Bitcoin Cash hard fork coming Nov 15, 2020 - Three tips for success

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4 years ago
In community: Cryptocurrency for beginners(a74f)

The devs for Bitcoin Cash (BCH) have scheduled a hard fork for the cryptocurrency on November 15, 2020. Because this platform provides 100% of its gratuities in BCH, the upcoming change will impact every user.

Related reading: What is a hard fork?

Why is this happening?

Graphic 1: Image by Steve Buissinne from Pixabay 

One dissenting group of devs, referred to as Bitcoin Cash ABC, want to create a separate pool of funds using 8% of each block reward that is mined. The idea is that this would be automatically set aside to help fund future improvements to the Bitcoin Cash project. The rest of the group, known as Bitcoin Cash Node (supported by Roger Ver notably), do not agree with this vision as evidenced by his recent article.

Three tips for success

The next two weeks will be tumultuous for anyone who is invested in BCH. Here are three tips on how to navigate the upcoming change successfully.

Tip #1 - Beware of BCH price volatility in the near future

Historically, prices for many cryptocurrencies become increasingly volatile in the weeks leading up to a hard fork. This is due to the uncertainty surrounding the change. It's possible that the newly forked coin does not survive!

Unless you are a seasoned crypto investor, I suggest you stay on the sidelines until things stabilize.

Tip #2 - HODL your BCH

If the hard fork is successful, all customers who owned BCH before the fork would be eligible to receive the newly forked coins on a 1:1 basis to match the value of your pre-forked BCH.

For example, if you owned 0.359 BCH before the fork, you would be eligible to receive 0.359 of the new coin after the fork.

The more BCH you own before the fork, the more of the new coins you may receive. Try not to spend or exchange your BCH until after November 15!

Tip #3 - Find out which wallets will support the new coin

If you wish to collect your new coins after a successful fork, you will need to deposit them into a wallet that supports the new forked coins. It's notable that the Trezor cold storage wallet will not support the new coins.

However, Binance has confirmed they would. This means that you would automatically collect the new coins by transferring your BCH funds into your Binance account.

One other advantage of depositing your BCH into Binance is that you would be eligible to earn interest on your deposit. Binance currently offers a Flexible Savings account that pays 0.61% Annual Percent Yield (APY). You are able to withdraw your funds at any time.

If you would like to register for a new Binance account, please consider using my referral code OXY60HLV.

Thanks for reading, and stay safe!

If you would like to support my work, please hit like 👍 and subscribe! 😊

Follow me on Twitter: @CryptoWordsmith 

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Cover image by loufre (modified by the author) from Pixabay 

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Thanks for your support!

Lead image: Bitcoin Cash logo modified by the author

Graphic 1: Image by Steve Buissinne from Pixabay 

Resources:

  1. https://medium.com/poolin/bitcoin-cash-hardfork-plans-f8570234e1ad

  2. https://www.binance.com/en/support/announcement/ade106fd65974a9982fc5a32e063d0b0

  3. https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

  4. https://cointelegraph.com/news/trezor-s-failure-to-support-upcoming-bch-fork-comes-under-fire

  5. https://www.binance.com/en/lending#lending-demandDeposits

  6. https://www.binance.com/en/lending#lending-pos

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Written by
4 years ago
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Comments

Thanks for information dear

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User's avatar sukreya
4 years ago

the new coin may fail to gain enough support based on what i have been reading today.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

you are welcome...thx for visiting!

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User's avatar CryptoWordsmith
4 years ago

Marvelous post buddy

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User's avatar SaifAnsari
4 years ago

great informative article about BCH

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User's avatar Teji
4 years ago

you are welcome...thanks for visiting!

my latest research shows the new coin may not survive, however.

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User's avatar CryptoWordsmith
4 years ago

Great article.😀

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User's avatar Master10
4 years ago

thank you for your kind words and for visiting! The new coin may not last very long since it does not have enough support from miners.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

Thanks for the good tips

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User's avatar Whitershade
4 years ago

you are welcome...just keep in mind that the new coin may not survive.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

thanks for visiting!

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User's avatar CryptoWordsmith
4 years ago

Do you know if coinbase will support the fork??

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User's avatar Jm3williams
4 years ago

coinbase will not support the fork.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

thanks for visiting!

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User's avatar CryptoWordsmith
4 years ago

They are good crypto currency company

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User's avatar Sani001
4 years ago

thanks for visiting. please not the new coin has not received much support form miners.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

OK

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User's avatar Sani001
4 years ago

Please apart from sending your earnings of BCH to your Binance acc, which other wallet can one use that's eligible for the offer after November 15

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User's avatar PersieKing
4 years ago

the latest news i found is that Binance may not support the new coin either, and it may not survive at all.

