What happens to coins after Bitcoin Cash fork?

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I'm new to Bitcoin and I read that there is a fork going to happen on Aug 1st to create Bitcoin Cash (BCC). From https://ethereumprice.org/ethereum-classic-and-bitcoin-cash/?a=1&b=https://ethereumprice.org/ it is estimated that Bitcoin Cash is going to have a value of ~$310. And it also says that the balance of Bitcoin (BTC) in a wallet will be copied to Bitcoin Cash.

So if I have 1BTC now, which values to ~$1700, after fork, I can have 1BTC + 1BCC with an approximate value of $2000. Is this correct?

v-i-s-h

Posted 2017-07-29T11:05:15.140

Reputation: 101

Answers

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If you have 1 Bitcoin (BTC) before the hard fork, you will have 1 Bitcoin (BTC) and 1 Bitcoin Cash (BCC) after the hard fork.

Whether you can spend those BCC depends on who has control of your private keys. If you currently keep your BTC on an exchange (Coinbase, GDAX, Poloniex, ...) you need to check their policy w.r.t. the fork, since they control your private keys for you.

Coinbase for example has expressed that they will not interact with the BCC blockchain. This means that you will not be able to spend/sell your BCC until they either interact with the BCC blockchain or release your private keys to you.

If you keep your BTC in a paper wallet, you have control over your private keys, and 1 BTC will indeed result in 1 BTC and 1 BCC after the fork.

Today the value of 1 BTC is roughly $2700. BCC futures were trading for $350 last time I checked.

What the value of 1 BTC + 1 BCC will be after the fork is hard to predict and is subject to demand and supply on the markets.

smizzlov

Posted 2017-07-29T11:05:15.140

Reputation: 307

Coinbase has changed plans: "We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time." – Robert Claypool – 2017-08-18T17:35:04.463

Asked: 2017-07-29T11:05:15.140

Viewed: 6 618 times

Active: 2017-09-02T18:24:26.543