On November 15th, a hard fork could split the BCH network, and crypto companies have begun to weigh the pros and cons of this event. Part of the community supports the version of BCH promoted by the Bitcoin ABC development team, who split the Bitcoin blockchain and created Bitcoin Cash last August. The other part supports the network developed by nChain, associated with Craig Wright and the CoinGeek mining pool.
This week, the Binance and Coinbase exchanges influenced the price of the token by announcing that they were going to support the upcoming hard fork of the bitcoin cash network. Binance, the largest exchange by volume, said it would list the coin and listed a GitHub repository on bitcoincashorg, which is used by client ABC.
Bitcoin.com, a popular website owned by BCH developer Roger Veralso stated that it would provide the ABC client with access to a mining pool, wallet and other services. These two announcements raised the price of BCH by about 10% from US$425 to US$460.
Soon after, Coinbase announced that it was going to support Bitcoin ABC. In its statement, Coinbase noted that it is “pausing sending and receiving” to allow users to use the cryptocurrency once it meets security standards.
We will keep our users updated about the update and fork process once the network reaches consensus. In the unlikely event that two blockchains remain after a fork, Coinbase will provide customers with access to funds on each network.
Historically, the price of cryptocurrencies rises ahead of the scheduled release of a hard fork as investors buy cryptocurrency to receive free tokens, which, for example, were given away at a 1:1 ratio during the BCH hard fork last year.
Announcement Coinbase increased the price of BCH by approximately 25%. It is currently trading at $554, up 12.8% in the last 24 hours.
Some analysts believe that if large companies continue to support Bitcoin ABC, then the disruption to the network may not be too great, but others note that large hash rate losses could be dangerous.
Moreover, the mining hardware manufacturer, Bitmainhas more than a million BCH in its wallets. If the company's devices are forced to remove tokens from one of the networks, their price may drop sharply.
According to cryptoglobe.com
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