"In a Nov. 3 announcement addressing the fork, leading cryptocurrency exchange Binance announced that if current signaling trends continue, “Binance will treat the BCHN chain as the future BCH chain.”

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

and thanks for the tip! sadly i can't reciprocate due to triggering tax implications in my region.

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User's avatar CryptoWordsmith
4 years ago

The way I see it, that explains a lot of big folks in the game are turning against it probably because of what the effect might be upon BCH in the future.. Hmm. And about the tip, that's nothing bro, that's insignificant compared to how helpful your post is. I'm up and following

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User's avatar PersieKing
4 years ago

👊

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User's avatar CryptoWordsmith
4 years ago

This is a very nice and educative article, I didn't know there's a lot of opportunity to earn on the ground already. Let's go convert me ETH to BCH till November 15. Thanks once again buddy for this information

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User's avatar Maria101
4 years ago

thx for visiting, but i would caution against investing too much, if anything at all. from my recent research, it looks like the new coin will not survive.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

Just joined Binance recently good that they're supporting this but I have mix feelings what will happen to my BCH left on my coins.ph wallet? Thanks for the heads up.

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User's avatar LykeLyca
4 years ago

you are welcome...the sense i get is that the Bitcoin Cash ABC coin will not survive from what i'm reading online. we should all just be patient and we will get some more clarity later this week. i won't be moving my funds anywhere for a while.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

How about bitcoin.com wallet? Won't they support the fork coin if ever?

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User's avatar Yolive98
4 years ago

my sense from what i'm reading is the new coin may not survive.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

Amazing

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User's avatar Dimes
4 years ago

thanks for visiting!

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User's avatar CryptoWordsmith
4 years ago

Man, If we can ride this wave right, we can come out the other side looking pretty good. Thanks for such a great and descriptive aritcle! I will probably set up a binance account under you later tonight and get ready for this

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User's avatar Thremos
4 years ago

Thanks for visiting and for sharing your thoughts!

i'm a bit skeptical the ABC coin will survive for long. it doesn't appear to have much support from the mining community, and if miners won't support it, it's vulnerable to a 51% attack.

just be careful, and only invest what you can afford to lose.

have you read my articles about The Sandbox? There may be more opportunities on that platform.

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User's avatar CryptoWordsmith
4 years ago

no I haven't I have heard of the name sandbox a handful of times, but never had any formal dive into it. guess thats tongiht research XD

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User's avatar Thremos
4 years ago

the latest i heard is the new coin may not survive.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

If I keep my BCH in the wallet I got from this website when I signed up, will I receive the ABC coins?

In other words: Is some action required or is it enough to do nothing? 😅

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User's avatar MoreGainStrategies
4 years ago

this whole issue may be moot...the new coin is not receiving much support.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

That's the issue that i didn't have time to discuss with this article.

the RC devs have made no mention about which coin they will support on this platform. my understanding is that if you do nothing, your pre-fork coins will become ABC coins. this can be problematic because it appears that most of the BCH community supports BCHN, and the ABC coins may fail post-fork.

Scenario 1: BCH ABC succeeds, but RC supports BCHN - Do nothing is safe, but you will need to move your BCH to a different wallet that supports the hard fork in order to receive the new coins.

Scenario 2: BCH ABC succeeds, and RC supports both BCH ABC and BCHN - do nothing is safe, and new coins should appear in the RC wallet.

Scenario 3: BCH ABC fails - do nothing is safe, since the code would most likely be reverted to a point in time pre-fork.

@tired_momma

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User's avatar CryptoWordsmith
4 years ago

I have to read it like 10 times tomorrow lol. Crypt, can you check if you still can claim the activity bonus???

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User's avatar tired_momma
4 years ago

the new coin may not be viable since it has not received much support. i think everyone should be safe.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

Does it mean bch can crash? I had problem with my coinbase, it won't let me sell my crypto. I'm worried.

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User's avatar tired_momma
4 years ago

i wouldn't be worried. BCH will be volatile for a while, but it will eventually stabilize. if you want my honest opinion though, i feel other cryptocurrencies have a better long term future over BCH.

i'm conservative regarding my crypto investments...my favorite is BTC.

thanks for the tip! =)

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User's avatar CryptoWordsmith
4 years ago

My really problem is coinbase not letting me sell or withdraw. Did they hostage my money? Lol

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User's avatar tired_momma
4 years ago

that's curious...did you complete the identity verification process? you may have to contact them directly.

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User's avatar CryptoWordsmith
4 years ago

I did. And I finish the verification. I think the linking of the bank is the problem and it won't let me get through PayPal as an option for the withdrawal only for the bank. I honestly don't want the bank to know about my crypto. Heard of that account they close.

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User's avatar tired_momma
4 years ago

oh, i'm sorry to hear that.

you might have to transfer your crypto assets to another institution or exchange. maybe Binance?

