Everything you need to know about the upcoming Bitcoin Cash (BCH) split

Everything you need to know about the upcoming Bitcoin Cash (BCH) split

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Answer Everything you need to know about the upcoming Bitcoin Cash (BCH) split

Last weekend brought a lot of crypto activity after Coinbase and Binance announced their support for the upcoming Bitcoin Cash (BCH) fork.

The split itself is scheduled to take place on November 15. However, the price of BCH rose by 30% about two weeks before the event as this behavior is similar to what happens with important “Bitcoin” forks.

Bitcoin Cash is the world’s fourth largest cryptocurrency with a market size of $10.5 billion and a price of $608 per coin at the time of writing.

The reason for the price hike is likely to be the hard fork. For exchanges that allow Bitcoin Cash, the fork is not an unusual event, as it is used to activate new protocol upgrades. However, although previous improvements have not attracted much attention, Bitcoin Cash backers are still wondering what will happen on November 15.

Read:Bitcoin price fails to surpass $10,500 levels and most altcoins decline

About the upcoming Bitcoin Cash (BCH) Hard Fork

The reason for this split is the real problem that an Australian blockchain group called “NChain” does not agree to the new changes to Bitcoin Cash. The new changes were proposed by Bitcoin ABC, a development alliance focused on Bitcoin Cash.

Since two groups want two different things from BCH, the upgrade will most likely split the BCH blockchain into two independent chains or a hard fork.

Not long ago, major cryptocurrency exchanges announced their support for the upcoming split. The Ledger and Hardware Wallet also agreed to support the Bitcoin Cash (BCH) split. It will disable pre-operation deposits and withdrawals on November 15th and support the dominant chain after the chains split. The dominant chain will be the one with higher levels of stability and greater hashing power.

It should be noted that this It does not necessarily mean that there will be a new digital currency After performing the split. While many cryptocurrencies are forked from Bitcoin, including BCH itself (which happened on August 1, 2017), the process does not require the creation of a new cryptocurrency. This is another decision to be made in the following days.

Read:Michael Saylor: Ethereum has its place and Bitcoin is 50 times better than gold

So far, cryptocurrency exchanges have been very neutral regarding the possibility of a new fork. Their data says that they will support a new currency if it appears, but so far there is no indication of that. It’s worth noting that the possibility is still there, and there are another nine days during which anything can be changed.

For now, Bitcoin Cash enthusiasts are still waiting and wondering what will happen next. While the Nchain Group and Bitcoin ABC have had weeks to reach consensus, they haven’t been able to do so yet. Although there are only nine days before the launch of the hard fork, not much is expected to change.

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