The fork is scheduled for November 15th and it will not necessarily end up in creation of a new coin.
— Binance (@binance) November 2, 2018
The short announcement from Binance says:
We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC). Please leave sufficient time for deposits to be processed in full prior to this time. We will handle all technical requirements involved for all users holding Bitcoin Cash in their Binance accounts.
There’s a little more than two weeks left until the Bitcoin Cash (BCH) blockchain upgrade scheduled for November 15. It is a contentious issue in the BCH community as there is still a disagreement between the Bitcoin ABC team and the developers of Bitcoin SV, the new full node software created by Nchain (lead by Craig Wright, self-proclaimed Satoshi Nakamoto and a laughing stock of crypto world) that has an entirely different upgrade plan.
The Bitcoin SV camp wants to increase the block size limit to 128 MB this November and continue increasing the limit over time. Actually, both ABC and SV want to increase the blocksize limit. The difference is in the approach – ABC is for a lockstep with performance improvements that make larger blocksizes both possible and safe, whereas SV just wants to increase the limit without making the larger limits useful in any way except as a marketing trick.
The community is hopeful that the majority of the hash power sticks with the ABC solution as their approach is more cautious and safer for the network.
However, there is a portion of the BCH supporters who think that ABC is starting to emulate the behavior of the much loathed Bitcoin Core – the most used client reference of bitcoin often accused by BCH camp for monopoly and dictatorship tendencies.
Earlier in the week, Ledger wallet came out with their stance on the fork, basically telling that they will not openly support neither side and will consider the chain with greater hash to be the actual BCH.
The Bitcoin Cash fork has originated from conflicting consensus changes between different Bitcoin Cash development teams. As no consensus was reached, a hard fork will occur on the 15th of November around 4:40 PM GMT (epoch 1542300000), resulting in several separate Bitcoin Cash chains. Eventually, one of these would be the dominant chain, which we will evaluate to support again then.
The irony of the newly emerging situation is that we will now have problems discerning the real Bitcoin Cash, not just the real Bitcoin. This is of course a viewpoint from the BCH supporters camp – the rest of the world has no dilemma which is the real Bitcoin and probably doesn’t care which will be the real Bitcoin Cash.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com