Why is there a Bitcoin cash fork?
The Bitcoin cash Hard fork has originated from conflicting consensus change between different between cash development teams
As no consensus was reached a hard work will occur on 15th of November around 4:40 p.m. resulting in separating Bitcoin cash chains eventually one of those will be dominant chain which between cash community will continue to support
What does this mean for Bitcoin cash holders ?
First of all if you own BCH on your hardware wallet such as larger larger wallet indicated that they will "suspend the Bitcoin cash service until it is clear which of those chains will be stable one both technically and economically"
The reason for closing the service during this time is to prevent unwanted transactions resulting from reply attacks causing possible losses of funds and other potential issues interacting grid between cash during this period of time depending on the outcome of the fork ledger will indicate their next move when they have a clear vision of the results however during this service disruption your Bitcoin cash private Keys will remain secured if you wish to transact during this time you can still use third-party wallets supporting larger devices but at your own risk
What should I do ?
If you do not intend to perform any transactions with your Bitcoin cache during the service interruption no further action will be required this means that you will not be able to use Bitcoin cash account during the service suspension
You will be able to monitor event between cash will be back online once service returns you will be able to access Bitcoin cash again if you need always to continue having access to Bitcoin cash you should move your between cash to a different wallet or exchange platform that will continue supporting it during that time please remember that by doing so you should be accepting the responsibility of any outcome that follows it is equally possible that third party wallets that already support ledger devices may provide independent solutions as well
You can double your BCH and make some profits
It is not surprising that between cash is biking right now investors wants to make some profit and benefit from this upcoming hard fork not only will you still have your bch but a hard work means that this edge blockchain is splitting into two in other words
- your BCH is cloned and you get the same amount of in the new cryptocurrency
- Bitcoin SV known as Bitcoin Satoshi vision as you have in BCH
However after the split one cryptocurrency is likely to be more valuable than other
Do not assume you will automatically get Bitcoin SV
Bitcoin cash hard fork does not mean that everyone and everywhere will open their wallet to find Bitcoin SV
If you store your cryptocurrency in larger Hardware wallet as I explained earlier that ledger will not support this upcoming hard fork so you will help to move your BCH to one of the exchanges that actually do support this upcoming hard fork
Binance, Bitcoin.com, coinbase, coinbase Pro support this upcoming hard fork
If you store Bitcoin cash on coinbase coinbase Pro or bonus you will receive Bitcoin sv
In other words those cryptocurrencies exchanges and while it's support that hard fork
Additionally Bitcoin.com will offer compatible mining wallet and other services after fork happened
Bitcoin ABC and Bitcoin SV had so many branches in the developer community
Why is a blockchain splitting apart?
Because two significant branches of BCH community Bitcoin ABC and Bitcoin sv want different non-compatible node implementations in August 2013 the large Bitcoin ABC community shared between ABC 0.18.0 CEO orbit main June who supports this upgrade that entails changing BCH script language, smart contracts, oracle, more scalability limit transaction size to 100 bytes
Blockchain developer and chain that supports Bitcoin SV does not agree with Bitcoin ABC 0.18.0
Shortly after Bitcoin ABC shared its proposal and chain shared a different implementation called Bitcoin SV because they are receiving back on the older Bitcoin implementation additionally it's supported by crack right who knows us faketoshi claimed that he was Satoshi
The Bitcoin SV proposal entails increased BCH block size to 100 to 128 megabyte from 32 megabyte
Hectoshi why in the world would you want to do that increasing block size from 32 megabytes 128 megabyte if current block size cannot even get filled what do you guys think about this situation
At the moment 40% of the current BCH cache power is supporting Bitcoin SV that means that Bitcoin sv has a very strong chance of becoming the dominant implementation want a BCH blockchain it is important to mention that there is no transaction reply protection neither on Bitcoin ABC nor in Bitcoin SV
And Nchain and factoshi believes that exchanges and other companies working with Bitcoin cash should recognize that Bitcoin cache as the largest chain with the most legitimate as sustainable proof of work
The Company recommends two crypto currency exchanges to install a Bitcoin SV nods and he proposed in case SV becomes dominant that would allow exchanges to offer Bitcoin cash trading with minimum delays and disruption to users another recommendation given by nchain is to suspend deposits and withdrawals if you plan on deposit in Aqaba trouble BCH make sure you do so before the hard fork binance coinbase coinbase Pro will freeze BCH holding anywhere from 60 to 90 minutes before the hard fork Not everyone wants to see the blockchain to split not everyone in team Bitcoin ABC or Bitcoin SV wants to see displayed including probably the biggest supporter of Bitcoin cash Roger Vere he did not want to see this hard fork but dispute between faketoshi and between ABC is incompatible in fact some big developers like Andrew stone wants to maintain a bCH 1 blockchain as a result stone has adjusted BCH full node implementation proposal this is called a Bitcoin unlimited strategy for November 2018 Hard fork this proposal makes Bitcoin ABC and Bitcoin SV compatible for miners according to the proposal in order for this to happen -transact to Bitcoin unlimited
So what is next for BCH?
There is still a lot we do not know about Bitcoin cash hard fork will BCH price moon and then plunge immediately after will other secure exchanges and wallet start supporting BCH in the days before the fork what will be tween history adoption look like whether we are talking about the lower market cap coins or Bitcoin it is impossible to know how Bitcoin cash price will look in the nearest future all we know for sure is that you will not lose your BCH and if anything you could soon help BCH and Bitcoin SV