The verdict is out, BCHN is our BCH.

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Avatar for Fexonice1
3 years ago
Topics: Bitcoin Cash

The dominance of Bitcoin ABC on the Bitcoin cash network looks set to give way to the community driven BCHN heading towards the planned infrastructure upgrade and the intending hard fork on the blockchain. Bitcoin ABC team leader has threatened that, should the Bitcoin ABC produce more blocks before November 15th, the BCHN will be completely wiped out. In response to this threat, the Bitcoin cash community led by super enthusiast Roger veer, gained much support for BCHN from miners and technicians thus diffusing the threat that as things stand, the ABC team seems so insignificant and irrelevant to disrupt the planned infrastructure upgrade on BCH network.

As it stands, the Bitcoin ABC is not faring well in comparison to the BCHN in terms of block statistics. According to coin dance, for the past seven days, 80.8% or 808 blocks out of 1,000 were mined using the BCHN software. While a mare 3 blocks out of the last 1,000 BCH blocks have signaled for ABC, which accounts for 0.3% of the 1000 blocks mined. Given the above, it's simple to say that the BCHN won fairly and so Bitcoin ABC must give way, and a fork away will do.

Source: coin dance

Already Bitcoin ABC has perfected plans to go ahead with the fork on the BCH node, and a pre-trading in the new coin with the tentative acronym BCHA is already going on in some major exchanges. On Poloneiex the ABC coin paired with USDT is swapping for $20 a unit. On coinflex, the price stands at $20.50, while at coinex it goes lower as ABC token is swapping for $16.34 during the weekend. What an insignificant value for anyone to think of buying into this ABC experiment with his or her BCH. Going by this, the ABC coin will have a very small market value despite the Airdrop.

Given the dominance of the BCHN chain in terms of numbers of blocks mined, it is certain that it will retain the use of the acronym BCH as its symbol. If the value or price at which the two different tokens will be traded after the fork will be used to determine the dominant chain, the BCHN chain will be way far and higher in comparison with the ABC chain. In essence, the BCHN will retain the use of Bitcoin cash while ABC will find a new name that suits it. This hardfork that has been causing a lot of tension may actually be a blessing in disguise to BCH holders and the Bitcoin cash community because of the following reasons.

1. Short in the supply of BCH

If you care about receiving the free new coin that you can later swap or sell for BCH, you will have to hold your BCH in a non-custodial wallet that supports the hardfork where you can receive an equivalent amount of the new coin. As more people hold their BCH this period there will be less supply of BCH in the market, and this might trigger a rise in price due to higher demand. Already, notable exchanges have informed their users who care about receiving the new coin to move their BCH to a safe wallet that supports the hardfork. What this implied to is that BCH will be in scarce supply going forward to November 15.

2. Increase demand for BCH

It a fact from experience that as any cryptocurrency asset approaches a hardfork, its price generally goes up due to the larger numbers of people who want to get free coins. And the only way a person can receive the new coin is to have some amount of the original coin in a wallet. The same is the situation with this fork. Going forward to November 15, we will likely experience an exponential rise in the price of BCH as more people who desire free coins keep buying BCH in the face of a shot in supply price will rise. This will also give credibility to the BCHN chain as the dominant chain.

One more thing

Users are advised not to transact BCH during the period of the upgrade or hardfork for security reasons. Most exchanges have stated that they will disable their BCH transaction features to prevent users from losing money due to replay attack.

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3 years ago
Topics: Bitcoin Cash

Comments

Latest news? According to @telesfor these will not be the new names and there might be no hardfork at all.

Ver is enthusiastic and it looks as if the gain most support of the outside world except for the brokers.

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3 years ago

The fork is not about BCH Community but ABC who wants to follow a different part on the same block chain. Amaury Séchet and ABC team do not agree with the majority, so the only way for him to implement his ideas is to fork away. I don't see anything that can make Amaury Séchet ABC team remain with BCH, after all the humiliation and abuse from both sides.

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3 years ago

You mean Sechet wants it different and he rules that part. We see...looking back it feels as if promoting BCH was a joke...it started with Bitcoin and after each change of opinion the next split up waits for us.

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3 years ago

I'm really anticipating the fork. It'll give rise to BCH as you have analyzed. Thanks for sharing sir

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3 years ago

It will be the end of BCH!

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3 years ago

Oh! Thanks for the correction ma. We'll surely use BCHN here.

