BITCOIN EXCHANGE: Orders for Bitcoin Cash Are ‘Exploding’
NEW YORK – Sebastian Quinn-Watson has had more than 12 cups of coffee since he woke up around 24 hours ago.
Quinn-Watson is a venture partner for a bitcoin exchange operator based in Australia. As such, he has had to stay wide awake to help the firm through the ramifications of Tuesday’s fork that ruptured the bitcoin cryptocurrency into two: bitcoin and the new bitcoin cash.
“We are in a new paradigm,” Quinn-Watson told Business Insider around 5 PM ET on Tuesday, or 6 AM Wednesday in Australia. “People have been asking a lot of questions and we expect a lot of volatility.”
He said the crypto-madness that has swept the globe is just the beginning. His firm, Blockchain Global, just re-opened its exchange, the Australian Cryptocurrency Exchange.
“We literally just re-opened the bitcoin exchange and are confirming the BCC trades over the course of the day,” he said.” We are receiving a lot of off market orders for bitcoin cash – they’re exploding!”
Bitcoin cash is a fork of the original bitcoin blockchain: It’s a new software that has all the history of the old platform, but is made up of eight megabyte “blocks” instead of one megabyte blocks, making it faster.