Over the past couple of weeks, the Bitcoin Cash community has been discussing the introduction of a hard fork in the near future. Numerous industry exchanges and businesses based on Bitcoin Cash are already in the preparations for such an event.
The ultimate question of the BCH holders is, whether or not the tokens they own will be safe and what should they do if there is going to be a blockchain split. The cryptocurrency market has depicted a bleak performance over the past week with all its major coins under the bear’s claws. Bitcoin [BTC], Ethereum [ETH], XRP, and EOS have been experiencing bearish touch in the past week.
The upcoming Bitcoin Cash Hard Fork is said to be the biggest reason for the massive surge in price. The conflicting consensus change between the community members has led to this idea of a hard fork. It is scheduled on 15th of November at 4:40 PM GMT.
The blockchain will split into Craig Wright’s
Back in August, bitcoin split into two parts. This resulted in the creation of Bitcoin Cash. Bitcoin Cash is what is called a “hard fork.” The hard fork was backed by the bitcoin group as it wanted to combat bitcoin’s high transaction fees and the size limit that made mining larger blocks of data invalid. Bitcoin consumers were benefited from the split by keeping the bitcoin they had along with an extra amount of Bitcoin Cash and by controlling their private keys.
The bitcoin exchange, Coinbase has explained, “Ensuring the safety of customer funds is our top priority. In the event of a hard fork of the Bitcoin protocol, it is likely that Coinbase will temporarily suspend the deposit and withdrawal of bitcoin from the platform pending our assessment of the technical risks posed by any fork, such as the possibility of replay attacks, network instability, or other factors. Customers should take note that they will not be able to withdraw bitcoin from or deposit bitcoin to Coinbase for a period of up to 24 hours or more following the fork. In the event of a hard fork of the Bitcoin protocol, Coinbase may suspend the ability to buy or sell on our platform during this time.”
Several trading platforms like CEX.io had offered support for the new currency, Hard fork when it had come up. But Coinbase rejected Bitcoin Cash, with the company’s director of communications writing that “it is hard to predict how long the alternative version of bitcoin will survive.”
Now, Coinbase has enabled support for Bitcoin Cash. Bitcoin cash is now the fourth largest cryptocurrency in terms of market capitalization after Bitcoin [BTC
At the time of writing the prices have been staked at $544.93 with a market capitalization of $9.67 Billion. In the last 7 days period