A couple of hours ago CoinDesk reported on its website that (as at 16:21) UTC Bitcoin Cash ABC was yet to receive any hashpower according to data from coin.dance suggesting that Bitcoin Cash Node was now likely to be the dominant chain. This did not come as a surprise though as CoinDesk also reported that 80% of miners had indicated their support for BCHN prior to the hardfork.
As the much anticipated hard fork of Bitcoin Cash unravels today 15th November, 2020, the fate of either of the two BCH rivals will become clearer in the coming days. Payment platforms will likely be informing their users of which of the BCH chains they will be sticking with in the next couple of hours.
Faucetpay.io has announced via it's official Twitter handle that they will be sticking with the longest chain. Consequently they will be adopting Bitcoin Cash Node (BCHN). They further promised to restore Bitcoin cash transactions shortly after the tweet was made. See screenshot of the tweet below.
Subsequently at about 16:00 UTC in their official telegram group, full restoration of services for Bitcoin Cash deposits and withdrawals was announced. It was further stated that all backlogs of deposits had been credited while pending withdrawals would be processed within a four to eight hour period.
No doubt FaucetPay is one of the well known platforms for crypto transactions. Their adoption of the BCHN chain will surely be a welcome development for supporters and promoters of BCHN. As other platform gradually decide on which chain to adopt the fate of Bitcoin Cash will become clearer.
In a related development, Bitfitnex exchange announced the completion of its support for the Bitcoin Cash hard fork via its Twitter handle. The tweet stated that all Bitcoin Cash balances on its exchange had been credited as Bitcoin Cash ABC (BCHABC) and Bitcoin Cash Node (BCHN).
Announcements from other exchanges post the hard fork will definitely be made in due course. Although Binance is yet to make any pronouncement post the actual hard fork, it had stated that it would credit it's users with BCH from the chain with the most work done. If I were to go by the announcement from FaucetPay of sticking with the longest chain, then we may see a scenario where Binance credits its users with BCH from BCHN. Thus the proposed airdrop of coins from the minority chain will then be with coins from BCHABC if what I am speculating turns out to be the reality.
Update: Binance has done its airdrop of the minority chain which has turned out expectedly to be BCHABC based on its snapspot of BCH holders on its exchange as at 12 PM UTC on 15th November.
The current value of BCHABC coins is quite low. Only time will tell if the coins will ever have any substantial value.
From all indications thus far BCHN has taken the lead and is likely to consolidate on this position in the coming days and weeks. How the BCHABC team will react to this turn of events is yet to be seen.
Shukran
Danke
Merci
Gracias
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for reading.
i hope the BCH community stabilizes later on, because BCH is great to use because of the low fees.