Bitcoin Cash

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Bittylicious Policy on the UAHF / BCC / Bitcoin Cash / BitcoinABC fork

This will be referred to BCC in this short article.

Overall thoughts

Bittylicious considers BCC to be a waste of everybody's time. We believe that the market has generally decided that SegWit2x is the way forward for now, and that efforts like BCC do not serve a useful purpose.

We do, however, believe that open source software is designed such that forks like this are created, and that having user choice is overall a good thing.

Bittylicious always judges technologies on their technical merit rather than political implications. We believe that SegWit solves many outstanding issues in Bitcoin and enables interesting technologies in the future. We also believe that a block size increase is a good solution in the interim to reduce pressures on increasing transaction prices. We do not care whether people think there is censorship going on, centralised control etc; we have judged these technologies on their code.

We also believe that if people don't want to use newly enabled technologies like the Lightning Network, they are free not to. Enabling technologies does not cause any issues; only disabling technologies does.

BCC on Bittylicious

Bittylicious has no intention of adding BCC as a tradable token on Bittylicious.

Fork on 1st August

Bittylicious will be keeping a close eye on the BCC fork on 1st August. We believe there is a significant chance that the BCC tokens will be worth a negligible amount and thus do not want to go through the effort of running the Bitcoin ABC daemon and linking this to the Bittylicious UI. However, if it turns out there is noticeable value, we will discuss this with brokers on the platform who may hold coins with us.

Bittylicious will attempt to reconcile at a best guess basis BCC that has been held during the fork. Brokers have until 6am UTC on 3rd August 2017 to let us know if they believe they had any BTC at the time of the fork and a rough estimate of the balance, along with a BCC address for us to send coins to.

Bittylicious does, however, give some credit to the BCC team for implementing chain replay protection. This means it is not essential for BTC and BCC coins to be split immediately after the fork.

Bittylicious has no intention of stopping trading around the time of the fork as it believes that impact will be small.