It’s been two years since the controversial 2018 Bitcoin Cash hard fork, and the news of the next one on November 15, 2020, hasn’t gone down well.
The Bitcoin Cash community may be entering a new age on November 15, 2020, when the network may split into two blockchains. Decades of the dispute over development financing led to the hard fork.
Bitcoin ABC, BCHN, and Bitcoin Unlimited are currently operational in BCH. There are more. Thanks to the Bitcoin ABC team’s efforts, the Bitcoin Cash network was up and functioning. Bitcoin ABC established the popular mining node. It supports all BCH technology updates, paving the road for Avalanche.
According to the IFP, 8% of miner block rewards will go to ABC developers. They will continue to sponsor the BCH network as a rival effort. The funds will benefit both the community and the squad.
The community is agitated because the Bitcoin ABC development team wants miners to earn 8% of the revenue. It takes 90% of the developer’s time to support BCH with the most secure code. So they changed the critical consensus norms.
Several prominent BCH community members oppose the ABC proposal, and they accuse the development team of overcharging while others praise the ABC crew for receiving free money.
Tim Draper recently bought BCH. Unlike many others, he saw BCH’s promise. Bitcoin maximalists have been promoting Bitcoin Cash since 2019 as this coin’s community support increased. It will be the second BCH fork after SV. In 2018, a similar division formed Bitcoin SV. The latest drama seems to have displeased most BCH businesses and residents.
The hard fork rewards you with free money. In this situation, it is Bitcoin Cash. People were enraged when Bitcoin Cash branched off. But everything changed. BCH has a lot of subscribers, admirers, miners, and appreciation today. A new blockchain gave BTC users free coins. They see BCH works, is traded, and is a fair coin.
With a probable hard fork, the exchanges may confront a new difficulty. According to Amori Seshe, the Bitcoin ABC client will support the BCH chain. The other chain will have to choose a name or fight the ABC crew over the old one.
Not supporting the IFP means supporting the true BCH by implementing BCHN nodes instead of ABC. A network split is possible because ABC clients will adopt the new consensus rules. As seen in the headlines, this creates two BCH blockchains. And the hash battle threatens both coins.
Pay care to your coin wallet. Your BCH must be in a personal wallet to get free coins. You can trade till November and withdraw two days before the Bitcoin Cash hard fork. After the split, access your new coins with the latest ABC wallet. You may also sell BCH back to exchangers.
Holding BCH during a hard fork is the simplest way to get new coins.
If you’re an investor or trader, you may need to pay close attention to the charts. During such forks, cryptocurrencies’ values fluctuate dramatically. As with BCH, expect turmoil. Traders must carefully monitor both coins. Avoid losses by buying or selling both assets at the proper time.
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