Bitcoin Cash blockchain will be having an upgrade this coming November 15, 2020. There are two chain developers in BCH which is the BCH ABC and BCHN that are having arguments, war, or whatever you call it because they have different plans towards the BCH. BCH ABC leads by Amaury Seçhet and other people while BCHN is supported by the majority of the BCH community, BCH enthusiasts such as Marc Demesel, George Donelly, Roger Ver, and many more to mention. Read cash developer is also on the side of BCHN our read cash wallet was run by a trusted node on the BCHN chain. He even signals to go with BCHN if the split happens on his Reddit account while Bitcoin.com wallet also signaled to go on the same chain which is Roger Ver as the CEO.
BCH ABC will be implementing IFP in speculation they will fork away on BCH making another coin that will result in splitting the chain. I will not tackle much about both sides of ABC and BCHN since my knowledge is limited but you can check the link I provide below written by sir George. Read at your own risk and digest, because it's too long 😆. As for the IFP there are series articles written by sir Cain, just search him and you will find it so you will know the ABC side. (If you are wondering why I just bold their names is it because I am not fan of tagging users in my articles especially them, I don't want them to receive tag from me and get annoyed if ever, so please search for them if you want to learn more).
As a beginner in the BCH ecosystem, I read various articles about it so I can learn something, upon knowing that there will be an upgrade on November 15 I always wonder what will happen to my BCH in my wallet since I am holding all the BCH I earned here in read cash and I am not planning to use it but to hold it for long term for future purposes because I am convinced that BCH has a bright future according to my reads.
What will happen to my BCH?
Will my BCH lost after the upgrade? Is it secure just to let it stay on my wallet?
Will the price value of BCH drop or rise after the upgrade?
What if a split happens are we having both coins? ABC coin and BCH coin? Do we have to choose what coins and chains we will follow?
These are the questions that keep popping into my medium size brain every time I read some articles regarding the upcoming upgrade. So to my curiosity, I asked sir Telesfor and he answers some of it. He also advised me what to do on that day, so I also would like to share it especially to all newbies and beginners in BCH like me.
Question 1: Btw sir, is the upgrade on November 15 affects our BCH I mean if we store it in our wallet it will only stay there? It won't be lost something like that?
Answer:
You need not be afraid. Your BCH will certainly not be lost. You just have to have your seed. On 15 November the following can happen. The chain may split. It does not have to, but it can happen. If the chain splits up and a second coin is created and traded, you will have access to the same amount of new coin with your seed as you had BCH on 15 November. For this new coin, there will certainly be a wallet and a possibility to import your seed.
Your BCH in the bitcoin.com wallet and read.cash will be in the same chain.
I don't know what will happen on November 15th with SLP tokens (USD, USDH, etc.) In the Bitcoin.com Wallet, they will stay and you will be able to trade them after the upgrade, but I don't know if they will be there in the new chain and if they will have any value there. I suspect not.
The new coin, which could be created after the split, will probably have a value of about $27. So it will at least be traded on the Futures Market (under the name BCHABC)
https://coinflex.com/markets/BCHABC-USD-201225-LIN
Question 2: If the split happens we will have both coins right? Do we have to choose which coins we will use? the old? the new? can we use both coins? or we only choose one?
Answer:
If the split takes place, you can use both coins, but you must use different wallets. A new wallet will certainly be created for the new coin. Then there will be descriptions of how to claim the new coins. But maybe the new chain dies after the split and the new coin will be worthless.
Question 3: Is there any way not to worry if the value drops? Or can we still cope with the loss, if it drops big time sir?
Answer:
The price can fall. The prices are very much determined by speculation at the moment. If you need the money now, it is better to exchange and spend it. In the long run, I believe the price of BCH will go up. But keeping all savings in cryptocurrencies is unreasonable. I keep around 10% and not just in BCH. (So do not put all your savings in cryptocurrencies, it's unreasonable. Invest what you can afford to lose and diversify your portfolio)
What to do during the upgrade?
15 November will be exciting. I recommend you not to make any transactions that day and watch it on https://cash.coin.dance/
If you have more than one address with BCH, it is better to transfer everything to one address first, for which you must of course have a seed or private key. It will be easier to claim the new coin, later on, otherwise, you will have to do this for each address, which can be time-consuming. But perhaps by 15 November, all miners will signal BCHN, then there will be no split at all.
Additional information:
Here you can see miners using BCHN nodes (red). Others have not signaled anything. It is not yet known which chain they will mine.
https://cash.coin.dance/blocks
No miner has signaled the second chain yet. The chain that uses the BCHN node will probably be the BCH chain. Bitcoin.com has already announced that it will use the BCHN node.
Note: Sir Telesfor suspect that read cash will update us on what to do during the upgrade in detailed manners so let's just wait for it. I just finish this article since I already started it and I also want to share what I learned from our conversation. I hope you learn something. If I happen to mention some wrong info, correction is welcome. Thank you for reading and have a nice day!
SAVE THE DATE NOVEMBER 15, 2020.
Take the risk to let your BCH float
or you can swap it to fiat for a
moment and swap back after the
upgrade. The choice is yours.@Telesfor sir, I finish the article since I already started it. I hope you don't mind, if so then just beep me since you are the source. I have great respect for you. Thank you!
So i dont need to make an article bout this anymore.. You said it all 😁 everyone should really save the date..