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The Bitcoin Cash (BCH) blockchain will undergo a network hard fork on November 15, 2020. Later, this update will split the coin into two.
This upcoming hard fork is the culmination of disagreements and tensions over proposed changes in the codebase of the network, as well as the future of Bitcoin Cash itself.
Bitcoin Cash was created as a result of an intense disagreement between members of the Bitcoin (BTC) community on August 1, 2017. Unfortunately, it doesn't just stop there, BCH creator Roger Ver has another argument with Calvin Ayre. This time, the dispute resulted in the result of Bitcoin SV (BSV) which underwent a hard fork on 15 November 2018. As if wanting to repeat the same incident, tensions reoccur between Amaury Séchet as the BCH developer and differences of opinion in the BCH community. Judging from the philosophy of BCH, the coin aims to become a global peer-to-peer digital currency with low-cost, high-speed, and borderless transactions. This philosophy is highly upheld by the existing BCH community. However, not all entities from the BCH community agree on the change in architecture of the basic blockchain network. Currently, there are a number of active implementations on the network, such as Bitcoin ABC, BCHN, and Bitcoin Unlimited.
Because of this implementation, the BCH community was split into 2 large fractions between Amaury Séchet who led the Bitcoin ABC community, while Roger Ver led the BCHN community. The two of them have different views regarding technological advances and programming in the BCH network. Bitcoin Cash Hard Fork On November 15, 2020, the Bitcoin Cash blockchain will update the existing system. This update was first proposed by the BCHN community by introducing a new mining algorithm in order to be widely accepted. Disagreeing, the Bitcoin ABC development team proposed an alternative update by adding a further element by diverting the 8% block rewards from mining Bitcoin Cash. Roger Ver, the leader of the BCHN community faction responded by saying "please stop" on his personal Twitter,
From the most likely scenario seen from the majority of supporters, the update made on 15 November 2020 will take the version of BCHN. This controversy will make BCH later have two separate blockchain networks with their own values. World Exchange Preparation This controversial hard fork has led several world exchanges to step in. Some, such as OKEx, announced it would support both assets from the hard fork. Later, OKEx will register BCH ABC and BCHN to be traded. However, the function will be temporarily suspended before the hard fork occurs. Another world exchange, Houbi Global will also take the same steps once consensus among the BCH community has been reached, and will name the assets as BCHA or BCHN. Meanwhile, Binance will suspend deposits as well as withdrawals of BCH on the day the hard fork occurs. Binance will also look at the scenarios that will occur on that day, and have not decided between listing the two coins or not listing the coins at all.
Bitcoin Cash Price At the time of writing, today's BCH price is around 258.85 next to USDT.
If we refer to the price analysis conducted by Cointelegraph Markets some time ago, BCH has dropped to its lowest value when juxtaposed with Bitcoin (BTC).
Unlike its parent coin BTC which has rallied in the past month, BCH spent the past three months hovering in the range of $ 230 and $ 280. This makes market sentiment towards this hard fork a little dim. For example, the response of CasaHODL's Co-founder, Jameson Lopp, regarding this incident "Hopefully this voting drama will be over soon before the shitcoin drama returns: H-10 for the next bcash fracture!"