The possibility of a Bitcoin Cash hard fork is becoming more and more likely; the developers have planned to implement a “pre-consensus” protocol on November 15th.
The Bitcoin Cash network is planning a software update. If not enough stakeholders support the upgrade, a new blockchain will be formed. Using a “pre-consensus” protocol, network participants will be able to reach agreement on what the next block will look like.
A number of prominent and controversial figures in the cryptocurrency community have spoken out against the proposed update. Craig S. Wright, self-proclaimed Satoshi Nakamoto, expressed dissatisfaction with the partnership between Bitcoin ABC and Bitmain. Bitcoin ABC is the group of developers responsible for creating Bitcoin Cash.
This partnership allowed Bitmain the ability to destroy BCH tokens to create scarcity on the network. This practice should support the value of the cryptocurrency. Wright spoke out against this partnership, and also released his own white paper, which proposes (among other things) increasing the BCH block size to 128 megabytes.
Bitcoin Cash itself was born as a result of a hard fork. At that time, there was significant debate within the community regarding the functionality of Bitcoin. Ultimately, when the developers decided to carry out the update, not enough people supported it. Thus, Bitcoin Cash was created. Its supporters claim that it is “the real Bitcoin. Exactly the way Satoshi intended it.”
Even though the likelihood of a hard fork is low, a large number of companies are acting as if it will actually happen. More and more exchanges are publishing their plans for these events. The CoinEx exchanger published a statement that “in the event of a hard fork, Bitcoin Cash holders will receive BSV assets that will be equal in value to BCH.” BSV is the new currency that will emerge in this case.
Despite the fact that Bitcoin Cash remains in the top 10 cryptocurrencies, its network is still quite young and subject to change. This is the first major test of character for BCH.
According to financemagnates.com
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