Binance will support the upcoming Bitcoin Cash (BCH) fork. BTW, the fork is pure irony show

The fork is scheduled for November 15th and it will not necessarily end up in creation of a new coin.

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.

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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.

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Philipp Traugott
Philipp Traugott

Phil Traugott is a staff writer at CaptainAltcoin. As a trained marketing specialist for copywriting and creative campaigns, he has been advising top companies on the following topics: online marketing, SEO and software branding for more than 10 years. The topic of crypto currencies is becoming increasingly important for companies and investors and he found it very alluring and fitting for his skillset which prompted him to pivot his career towards blockchain and cryptocurrencies.

1 Comment
  1. Missing some important information, like fact that Bitcoin SV is a reaction to Bitmain’s transformation of BCH to allow non-monetary transactions as well as other exotica.

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