CoinFlip ATMs Only Support (Bitcoin) BTC, Not (Bitcoin Cash) BCC

CoinFlip, the Bitcoin ATM company, has issued an open letter today informing users that they will not support the new Bitcoin Cash (BCC), should the fork occur Aug. 1.

But what is the difference between Bitcoin and Bitcoin Cash?

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures while Bitcoin Cash is a token that may exist in the near future due to a user-activated hard fork (UAHF) that will bifurcate the Bitcoin blockchain into two branches. The UAHF was initially a contingency plan against the user-activated soft fork (UASF) announced by the bitcoin company Bitmain Technologies. Since this announcement, at the “Future of Bitcoin” conference a developer named Amaury Séchet revealed the Bitcoin ABC” (Adjustable Blocksize Cap) project and told the audience about the upcoming UAHF. 

In simple words, BTC and BCC are two possible forks for the bitcoin blockchain. Bitcoin (BTC) is the bitcoin we’ve known and loved for years. It’s the main development path for bitcoin. Bitcoin Cash (BCC), on the other hand, is a proposed hard fork that claims to be closer to Satoshi’s original vision for the currency.

Bitcoin Cash has to start as a minority coin - Can this play a role in why CoinFlip ATMs are only supporting BTC and not BCC?

BCC is trading about 1/5 to 1/7 the value of Bitcoin at the moment. Obviously, there is a tremendous amount of risk attached to the coin (like the fact that it doesn't currently exist), which is why it is a volatile marketplace. 

No BCC

CoinFlip’& rsquo; s letter comes in the middle of a variety of other declarations turning down the possibly recently produced altcoin. The letter makes it clear that CoinFlip’& rsquo; s ATMs will not support anything aside from Bitcoin core.

” CoinFlip has no strategies whatsoever to support any sort of Bitcoin spin-off or altcoin, and BCC supplies no exception to this position. We will continue to support Bitcoin core, and as far as Bitcoin goes – just purchase and offer Bitcoin core at our terminals.”

ATMs Closing

The business likewise provided a clear indicator of how their ATMs would work right away after the fork. They plan to suspend all deals for a minimum of 24 hours in order to be specific that the interruption to the Blockchain is total. Even more, all coins will currently be divided, and BCC deals will be kept in mind as ‘& lsquo; void, & rsquo; considering that the system will not support BCC. Users with CoinFlip need to make other plans need to they wish to make the most of the BTC split.