Poloniex and Breadwallet Will Support Bitcoin Cash Transfers – The Merkle

The Poloniex exchange recently announced that it will finally enable BCH withdrawals on Monday. BreadWallet, the popular Bitcoin iOS wallet, will also support BCH transactions moving forward. It will be interesting to see how things play out for Bitcoin Cash, sincethere is still a lot of negative animosity towardthis project.

It is good to see support for Bitcoin Cash growing, even though there are still people who feel itto be an abomination. The process of forking offthe main Bitcoin blockchain wasrather peaceful, though, and there is no real reason for any continued bad blood between thecommunities. However, it is perhaps difficultto see two currencies utilizingnear-identicalcode bases andsimilar names, and to not expect some degree of animosity to exist. Bitcoin Cash is an altcoin for now, and no one should haveany problem calling it one.

Whether BCHbecomes the longer blockchain of the two remains to be seen. The SegWit2x fork, potentially taking place thisNovember, remainsa point of contention. Some people feel this will be less of an issue as the Core developers have beenmaking life difficult for supporters of SegWit2x. The upcoming Core Client 0.15.0 will cut offSegWit2x nodes from the main blockchain altogether. This will likely exacerbate the tensionsand lead to another Bitcoin blockchain fork, which could have major repercussions for the network as a whole.

The decision to simply reject SegWit2x now that Segregated Witness activity haslocked in should not surprise anyone. Everybody knew the support forSegWit2x frommost Bitcoin Core supporters was simply a means to an end. SegWit will activateregardless, but the potential increase to 2MB blocks will not be supported by Core. However, the rejection of SegWit2x has already caused a fair bit of controversy.

Some of the worlds largest mining pools support SegWit2x specifically and may not necessarily back down fromthat concept anytime soon. Though itwould make economic sense for them to do so, this war of scaling solutions has been going on for quite some time now. If the mining poolsreally wanted to drive a point home, they wouldstick with SegWit2x and move their hashpower to the new chain when the Novembersplit occurs. At that point things wouldlook pretty bleak for Bitcoin Core. Do keep in mind this is all mere speculation and the end result may be very different from the waythings look right now.

On the positive side for Bitcoin Cash, Poloniex will finally enable BCH withdrawals tomorrow. It is unclear what repercussions this will have on the young cryptocurrency. It is possible we will see a BCH trading market in the future as well, although there is still no official word on that. A Poloniex trading market for Bitcoin Cash would be more than welcome, even though we do not advise that users store funds in exchangewallets for longer than absolutely necessary.

BCH support is also coming to the iOS BreadWallet app. ManyiOS users utilizethis wallet due to its elegance and powerful features. The integration of Bitcoin Cash is a major milestone for the community. Having more wallet support especially in the mobile department can only be seen as a good thing. Things are finally coming together for Bitcoin Cash.

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Poloniex and Breadwallet Will Support Bitcoin Cash Transfers - The Merkle