings Account. And if you’re planning on holding your Bitcoin cash, you can use it as collateral for a Bitcoin loan if you desire!
So if you want to skip the drama and know your Bitcoin (+Bitcoin Cash) are secure and usable head on over to Btcpop today!