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Today 15/11/2020 is when Bitcoin Cash will split

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Written by   18
1 year ago

Today is the day Bitcoin Cash will split the sixth largest cryptocurrency by total market cap.

Below we will talk about what he likes to know and how to prepare for it.

Bitcoin Cash:

Bitcoin Cash itself is the result of a split that occurred in August 2017, in which Bitcoin Cash split from Bitcoin after many developers felt that the Bitcoin blockchain should be further optimized to be payment friendly.

Because the bitcoin block size representing the number of transactions that can be processed at one time, it was very small, an estimated 1MB.

Meaning, small block size makes transactions expensive and slow to process.

Developers led by "Roger Ver" and "Jihan Wu" of Bitmain wanted to increase the block size to 8MB.

This means reducing transaction fees to less than a cent compared to several dollars for Bitcoin, and makes transactions faster.

In 2018, the Bitcoin Cash block size increased to 32MB.

Bitcoin Cash itself did not survive the major divisions, as, shortly after its creation, Bitcoin Cash split into Bitcoin ASV.

This latest split was led by "Craig Wright" who increased the block size to 128MB.

In view of these divisions and their impact on the price, we find that the currencies divided from Bitcoin were not able to match Bitcoin in terms of price despite having the same technology and even improved, but the matter is much greater than that.

 Today a new split for Bitcoin Cash:

Today, Bitcoin Cash will undergo a new forge, which means that its blockchain will split into two separate parts.

This happens when there is disagreement about the direction of the network.

The reason for the division:

The new split can be said to be the essence of a dispute between "Bitcoin Cash ABC" (which is for BCHA) and "Bitcoin Cash Node" (which is short for (BCHN)), which are two major clients of Bitcoin Cash.

The Bitcoin ABC Group has proposed plans aimed at financing the Bitcoin Cash (IFP) infrastructure, and plans to implement them through the split that is taking place today.

The IFP will impose an 8% mining tax.

This means that 8% of the rewards that miners receive for processing transactions will go to the software team responsible for developing the blockchain.

Meanwhile, BCHN believes that the plan is likely to discourage miners because it reduces their profits.

In addition, there are concerns that this will make Bitcoin Cash development for one team.

Accordingly, the "Bitcoin ABC" proposal is not very popular and many people believe that the "Bitcoin ABC" split will fail, given that a minority of Bitcoin Cash users will use it.

About 82% of miners use the "BCHN" program for full decade, which indicates that they are in opposition to the ABC group scheme.

The most important things to know about the new split:

Trading platforms vary in their preparation for the new split.

Coinbase, a major cryptocurrency exchange, expects that the modernization of BCHN will become the dominant actor.

Deposits and withdrawals on the platform will be paused until it is determined that the split and upgrade are stable.

While BitGo, a brokerage firm that helped manage divisions in the past, believes that there is a stark difference between past and current divisions as the current split lacks the community support it needs to survive.

BitGo said in a post on its main blog:

We will close all services related to Bitcoin Cash 12 hours before the split on Sunday November 15, 2020 at 12:00 AM UTC.

The "Gate.io" cryptocurrency exchange is less worried about the new split and its survival.

"Gate.io" decided to close trading operations before the split occurred with the open trade and the possibility of supporting the new split, and it will inform in a separate announcement if it will do so.

"Kraken", one of the main cryptocurrency exchanges, will support "BCHN" regardless of the result of the split, and all "BCH" currencies will reflect this update.

Kraken will reconfigure users' Bitcoin Cash on their behalf.

It advised clients who want full control over the outcome of the split to withdraw their Bitcoin Cash into a private wallet.

“Kraken” will support ABC's Bitcoin fork only if the hash strength on the ABC network is not less than 10% of the hash power on the Bitcoin Cash network.

Kraken advises clients to close spreads for open positions before splitting.

The "Huobi Global" platform will fully support the split.

Whereas, prior to the split, Huobi would suspend all BCH trading pairs, trading, deposits and withdrawals.

It recommends that traders close their positions before today's date.

While the "Binance" platform will suspend deposits and withdrawals of Bitcoin Cash today at 10 am UTC.

Binance said spot trading will not be affected but will stop borrowing Bitcoin Cash until the split ends.

By taking a similar position, the "FTX" platform will also allow the trading of split currencies.

And she told "FTX" in a statement that:

A snapshot [A] will be taken at around 12:00 PM UTC, and any user with a BCH balance at this time will be credited with the parcels in the minority chain

We will monitor the situation closely and may include the minority split currency if we believe there is sufficient demand for it.

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Written by   18
1 year ago
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Comments

BCH ya se ha dividido, esto es tiempo pasado para un evento que ya sucedió 😅. el título implica lo contrario, oh bueno

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1 year ago

Yeah you are right . Thank you for sharing this with us

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1 year ago

This is helping

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1 year ago

It isa very helfull article. thanks

$ 0.00
1 year ago

It isa very helfull article. thanks

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1 year ago

Okay but why?

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1 year ago

Vety nice

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1 year ago

That good to know

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1 year ago

wow that's nice to know bch more greater in next

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1 year ago

Wowwwwww

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1 year ago

BCH has already split, this is past tense for an event that has already happened 😅. the title implies otherwise, oh well

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1 year ago

Yes you are right hhh

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1 year ago