Economy

Early Trading Shows Bitcoin Cash Hard Fork May Not Be Divisive

Early Trading Shows Bitcoin Cash Hard Fork May Not Be Divisive”

A long standing dispute within the Bitcoin Cash community has failed to reach a compromise, setting the fourth most valuable cryptocurrency up for a contested hard fork, which is due to take place on the 15th of this month.

Bitcoin Cash (CURRENCY:BCH) traded down 2% against the dollar during the one day period ending at 23:00 PM Eastern on October 17th.

Backed by the likes of Jihan Wu (Co-Founder of cryptocurrency mining behemoth Bitmain) and Roger Ver (cryptocurrency pioneer, one of the original founders of the Bitcoin Foundation, and somewhat controversially, CEO of Bitcoin.com), Bitcoin Cash gained a significant amount of steam and user adoption.

A hard fork is a change in protocol which would make transactions that were previously invalid, valid. If the new version of the protocol is backwards compatible with the old (i.e. the two versions can work together) then it is called a "soft-fork". As we reported, this hard fork has been supported by Binance, an announcement that saw the coin soar.

BCHABC and BCHSV deposits and withdraws will only be enabled once the actual Bitcoin Cash fork takes place on November 15, even then there is no guarantee the forks will become "economically or technically viable", Poloniex says. That's the first time for an exchange to launch futures trading.

The Bitcoin Cash network hashrate on November 9, 2018, by mining pool according to the monitoring website Coin Dance. Since there was support for both proposals from developers, miners and users both coins have continued to hold some value.

The exchange made it known in a recently published blog post that, it will settle all BCH contracts done on its platform using the value of Bitcoin Cash ABC at that point in time. Ver is an early bitcoin investor and has been a vocal supporter of Bitcoin Cash since its inception. I will see BCH trade at 0 for a few years. One Bitcoin Cash coin can now be purchased for $574.49 or 0.08944466 BTC on cryptocurrency exchanges including ZB.COM, OKCoin International, BtcTrade.im and Liquid. Customers can trade immediately, but won't be able to withdraw BCHABC and BCHSV ahead of the hard fork.

Given that Bitcoin Cash is now the fourth largest cryptocurrency by market cap (worth around $9.75 billion Dollars at the time of publishing according to Coinlib), there is a substantial amount at stake for both sides.

In that video, Ver declared he and his enterprises would be siding with Bitcoin ABC in the now seemingly unavoidable ABC-SV schism.

Data from Coin.Dance shows that 60.7% of the businesses it tracks have explicitly revealed they support the Bitcoin ABC roadmap, while a further 37% are ready for it.

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey.

With several exchanges and wallet suspending support for bitcoin cash token (BCH) in anticipation of its forthcoming hard fork.

The upcoming hard fork has led to what some on social media are calling a "hashwar", as both sides are looking to get the majority of the network's hashrate for both security and legitimacy purposes.

If you don't see the exchange or wallet where you are now storing your BCH above then we would strongly recommend you get in touch with their support team.



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