Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forks => Bitcoin Forum => Bitcoin Cash Forum => Topic started by: Pegasus on November 05, 2018, 01:33:28 PM
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The November 15 Bitcoin Cash (BCH) hard fork may end up creating two versions of the coin as Craig Wright has proposed an incompatible one, claiming to support “Satoshi’s true vision.”
Call them Bitcoin Cash ABC and Bitcoin Cash SV. If @CalvinAyre destroys the ABC chain, we should be able to definitively state that Bitcoin Cash SV is the real Bitcoin Cash. There may be two versions of Bitcoin Cash, one that follows the original roadmap, and one that doesn’t. https://t.co/JmufNzqrek
— Cøbra (@CobraBitcoin) November 4, 2018
The Bitcoin ABC update was announced in August and contains several upgrades to improve network efficiency and reduce fees. The fork has gained the support of most leading exchanges, including Coinbase, Binance, and KuCoin. However, another version of BCH may launch, potentially creating a situation similar to the SegWit2X debates surrounding Bitcoin last November.
Coinbase has suggested it may allow users access to both chains if Bitcoin Cash splits into alternative versions:
“In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain.”
In the case of Bitcoin, opposing teams almost created a situation where two chains with similar properties would have competed for the Bitcoin moniker. With Bitcoin Cash, it is unknown how the two networks would be supported. Wright’s alternative has found some support on perceived merits.
The Bitcoin ABC developer team went ahead with a roadmap and scaling solutions which may not be accepted by the entire community. There are even suggestions that some of the miners would stop mining the new chain with the updates. And while there is tentative support for the Bitcoin SV version, it will become clear if the new chain is viable only after the update.
However, the contention and the potential for two chains emerging is having a positive effect on the otherwise stagnant price of BCH. As of 7:30 UTC on Monday, the asset continued its climb, reaching $553.03 and growing 26% in the past week. The price perked up over the weekend, rising from the $420 level where it had lingered for weeks. The possibility of creating two competing chains is added to the trend of bidding BCH upward for quick gains.
Most traders now believe the upcoming hard fork has sparked just a temporary pump. With no support from exchanges, an alternative chain would most probably falter.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
Source (https://cryptovest.com/news/bitcoin-cash-bch-may-split-into-two-versions-after-hard-fork/)
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Thank you for the article. We knew that Binance will support the hard fork, but they still not announce the rate if we have BCH in our wallet. It’s so different than those previous hard fork :(
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More info: https://www.livebitcoinnews.com/bitcoin-cash-price-surges-what-you-need-to-know-about-the-upcoming-bch-fork/
The price of Bitcoin Cash (BCH) surged by more than 15.5% in the past 24 hours – most likely due to the anticipation of the upcoming hard fork on the 15th of November, as well as the support announced by popular exchanges.
Bitcoin Cash Price Surges
The price of Bitcoin Cash (BCH) surged by over 15.5% overnight in anticipation of the upcoming hard fork. What also possibly fueled the upward momentum are the announcements by exchanges like Binance and Coinbase that they intend to support the fork.
However, the announcement by Binance does not clarify whether they intend to support both the chains or only the one that emerges with majority hash rate. Coinbase in its announcement claimed that it would support the one published on bitcoincash.org but would credit the users account with both coins in case two chains emerge.
BCH as part of its routine upgrade carries out a hard fork every six months. However, the upcoming hard fork on November 15 is different as the developers have failed to arrive at a consensus over the upgrades. The possibility of the BCH blockchain being split into two chains looms large if both factions go their own way.
At the time of writing the price of BCH is hovering around $532.18 according to CoinMarketCap.
What’s the Fuss About This Hard Fork?
It is ironical that Bitcoin Cash, which itself forked off the Bitcoin blockchain last August over differences of how to address the scalability issues, finds itself in a similar situation this time.
