Upcoming Bitcoin Cash / Bitcoin SV Hard Fork: The Situation So Far
There is a lot of excitement surrounding Bitcoin Cash at this time. There is a good reason for that, as the network sis et to undergo a hard fork. Similar to other altcoins, there will effectively be an attempt to split the network into multiple chains, as numerous forks may emerge as “viable” come November 15th. This also makes it difficult for exchanges to confirm support of the forks in question.
The Bitcoin Cash Hard Fork Scenario
Introducing a hard fork is always tricky. Although it is often done to make the ecosystem a lot stronger in the process, there is always a chance the chain will split into separate camps. For holders of the original asset, that creates new opportunities but also leads to plenty of confusion. For Bitcoin Cash, its upcoming hard fork leaves the community somewhat divided.
More specifically, two major branches of BCH are vying for traction. On the one hand, there is Bitcoin ABC, the renowned client for Bitcoin Cash users. On the other hand, there is Bitcoin SV, the proposal submitted by nChain and Craig Wright. The latter chain is expected to become viable after the fork, effectively resulting in “free coins” for existing BCH holders.
What About the Exchanges?
So far, numerous exchanges have made their stance on the “forked’ version of Bitcoin Cash rather clear. Coinbase, for example, plans to support both versions but only if the second chain proves viable after the fork. They will ensure BCH holders can access their SV coins if this will be the case, which is something to look forward to. Having one of the bigger exchange son board is a positive turn of events for this particular fork.
A similar sentiment has been echoed by OKEx, Binance, Huobi, and Upbit. Some of the smaller exchanges are also looking to support this fork, although there are some major platforms which still have to make their stance clear. That list includes Bitfinex, HitBTC, and BitBank, among others. Bitcoin Cash is widely traded across many different exchanges, yet not everyone will even take notice of this fork.
The Road Ahead
Although there are still some uncertainties regarding the Bitcoin Cash hard fork, the proactive approach by most exchanges is promising. It would appear most companies have learned from previous mistakes when it comes to currencies hard forking. Even so, the future of Bitcoin SV remains in question in this department, and there might not even a need for support to begin with.
For the “real” Bitcoin Cash, this upcoming fork should not pose any problems whatsoever. Instead, the scheduled network upgrades will be put into effect, which is something everyone can get behind. The coming week and a half will be crucial for Bitcoin Cash in many different ways, even though the network impact should be minimal first and foremost.
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