It seems that the last few days and probably until 1st of August a lot of people are consolidating their crypto coin holdings into Bitcoin (BTC) in order to take advantage of the Bitcoin Cash fork and the fact that they will get the same amount of BCC as they hold BTC. As a result we are seeing a drop in the prices of altcoins and a peak of the price of Bitcoin as people are selling altcoins for BTC apparently.
If you want to take advantage and be able to claim any BCC coins for any Bitcoins you currently own you need to be careful how and where you store your BTC. Obviously the best solution would be to run a local wallet and have full control over your wallet’s private key, but some people prefer to have their coins in crypto exchange so they are available for quick trades. If you want to keep your BTC on an exchange, but still want to be able to get Bitcoin Cash coins you will need to make sure that your coins are on an exchange that will support BCC and not all of the big and popular ones will do initially or at all. Furthermore if you are planning on dumping or trading any BCC coins then you might want to be extra careful as the first few days it is highly likely there will be huge volatility in the price of Bitcoin Cash.
Another important thing, Bitcoin Cash is initially using BCC as a coin ticker and that may be a bit confusing as BCC is already being used by BitConnect. As a result some exchanges may actually use a different coin ticker symbol instead of BCC in order to avoid confusion or maybe create even more. It is possible that Bitcoin Cash may be listed with BCH as a ticker on some crypto exchanges, so make sure you do not make mistakes and trade the wrong coin asset.
Crypto Exchanges and their BCC support:
– Coinbase – no BCC support for now
– Poloniex – no initial BCC support, may add it later
– Kraken – will provide BCC coins and offer trading
– Bitstamp – no initial BCC support
– Bittrex – will credit BCC, may add trading
– GDAX – no initial BCC support
– Bitfinex – will be distributing BCC, no information on trading
– Gemini – no initial BCC support
– Shapeshift – no initial BCC support
– Cryptopia – no initial BCC support
There of course are not all of the crypto exchanges out there, just some of the major international ones that we have covered. If you are suing the services of a smaller or a local crypto currency exchange, then it is best to inquire them about their position regarding the support of Bitcoin Cash and if they will be crediting BCC/BCH coins to their users and if they will be offering trading as well. For now Kraken seems like a good choice to store your BTC if you want to be able to get BCC/BCH coins and after that be able to trade them. Of course there is a number of other exchanges that announced they will be most likely be supporting Bitcoin Cash such as ViaBTC, OKEX, LiveCoin at launch as they were already mentioned in the announcement thread on Bitcointalk.