The Wilco Group Agency has issued a report titled How to Obtain & Convert Your “Bitcoin Cash”, commissioned by bitqyck, Inc, which reveals that there is “an overbearing elephant in the room of this amazing technology called Bitcoin: ridiculously long transaction resolution times.” The decentralized nature of Bitcoin makes it attractive to a global audience and creates greater financial security because the value of the tokens is not susceptible to the stability of any particular political or economic entity – but the shared ownership can also have its challenges. Software developers who work on Bitcoin’s core code have spent considerable effort in an attempt to find a solution for the long transaction resolution times.
Bitcoin is based on mathematical proof rather than the characteristics defined by a political entity, and the code is open source, providing transparency. The ability to create alternative groups, called pools, allows for participants known as miners to create a permanent divergence in the blockchain, known as a fork. The original Bitcoin software client will likely be the most valuable and stable for some time to come, and any new fork will succeed or fail based on widespread acceptance by participants or their decision not to use that client. As the software developers politicked in reaching a fix for the issues with transaction resolution, a small group called the User Activated Hard Fork (UAHF) rejected the solution and created a hard fork known as Bitcoin Cash.
On August 1, 2017, the Bitcoin blockchain split, creating a second set of tokens, with Bitcoin (BTC) as the original and Bitcoin Cash (BCC or BCH) as the new blockchain, according to Bitcoin Cash 101: What Users Need to Know Before the Fork published by Coindesk. This split resulted in the doubling of coins possessed by anyone who controlled their private keys. The Wilco Group report indicates that the value of the coins in this new blockchain may be at risk, because “as many predicted, the tools, mining, support and code around ‘Bitcoin Cash’ are very weak and unreliable.” This report further advises that any BCC held should be “immediately liquidated.”
The Wilco Group report was created to facilitate a secure and expedient method to liquidate newly acquired Bitcoin Cash. While there are multiple methods that can work, the report details and illustrates a specific method that is the most secure and least likely to end up with a compromised wallet. The report includes step-by-step instructions on how to claim control of these new tokens as well as how to sell them and transfer their value to your regular wallet. Bitcoin value was $4,601.10 and Bitcoin Cash value was $633.17 as of August 6, 2017.