The whole Bitcoin world is keeping a close eye on BIP91. After all, most parties want to avoid a blockchain split in the near future. Other groups are more interested in pushing their own agenda, even if that leads to a chain split. BitcoinABC is one of those scaling solutions which focuses on big blocks. It is very likely this solution will cause a split, which means a new currency will be created.ViaBTC enabled trading for this hypothetical token against the Chinese Yuan.
It is evident BitcoinABC can become a problematic scaling solution. If the concept gains enough support, it is not unlikely it will create its own forked blockchain. That means we would have multiple instances of Bitcoin compete with one another. However, exchanges have already stated how they will not label BitcoinABC as the original Bitcoin chain. Instead, it will end up as an altcoin, like it should be. ViaBTC will label this currency as Bitcoin Cash, or BCC.
ViaBTC Enables BCC Trading Ahead of Potential Fork
A lot of people are surprised ViaBTC effectively supports this solution. They will also enable cloud mining for BitcoinABC which means the chain can see some significant mining support in the future. With more support comes a higher chance of forking the Bitcoin blockchain. While the rest of the community actively wants to prevent this, BitcoinABC supporters are more than happy to do their own thing. This hypothetical altcoin may become a real thing very soon at this rate.
To set things in motion, ViaBTC made an interesting announcement. As of today, customers can effectively trade the BCC token on the exchange. A trading market against the Chinese Yuan has been opened, which is rather interesting. Customers can convert existing BTC assets into BCC and BTC_FROZEN2. One Bitcoin will give users 1 BCC and 1 BTC_FROZEN2 token. This means purchasing BCC will still return your original BTC even if the currency would become worthless.
Additionally, BCC/CNY trading will be released later today. This means the value of Bitcoin Cash will be primarily denominated in Chinese Yuan. People buying this asset will effectively own 1 BCC if the split ever happens in the future. Come August 1st, we will either have an official BCC market or there will be no such currency to speak of. Either way, things will get incredibly interesting over the next few weeks. It is an interesting gamble by ViaBTC, although one that can easily backfire.