While the market is still dwindling in a bearish wave, BCH or Bitcoin Cash is seeing a surge in its price, reason being the Hardfork set to Occur on 15th Nov. Which will divide BCH Blockchain into 2 coins and 2 Blockchains, And everyone wants to capitulate on it.
The market is expecting that the new coins will also see comparable price in the market and since big exchanges like Binance, Coinbase and Poloniex are going to support it. The resultant price of coins is supposedly high since the community is also unclear on which of the two will carry forward as main BCH coin and which Blockchain will fade away as less useful to investors and developers.
While in BCH, Hardfork in form of software upgrade happens almost twice in a year, but since all has been well in developer community so we have not seen more BCH chains yet. But this time Bitcoin community is divided into two factions, one led by Nchain and other by Bitcoin ABC. So Nchain is set to implement its own upgrade and causing forking of the chain into two.
Nchain which like Satoshi’s Vision intends to implement these changes in BCH-
- Restoring more original Satoshi opcodes: OP_MUL, OP_LSHIFT, OP_RSHIFT, OP_INVERT
- Removing the limit of 201 opcodes per script
- Raising the maximum block size to 128MB
Its client software which enables the use of BCH is known as Bitcoin- SV (Bitcoin Satoshi Vision (SV)).
Comments By Exchanges-
Binance– Largest Crypto exchange was the first one to announce its support to the upcoming BCH hardfork. They have published below news in their site.
Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).
Coinbase- Coinbase, a USA based exchange, has already informed their users of the same decision, its second major exchange to come forward to support the upcoming hardfork.
Poloniex- Poloniex, Another USA based Exchange has come up in row with others and have announced their support to the Hardfork.
We will support the upcoming Bitcoin Cash hard fork (for more information, please see the official announcement). On November 15, 2018, we will pause deposits and withdrawals at 14:00 UTC, and take a snapshot of all BCH balances at 15:00 UTC. Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals. link for the official announcement
What should BCH holders do
Expected both coins are going to be priced considerably in comparison to BCH price now 608$( 25% higher than two days before price), so losing out on both is not gonna be a good decision , While in upcoming days lot of exchange and wallets will support the hardfork but if not, than you should move your BCH to compatible wallet/exchanges. With new coin available to trade heavy sell is expected as usual, so be ready if you want to cash out but not fully as it’s not clear which coin will go forward as the main coin.
We will keep tab on this matter and will update more relevant information as it arrives.
Poloniex Pre Trading-
Poloniex has started pre-fork trading in BCHABC and BCHSV, BCHABC is looking likely to be the main BCh chain while BCHSV has been sidelined as forked coin according to current market trend. BCHABC is trading at 456$ , BCHSV is at 66$, while BCH trades at 531$.
Data from cash.Coin.dance suggests that much miners(currently almost half) are going to operate in BCHSV , with miners shift to BCHSV pre-fork trading price has spiked by 70% in it. But still it’s far less than the price of BCHABC.
With just one day to go pre-fork trading price for both BCHABC and BCHSV is cutting closer near equal, miners shift is reason behind it.
BCHABC Price and Network support stays much ahead than BCHSV, BCHABC is much acceptable than other.