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3 years ago

Nope, it won't be the end. The new will only be an insignificant value compared to BCH.

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3 years ago

We do know nothing about the value.

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3 years ago

The prize of bitcoin cash is always up and down. That's why I swap all of my bitcoin cash. Don't know did I wrong or right. ... What do you think about bitcoin cash value in future?

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3 years ago

If the hardcore happens no one knows about the value. BCH will no longer exist and have a new name and read.cash will not support it any longer. They go for the new altcoun. An altcoin most brokers will not support and the question will be how to change it. Worldwide we can not use the same brokers, wallets and if that is the case you stand with empty hands unless read.cash swaps it/pays out in different currency.

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3 years ago

Majority win the vote, and bchn won the mining power and hashrate, so it will retain the use of the name BCH while the other chose a new name. The coin with the highest market value retain the use of the primary name. This was the case two years ago when BCH was first fork for BSV.

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3 years ago

I get tired of all those fights. We will see after today what happens and if we win or lose.

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3 years ago

If you have read this article carefully you will understand what BCH be from now on. I advised you swap back to BCH if you want to receive the equivalent of your BCH from the new coin after the fork on November 15

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3 years ago

Oh OK..I will swap to BCH. I am gonna do it now.

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3 years ago

This might be a silly question, but if 80.8% of Bitcoin Cash blocks were mined with the BCHN software, and 0.3% were mined with ABC, what about the remaining 18.9% of blocks? Are these unknown, or perhaps something else again?

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3 years ago

Yes unknown miners or empty blocks that can not be accounted for. This is one of the reasons for the upgrade to BCH network infrastructure

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3 years ago

Thanks, that really helps and I appreciate you coming back to me!

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3 years ago

Bitcoin.com wallet is headed by Roger Ver so I must say it supports the fork? Am I right??

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3 years ago

It does not matter in which wallet you store your bch. It is important that you know your seed / derivation path or private keys. This will allow you to claim your BCHA.

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3 years ago

You mean with our seed phase we can import wallet and claim anywhere

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3 years ago

Yes, but it depends on the wallet. In Exodus you can import private keys. In electron cash you can import private keys or seed. Electron cash is the best BCH wallet for desktop. It offers the most options.

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3 years ago

Nope, Roger veer doesn't support ABC hence the wallet will not. If you are thinking about recieving free coins you can use ERC20 wallet. Notably, cobo wallet and Exodus wallet will work. Exchanges such as pholonoex and huobi fully support the fork and already trading on it.

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3 years ago

Really? so we should transfer our BCH to receive that free coins? omg 😂 Yeah, what about Trust Wallet? or coinbase?

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3 years ago

Read here https://support.exodus.io/article/1482-bitcoin-cash-faqs-learn-more-about-bch#

The description for claiming is outdated (it's for BCH claiming after BTC BCH fork, but now it will be the same.

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3 years ago

Use coinbase

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3 years ago

What about trust wallet? And coinbase?

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3 years ago

Read here

https://support.exodus.io/article/1482-bitcoin-cash-faqs-learn-more-about-bch#

The description for claiming is outdated (it's for BCH claiming after BTC BCH fork, but now it will be the same.

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3 years ago

You only need your Seed (plus derivation path) or your private key. With this you will be able to claim your BCHA. It does not matter in which wallet you keep your BCH

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3 years ago

Thank you so much sir.. Am really worried about this.. It would be my first time to experience fork

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3 years ago

Yes trust wallet is good, and you can use coinbase if you understand it. Coinbase fully support the hard fork

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3 years ago

Thanks for the update n I think I need to save some stablecoins now so I can buy more bch.. Or hold back so I can swap to stablecoins when the price goes up

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3 years ago

Yeah, hold your BCH in safe wallet to receive Free token. Don't swap BCH for any other asset for now.

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3 years ago

I have my BCH in trust wallet. I hope I'll be able to claim the free BCHA token. Is there also any announcements by Trust wallet in support of this?

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3 years ago

Trust wallet haven't made any announcement regarding the fork, but I hope they will do so because of their large user base

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3 years ago

What about those we used for staking?

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3 years ago

Every staking in BCH will be disabled during the hardfork and you will not receive any new coin for money staked.

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3 years ago

So it is safe there... Right? Sorry am still to this fork and staking thingy..

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3 years ago