Differences have cropped within the BCH community over which changes to the protocol code should become part of the upcoming upgrade. Both sides (Bitcoin ABC supported by Bitmain and Craig Wright’s nChain) will proceed with their proposed updates and possibly result in splitting the chain further.
But Why the Price Increase?
In case of a chain split, which fork the exchanges and wallets will support depends upon which chain the miners decide to mine. Many hard forks which don’t find enough miners willing to support them gradually die.
The upcoming BCH fork is interestingly poised now with one side having close to 22.3% and the other with a 25.4% hash rate. The remaining 52% is fractioned, so one does not know which chain they will support.
With the above situation, there is a good possibility that both the chains may survive and that’s where investors see an opportunity to make some free money. Investors who hold their BCH in exchanges who will support both chains will get an equal number of coins on both blockchains.
And that’s why many traders usually buy into a cryptocurrency that is expected to be split into two different chains.
However, since many exchanges may not be upfront in clarifying whether they would support both chains, a better option for investors is to move their coins to a wallet where they are in control of their private keys. Post the chain split they can claim their assets on the other chain.
If both the chains of BCH survive, this hard fork may prove to be an excellent opportunity for traders and investors to make some free money in the existing bear market.
In case both the chains forked off BCH survive, which fork would you support? Let us know in the comments below.
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We I wish them all good luck cause it's just a year + that they slipt from btc and Roger has been a very busy on btc been bad or fake version and here they are also separating by one reason or the other which will now make the two to be claiming real btc when they are not really the creator of real btc but cause of self interest calling for new coin every year.
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Please don't forget about Bitcoin Stash. Bitcoin Stash is another BCH hard fork coming in ten days.
We're introduced on Inside Bitcoins, Bitcoin Exchange Guide, and Blockonomi.
Check out these news articles.
https://bitcoinexchangeguide.com/bitcoin-stash/
https://insidebitcoins.com/news/bitcoin-stash-planning-hard-fork-from-bitcoin-cash/179276
https://blockonomi.com/bitcoin-stash/
Stash will be released in about ten days! 8)
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Thank you for the article. We knew that Binance will support the hard fork, but they still not announce the rate if we have BCH in our wallet. It’s so different than those previous hard fork :(
There’s only 10 days left until the Bitcoin Cash (BCH) network hard fork scheduled for Nov. 15. At the moment the upgrade has two competing BCH clients with different ruleset changes, so the upcoming fork could cause a chain split. Because of the contention over certain upgrade proposals, a slew of exchanges and wallet providers have revealed their contingency plans for the upcoming consensus change. https://news.bitcoin.com/bitcoin-cash-fork-watch-bch-infrastructure-providers-reveal-contingency-plans/ i think it is good an article for all of community of bitcoin cash BCH related with bitcoin cash hard fork.
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I think this is an interesting drama to discuss because the conflict that occurs does not bring about the solution to be achieved together, but it brings disputes, and this is an opportunity for traders because traders will get additional assets. Both are supported by large companies. This is a covert business ;D
See this article:
Bitcoin Cash Drama: Battle Lines Drawn Ahead of Scheduled Hard Fork (https://cointelegraph.com/news/bitcoin-cash-drama-battle-lines-drawn-ahead-of-scheduled-hard-fork)
The So Called Bitcoin-Bitcoin Cash Is Doomed To Fork In November 2018 (https://Do not link to this site DMCA Abuser/bitcoin-cash-fork/)
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This is due to disagreements between major players in the BCH community. Therefore, the upcoming hard fork may very well split
Bitcoin Cash.
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With Bitcoin Cash, it is unknown how the two networks would be supported. Wright’s alternative has found some support on perceived merits.In the case of Bitcoin, opposing teams almost created a situation where two chains with similar properties would have competed for the Bitcoin moniker.
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For me I would choose BCHABC because it’s from Bitmain and got a strong community. BCHSV is just a fake useless coin, the future of this BCHSV maybe like BTG