While Bitcoin Cash is currently the 4th largest cryptocurrency by market capitalization. It has been facing trouble with merchant adoption rates slowing as its value continues to struggle. There is a Bitcoin Cash fork announcement due to the conflicting consensus change between the community members. The hardfork was the only ray of light towards the end of the tunnel. On November 15th, 2018, Bitcoin Cash (BCH) will undergo a hard fork. The blockchain will be split into Craig Wright’s nChain implementation and Bitmain’s Wormhole. It is expected that one of these chains would dominant chain in the coming days as Bitcoin Cash blockchain.
After the announcement, the BCH price surges by around 32% in the last 7 days, has propelled by around 6% in the last 24 hours, which seems to continue to be a bliss for all the Bitcoin Cash (BCH) hodlers and proponents. Yesterday in itself, BCH surged by 20%. This was the bitcoin cash fork impact on its price on its announcement now just imagine how will upcoming BCH hard fork impact its future price.
Due to the circumstances that resulted in the creation of the altcoin, the irony of Bitcoin Cash's forking troubles is not lost on its community. Roger Ver (one of the most vocal supporters of Bitcoin Cash) has stated that supporters of each camp should respect the freedoms of their opponents, even if that means a hard fork is eventually initiated. While the BCH frontman attempts to showcase a united front for the world, his community continues its feuding. The two camps are unified behind different proposed software upgrades. The two warring factions are the Satoshi Vision group, and the ABC camp wherein both camps are backed by mining heavyweights and leading Bitcoin Cash developers.
In July 2018, Bitcoin Cash developer Amaury Sechet published a post announcing the decision to include a new software alteration to a planned upgrade. However, following Sechet's post, tensions began to rise. The developer intimated that a new transaction ordering protocol would be included in the upgrade and his alteration even involves the idea of pre-consensus, which has been met with both strong support and opposition. Mining giant Bitmain supports the ABC upgrade. Seeing as Bitmain is reported to be a significant holder of BCH, this is a significant lynchpin for the ABC camp (supported by Bitmain) towards them gaining superiority in the debate.]
Following which, controversial figure Craig S. Wright started to express his displeasure with the decision. The self-proclaimed Satoshi Nakamoto became a major voice in the BCH community once he threw his weight behind its creation and pronounced it to be the 'real' Bitcoin. As a response to the ABC proposal, Wright released his own paper called "Satoshi Vision". Published by nChain, the Satoshi Vision proposal suggests a 128 MB block size for the network. The Craig led Satoshi Vision camp (supported by CoinGeek) — another mining giant that is heavily involved in the Bitcoin Cash community. The Calvin Ayre-led company has thrown its support behind the SV protocol partly due to its distrust of its competitor Bitmain.
Both parties have been trading accusations, especially on social media, with each camp believing they are the true BCH and the opposite camp is attempting to exert undue influence. When the hardfork hits in just over a week from now, BCH holders will receive a new coin on a 1:1 ratio and many who would not otherwise have bought BCH may soon be buying in purely to take advantage of this scenario.
It's difficult to speculate on the probable impact of Bitcoin Cash Hard Fork on the price of Bitcoin Cash or indeed of any other cryptocurrency. As the Hard Fork happenes, features and adaptability will become clearer, allowing users to make more informed decisions on how to invest.
Here is the updated statement of Coinbase on Bitcoin Cash Hard Fork released on November 14th.
After weeks of presumed deliberation, as reported by Ethereum World News previously, Binance, the world’s largest crypto-to-crypto exchange, announced support for the asset, claiming that it would be suspending BCH deposits and withdrawals an hour or two prior to the hard fork’s expected date.
Update (14th November): Binance has released a new statement regarding its position on tomorrow's Bitcoin Cash Hard Fork. This provides more clarity on how Binance will deal in case of 2 coin split and there is no split. According to it - "Binance will distribute both BCHABC and BCHSV to users, each at a 1:1 ratio based on the aforementioned snapshot taken of Bitcoin Cash balances.".
Ledger Nano S, has notified the crypto community that they will be suspending support for BCH until there is clarity as to which fork comes out dominant after November 15th. The team cites that the main reason for suspending support is to avoid unwanted transactions during that time period. Such transactions could result in ‘replay attacks’, loss of funds and other issues with the Bitcoin Cash protocol.
OKEX exchange will support the upcoming BCH Hard Fork. Here is the official statement from the exchange.
Bittrex has released a statement that they will be supporting the BCH Hard Fork. According to that - 'Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains. Bittrex will make all reasonable attempts to credit our users Bitcoin SV (BSV) chain split tokens.'
Huobi will also support the upcoming Bitcoin Cash Hard Fork. Here is their official statement.
South Korean exchange UPbit has also confirmed that they are going to support upcoming Bitcoin Cash (BCH) Hard Fork happening on Nov 15th.
Cryptocurrency exchange HitBTC will also be supporting the BCH Hard Fork. They have also announced the prefork trading of the two proposed chain split coins Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV). According to their statement - 'Pre-fork trading will be available starting from 9 November. To split your BCH into BCHABC and BCHSV, visit your Account tab... Deposits and withdraws for both of the new currencies will be enabled once the Bitcoin Cash fork takes place on 15 November'.
Cryptocurrency exchange KuCoin will also be supporting the upcoming Bitcoin Cash Hard Fork. Here is their official statement on the same.
Update (14th November): KuCoin has also released a new statement on Bitcoin Cash Hard Fork. According to this - "If Bitcoin SV or Bitcoin ABC successfully fork, we will offer a 1:1 airdrop to users based on the BCH assets snapshotted."
The November 15th BCH Hard Fork is going to be the 2nd hard fork for Bitcoin Cash in 2018. There was always consensus issues and difference in the community since its inception. Lets see all hard forks of Bitcoin Cash till Date:
This BCH fork is not going to be a conventional hard fork. This Hard Fork is happening because of consensus conflict between BCH communities. So there are chances that it may result in multiple BCH chains. So you have to be a bit cautious while keeping your coins.
If you have any Bitcoin Cash (BCH) hodlings in your private wallet where you control the private keys then your funds are safe and you would get an equivalent amount coins created from the new chains.
If you have your BCH in the wallet where private keys are not in your control (like exchange wallets) then the best way is to move your coins in the wallet/exchange which supports the fork.
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2018-10-22 12:11:20.425078 | 2 min