On November 15, the Bitcoin Cash (BCH) network will be subject to a fork. However, there does not seem to be a consensus on that. Let's see what this means for you as a Ledger user.
Bitcoin Cash Fork: The situation so far
Bitcoin Cash Network Facing a Fork It does not reach a consensus, i.e. participants in the network do not agree on whether or not to implement the upcoming fork. This fork will take place on November 15, which may lead to a split of the network. The outcome of the fork is currently uncertain. The two fully functional networks will begin to exist exactly two years before the split between BCH and BSV. Only one network will survive in the end. Unfortunately, only time can tell the exact result of this division,
What does this mean for me as a Ledger user?
For security reasons, Ledger will discontinue its Bitcoin Cash (BCH) service on 07 November 12 at 12: 2020 UTC, meaning you will no longer be able to transact with your BCH after that time. This is to prevent recurrence of attacks by preventing our users from losing funds. At present, we can not say when the BCH service will be restored.We first need to see what the outcome of this fork will be, especially from a technical and economic point of view which fork is the most accessible.Although we are suspending Ledger Live's Bitcoin Cash service, do not worry: your BCH private keys will remain secure through your Ledger device. Its security is not affected by the fork.
What are my options?
From here, you have basically three options. We can overcome them:
Option 1: Sending your Bitcoin Cash
If you wish to continue using your Bitcoin Cash (BCH) during our service interruption, you may choose to send your Bitcoin Cash elsewhere, to a platform that maintains its services during this period. This way, you can use your BCH. Note that this increases the risk of replay attacks mentioned earlier
Option 2: Wait
Another option is to wait until we restore the service for the most accessible network. Your Bitcoin Cash Private Keys will remain secure through your device. This means that once our service is reinstated, your BCH will continue as intended.
Option 3: Third party wallets
The last option is to use your Ledger device with a third party wallet app as well as Electron's Cash. Although we are not sure if these third party wallets will continue to operate at the fork and beyond, you can control your BCH there if you continue to use your ledger device.Please note that dealing with your BCH at this time carries the risk of replay attack. We strongly recommend that you do your own research on both replay attacks, if these third-party wallet applications continue to work at this time
.We hope this clarifies the situation related to using your ledger device for BCH during the upcoming fork. In short, we will suspend our service on November 12 and see when its progress and results will resume. You can keep an eye on our social media pages for updates on this.
Important Reminder: Among these types of competitive forks, phishing and corruption attempts are more common. Beware of these!
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Great thanks @ TheRandomRewarder
Informative article dear. 💟💟