Bitcoin Cash Hard Fork is coming! Bitcoin Cash cryptocurrency will be hard forking on November 15, 2018. Bitcoincash.org, the official Bitcoin Cash website, displays the following information:
“The Bitcoin Cash network will undergo a protocol upgrade. Businesses and individuals who use the Bitcoin Cash network should check to ensure that their software is compatible with the upgrade.
Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV)
The two new coins that will be produced from the upcoming Bitcoin Cash Hard Fork are BCHABC and BCHSV. The price for BCHABC and BCHSV are already listed on the Poloniex Exchange. At the moment of writing this BCHABC is trading at $426, while BCHSV is $119 on the Poloniex Exchange.
The BCHABC official website, bitcoinabc.org, has explained the aim of the Bitcoin Cash ABC coin:
“Bitcoin ABC is a full node implementation of the Bitcoin Cash protocol.
We aim to provide a solid, stable software and help lead Bitcoin Cash
protocol development with an open and collaborative process.”
Reddit Information of Bitcoin Cash Hard Fork
“When the median time past  of the most recent 11 blocks (MTP-11) is greater than or equal to UNIX timestamp 1542300000, Bitcoin Cash will execute an upgrade of the network consensus rules according to this specification.”
Starting from the next block these consensus rules changes will take effect:
- Remove topological transaction order constraint, and enforce canonical transaction order
- Enable OP_CHECKDATASIG and OP_CHECKDATASIGVERIFY opcodes
- Enforce minimum transaction size
- Enforce “push only” rule for scriptSig
- Enforce “clean stack” rule
The following are not consensus changes, but are recommended changes for Bitcoin Cash implementations:
- Automatic replay protection for future upgrade
How To Gain From The Bitcoin Cash Hard Fork
There is a lot to be gained from the approaching bitcoin cash hard fork, if you know and use the right strategies. Here are some of the ways that you can use this hard fork to your advantage:
1. Buy Bitcoin Cash Before The Hard Fork
Before any cryptocurrency hard forks, there is usually a rise in the price of the cryptocurrency. This spike in value is usually due to people buying the cryptocurrency in anticipation that the price of the cryptocurrency will rise and also to hold the cryptocurrency during the hard fork.
When a cryptocurrency forks, the holder of that cryptocurrency will receive an equal quantity of the new cryptocurrency created from the fork, while still holding the original crypto aa well – FREE MONEY.
2. Sell Bitcoin Cash After The Hard Fork
Following a cryptocurrency hard fork, there is usually a sudden dip in the price of the newly created crypto. The sudden dip is usually due to the sell-off of the new cryptocurrency by holders to collect a profit. If you are holding the new cryptocurrency at this time, it may be a good idea to sell also, providing that you are not planning to hold the crypto long term.
3. Hold Bitcoin Cash After The Hard Fork
After a cryptocurrency hard fork, some holders of the new cryptocurrency will hold the coin or token with the belief that the new crypto will eventually increase in value overtime. However, this option is mainly for long term investors who are looking the hold the coin or token for months to a year.
Holders of the original cryptocurrency can also expect high volatility of the crypto price as the market decides which of the two cryptocurrency will be valued higher.
Exchanges and Wallets That Support Bitcoin Cash Hard Fork
1. Binance Exchange
Binance Will Support the Upcoming Bitcoin Cash Hard Fork. The world’s biggest decentralized cryptocurrency exchange made the following announcement in their news post:
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC). Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts.”
Poloniex Exchange has officially announced that they will be supporting the upcoming Bitcoin Cash hard fork on November 15, 2018. The announcement was made via their notice board on the official website stating:
“We will support the upcoming Bitcoin Cash hard fork (for more information, please see the official announcement). On November 15, 2018, we will pause deposits and withdrawals at 14:00 UTC, and take a snapshot of all BCH balances at 15:00 UTC. Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals.”
Coinbase Exchange is now onboard in supporting the Bitcoin Cash Hard Fork on November 15, 2018.
“Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork is scheduled for Nov 15, 2018, and Coinbase is prepared to support the published roadmap from bitcoincash.org.”
The world’s largest cryptocurrency exchange has posted on their official website that they will be monitoring the hard fork upgrade and will be pausing all sending and receiving of Bitcoin Cash (BCH) during the fork.
“Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
Coinbase states that when the network upgrade is complete, and it’s safe to do so, all BCH transactions will return to normal.
Exchanges and Wallets That DO NOT Support Bitcoin Cash Hard Fork
Ledger Nano S, a popular cryptocurrency hardware wallet service provider, has express concerns over the upcoming Bitcoin Cash hard fork. As per the Ledger Nano S blog post, the Bitcoin Cash hard fork on November 15, 2018 is due to the inability of the Bitcoin Cash team to arrive at a mutual consensus on how the network will progress. As a result of this difference in opinions, the hard fork will take place producing at least one other version of Bitcoin Cash. The Ledger team has made it clear that they will not be supporting the fork:
“On November 15, Bitcoin Cash will undergo a hard fork. As this fork will result in at least two chains without replay protection, Ledger will pause Bitcoin Cash service to avoid unwanted transactions until it is clear which of these chains will be the dominant one.”
Following the Bitcoin Cash hard fork, when there is an obviously dominant coin resulting from the fork, Ledger Nano S will be resuming their support for the BCH network.
Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically… Eventually, one of these would be the dominant chain, which we will evaluate to support again then.
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