@CryptoWordsmith
Bitcoin Cash hard fork - New BCHA coin may not survive In a previous article, I explained how there were two groups vying for control of the Bitcoin Cash blockchain: Bitcoin Cash ABC (BCHA), and Bitcoin Cash Node (BCHN). As a result, a hard fork was planned to be executed on November 15, 2020. https://read.cash/@CryptoWordsmith/bitcoin-cash-hard-fork-coming-nov-15-2020-three-tips-for-success-645e9f0a https://read.cash/@CryptoWordsmith/cryptocurrency-faq-what-is-a-hard-fork-0e12325b
Recent media reports indicate that the Bitcoin Cash hard fork was successfully implemented, with the last common block between the two blockchains mined by Binance, and the newest block mined for BCHN was by AntPool. *Related reading:* *Bitcoin Cash hard fork coming Nov 15, 2020* https://read.cash/@CryptoWordsmith/bitcoin-cash-hard-fork-coming-nov-15-2020-three-tips-for-success-645e9f0a *Related reading:* *What is a hard fork?* https://read.cash/@CryptoWordsmith/cryptocurrency-faq-what-is-a-hard-fork-0e12325b Due to overwheming support from crypto exchanges, BCHN will retain the BCH name and ticker/symbol.
At time of writing, the outlook appears bleak for BCHA. Data from cash.coin.dance shows mining results, with only 3 blocks mined since the hard fork. BCHN, on the other hand, has mined 44 blocks (Table 1 above). https://cash.coin.dance/ What does this mean? It's easy to see that the lion's share of miners are *not supporting the hard fork*, and most miners are continuing to mine the BCHN protocol. If things don't change quickly, it's clear that BCHA will not survive if no one will mine it. If this is the case, then there is no need to move your BCH coins to another wallet. The crypto world would continue on as if no fork ever occurred. My thoughts As I mentioned to a number of community members, it was a risky proposition to buy BCH in the hopes of profiting by selling the new forked coin. This advice appears to be sound as of right now.
Clearly, the timing of the hard fork did not help, since Bitcoin (BTC) is nearing a valuation of $16,000 at the moment. It also remains to be seen if BCH will ever recover its valuation compared to BTC due to the recent volatility associated with the hard fork. It's notable that 1 BCH is valued at 0.01518 BTC at time of writing, which represents an all-time low. Thanks for reading, and stay safe! If you would like to support my work, please hit like 👍 and subscribe! 😊 Follow me on Twitter: *@CryptoWordsmith* https://twitter.com/CryptoWordsmith **#EarnFreeCrypto** https://read.cash/search?q=%23EarnFreeCrypto **#EarnPassiveIncome** https://read.cash/search?q=%23EarnPassiveIncome Cover image by **loufre** (modified by the author) from **Pixabay** https://pixabay.com/users/loufre-2697555/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1756278 https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1756278
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20 comments
I was hoping that Binance would give me the BCHA coins sooner so that I could sell them. However, as of right now, I have not received any of these coins yet. 🙈
i just checked again...only 4 blocks have been mined for BCHA...not enough support. no one would put in all that work only to realize the new coin has died. i think the writing is on the wall for this hard fork...just hope not many people invested into BCH hoping to profit from the new coin. with such low demand, i can't see who would buy the new coins.
The new coin is heading towards the history book
a total of 6 blocks for BCHA have been mined since the hard fork...still kicking around for now...who knows how much longer it will be viable.
Still waiting for BCHA to be distributed in my Binance Wallet
just checked...only 7 blocks mined since the hard fork...you may not ever receive the coins...demand way too low...no one wants them!
Let get a dead coin:))
add to your Santa-sized sack of coins...
Made a meme... its brilliant :))
I was writing about this now! My post for tomorrow!
fast fingers...Lol again! and thx for the tip!
You might be right about that. Unfortunately, I was thinking that the fork was last Nov. 13! I forgot that it was 15, so I made a transaction here last night and lost the money. Bummer. I'm still checking mine on Binance... I have mix feelings about it, we'll see.
oh, i'm sorry to hear about the lost transaction...hopefully it wasn't much, or hopefully it will go through! thx for the tip! only 7 blocks for BCHA have been mined since the hard fork...it's not looking good with such low demand.
It get through after the fork hahah! I check out my Binance and got the new crypto too but I dont know what to do about it, so I think it should sit in there for a while.
nice to hear! i really don't know how much demand will develop for the BCHA coin...as of right now, demand is not high. price is always dependent on supply and demand, so if demand falls, price will follow. i actually transferred my BCH to Binance after the fork, so i didn't receive the new coins. i'll have to do it myself manually when i have some time.
We hope to see the destination of this new BCHA coin.
it looks like it's making a comeback...miners have been supporting it over the past 24 hours! this wasn't the case earlier. thanks for visiting!
After seeing the weak support the newly forked coin received from miners all over even way before the fork took place, it's wisdom to understand it might not survive
looks like some miners have started to support BCHA, although the BCHA blockchain is 336 blocks ahead. the hash rate for BCHN is also about 44X higher than BCHA, so there's a long way to go. BCHA isn't quite dead yet...i'll keep monitoring it! thanks for the tip!
Hi I'm newbie here, I hope to see the destination of this new BCHA coin.