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After The Bitcoin Cash November 15 Fork, what?

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Avatar for SolarPhasing
Written by   87
1 month ago

Hello Bitcoin Cash Rockers!

Lovers! :0)

If you follow the Bitcoin Cash news of the last few weeks, you will understand that there will be a Fork on November 15, 2020.

I read all the articles on the subject, mainly on Read.Cash by the way, but a lot of very important topics are not covered. For people who are not really interested in this complex technical part, it would be good to have more basic and functional information.

But for the average user, what will happen?

  • Will we have to choose a "side"?

  • Will it still be possible to exchange or use our Bitcoin Cash?

  • What economic impact could this have on BCH?

  • From a SLP token point of view?

So Mr Experts, what is waiting for us after the November 15, 2020, Bitcoin Cash Fork?

Merci beaucoup! :0)

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Comments

I will make a quick attempt to answer those questions.

Will we have to choose a "side"?

No... with qualifications:

  • as long as you hold your own coins in a wallet where you FULLY control your own keys, then you're fine - if boths chains live, you will own those coins on both fork chains. If only one survives, well then you're "sides" problem is solved :-)

Will it still be possible to exchange or use our Bitcoin Cash?

Yes.

What exactly "Bitcoin Cash" is, depends on the outcome of the split.

Right now, it's looking like the majority of hashrate, ecosystem etc. supports BCH staying IFP-free.

But every exchange is different, and users need to read up carefully on how the businesses + exchanges and wallet software which they are using, will handle the fork.

My general advice:

GET YOUR COINS OFF EXCHANGES AND INTO A WALLET UNDER YOUR OWN CONTROL, BEFORE NOVEMBER 15.

An excellent wallet to keep your funds safe is the Electron Cash desktop wallet.

I would also recommend the Bitcoin.com wallet.

What economic impact could this have on BCH?

This greatly depends on the outcome on November 15.

If there is a persistent split, the combined price could stay roughly the same, or it could go lower or higher. We don't know, it depends on market players.

Generally, if a coin splits, both sides lose some of their network effect.

Not sure if this is priced in yet, personally I think BCH is still hugely undervalued anyway...

From a SLP token point of view?

Again, if you hold your tokens in a wallet where you properly control the keys (like Electron Cash SLP), then no matter what happens, you'll have full access to using them later on.

If your tokens are on some exchange or web wallet where you do not have full control, then you are at the mercy of which chains that provider will be supporting.

Get your tokens into your own token-capable (!) wallet!!!!

And always make sure that you are sending tokens only to a simpleledger: address generated by the receiving wallet.

If you have more questions, let me know.

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1 month ago

Thank you very much for taking the time to answer all these questions in détails @btcfork. You answered all the questions, clearly, for me.

It is true that it could not have been obvious for everyone to know. And that's very well explained. Thanks again! :0)

Great!

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1 month ago

So nice

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3 weeks ago

Very good question. Number of ABC nodes slowly decreased from 50%-ish below 40%, which is still high, and probably means that too few people heard about the infrastructure funding plan of the ABC project. In these days there is a small minor upstream in the prices, lets see if it can bring bch relatively higher than others.

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1 month ago

Thank you very much for your comment! :0)

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1 month ago