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User's avatar CryptoWordsmith
4 years ago

I'll see this week if they give me an answer. I don't want to pay charges again. Huhu I got two accounts so not easy.

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User's avatar tired_momma
4 years ago

I just earned £100 in two weeks on my bitcoin on my other account. Happy days!

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User's avatar tired_momma
4 years ago

well done! which other account do you have?

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User's avatar CryptoWordsmith
4 years ago

It's the coins.ph one. The one in coinbase makes me almost £150 but I wasn't able to sell it when it was that high. I can't touch it just letting me buy. But I can trade.

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User's avatar tired_momma
4 years ago

well done! sorry to hear Coinbase isn't working out...i mentioned in my other comment you may need to transfer to another exchange to get your funds out.

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User's avatar CryptoWordsmith
4 years ago

Thank you Crypt. Thank you so much!

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User's avatar tired_momma
4 years ago

yes, i just claimed my activity bonus today...i've been claiming something for my activity bonus daily for the past weeki think. is that working for you?

i have no idea how it's calculated, but i do suspect it has something to do with how active you are on RC...reading, commenting, etc.

i will try to post something graphic to explain the impact of the hard fork...something visual may be easier to understand.

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User's avatar CryptoWordsmith
4 years ago

I want to try binance, btw thank you for the information

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User's avatar Reggie12
4 years ago

thanks for visiting!

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User's avatar CryptoWordsmith
4 years ago

How about coinbase? Will I just let it sit there? My BCH I mean.

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User's avatar tired_momma
4 years ago

Coinbase will not support the fork. If the new coin is successful, you will need to move your BCH to a wallet that does support the fork in order to collect the new coins.

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User's avatar CryptoWordsmith
4 years ago

Do you know will trust wallet support the fork

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User's avatar Raman
4 years ago

good question, but i don't know and i can't find the answer anywhere.

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User's avatar CryptoWordsmith
4 years ago

None 😂. ABC will need to create a new one. Just hold on to your bitcoin Cash, wait for the new wallet (or for the announcement of one that will support it), import your seed there, and you have the 1:1 forked coins. Then send it to another compatible address for security reasons. You're done.

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User's avatar Monolith
4 years ago

None 😂. ABC will need to create a new one. Just hold on to your BCH, then wait for the wallet, import your seed there and receive the 1:1 forked coins.

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User's avatar Monolith
4 years ago

I was just thinking of buying 1 bch on Binance for the free coin. Lol But do you think the hard fork will affect the price of bch in the long run? Will it increase or decrease? 🤔

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User's avatar Eirolfeam2
4 years ago

from what i read today, the new coin may not be viable, since not many miners support it.

https://cointelegraph.com/news/fork-in-the-node-bitcoin-cash-node-on-track-to-oust-bitcoin-abc

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User's avatar CryptoWordsmith
4 years ago

@Monolith appears to be very confident with that prediction of Nov 13th, along with the recovery of BCH price. I would agree that current percentage of the price drop may not be merited due to uncertainty.

a better question is whether you should be investing in BCH at all. instead of aiming to get a free coin, would it be better to invest in another cryptocurrency or token instead of BCH for long term growth/value?

several notable individuals have recently cautioned against BCH (Max Keiser), or completely withdrawn their support of BCH (Tim Draper). it's notable that BCH value compared against BTC continues to drop, and is probably at an all-time low now (1 BCH = 0.016 BTC).

but given where you are in your life, even if this is a missed opportunity, there will be plenty of others that will come along. Ultimately, I would advise caution, and only invest what you can afford to lose.

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User's avatar CryptoWordsmith
4 years ago

good question...i think it will have little affect based on the low amount of support for Bitcoin Cash ABC.

but i'm not an expert...Lol. will see

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User's avatar CryptoWordsmith
4 years ago

Wait for the 13th. Volatility will be at it's best that day. Then buy the BCH you want, and hold. You have earned yourself a free Airdrop. I see some selling their BCH like crazy so undoubtedly some affectation is to be expected. Anyway the price should go up after, so don't be extremely concerned.

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User's avatar Monolith
4 years ago

I was half way through writing a similar post :)) Do you know if Coinbase and Celsius will support the fork?

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User's avatar PVMihalache
4 years ago

Coinbase will not support the fork.

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User's avatar CryptoWordsmith
4 years ago

fast fingers...Lol

binance will support the fork

celsius i don't know if they will or not...

thx for the tip!

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User's avatar CryptoWordsmith
4 years ago

I can still move it all from Celsius to Binance but hate fees

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User's avatar PVMihalache
4 years ago

Binance kind of s*cks. Move it to external wallet instead where you hold the keys.

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User's avatar Monolith
4 years ago

I hold my things on Metamask and Celsius. I will move them for the fork :D

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User's avatar PVMihalache
4 years ago
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