The Bitcoin landscape is changing at an unprecedented pace, with the newest cryptocurrency, bitcoin cash making the headlines. The news of the bitcoin split to yield this new currency has been marked as one of the biggest digital currency event in the past few years.
Things are starting to look great for the original cryptocurrency, as well as its derivatives. With bitcoin going off the charts, BCH is doing great too. This is mainly because the new software has broken all the barriers to block size, increasing it from 1 MB to 8 MB.
Blockchain, a renowned wallet and statistics provider in the cryptocurrency realm, has recently announced that it will support bitcoin cash (BCH). With this announcements, users can expect to automatically receive BCH. Since August 1, 2017, the company has been stringently monitoring the hard fork, and have decided to roll out limited support within 8 weeks through the Blockchain.info setting panel. This panel can be found on the user wallet homepage on the company’s website.
What Blockchain has Announced Regarding BCH Support
This news was released via a blog post that was posted on Blockchain.info’s official on August 22, 2017. The blog stated:
“Within the next 8 weeks, we’ll be rolling out limited support for BCH via the settings panel in your Blockchain Wallet. Users with balances of bitcoin in their Blockchain Wallet on August 1st will be able to access an equal balance, as of August 1st, of bitcoin cash.”
This means that users will be granted a full wallet access. The statement addressed the rising concerns pertaining to losing the existing amount of bitcoin cash in the wallet. The only condition Blockchain has put up is that the bitcoins should be deposited in the wallet before August 1, 2017.
The blog further stated:
“While no immediate action is necessary, rest assured that your funds are secure. Blockchain wallets are non-custodial and you hold the private keys, meaning you always have full, exclusive access to your funds — which are always accessible with your recovery phrase.”
This suggests that owners of wallets at Blockchain need not to worry about their BCH they have deposited. They are the exclusive property of the users and will get complete access to their cash funds, however the condition of depositing the cryptocurrency before August 1, 2017 still applies.
Why Only Limited Access to BCH?
The founder of Blockchain.info, Perter Smith, tweeted to clear confusion about limited support of BCH, saying:
“Current options for users are sub-optimal and many users have requested help accessing their bitcoin cash.”
This indicates the fact that bitcoin cash is still in its infancy and many users are finding it difficult to gain access to their Blockchain wallets to use their BCH, as the solutions offered to them are not meeting the standards. Hence, to remedy the situation, they have decided to keep support for BCH limited.
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