As the news of the new Bitcoin Cash’s Fork hit the market, the prices of BCH across major exchanges started showing relentless spikes. But the exchanges and platforms supporting BCH, were in a spot of dilemma and had to make a decision- should they support the hard fork or not? But as the deliberations got over Binance announced its support to the new fork. This was followed by Coinbase and now Poloniex too has announced its support.
Bitcoin Cash Hard Fork to undergo a protocol upgrade on November 15th, 2018.
As the news was out that the Bitcoin Cash network will be undergoing a protocol upgrade on November 15th 2018., it divided the industry due to some fundamental disagreements reported between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain. NChain, a blockchain group led by Australian ‘Satoshi-want-to-be’ Craig Wright, did not agree with the changes and alterations that Bitcoin ABC, a Bitcoin Cash-centric developer consortium, has proposed, and as such, the former group has decided to run with its own upgrade, which will likely result in two independent chains.
But now with time passing and after announcements of support from Binance, Coinbase and Ledger, Poloniex too has joined the league of supporting the Bitcoin Cash’s Fork. The exchanged made its support official using its Twitter handle.
We will support the upcoming Bitcoin Cash hard fork. On November 15, 2018, we will pause deposits and withdrawals at 14:00 UTC, and take a snapshot of all BCH balances at 15:00 UTC. Once the network stabilizes, we will make an announcement and re-enable deposits and withdrawals.
— Poloniex Exchange (@Poloniex) November 4, 2018
First, among exchanges to announce support, was Binance as it announced full support of the upcoming Bitcoin Cash hard fork scheduled for November 15. The exchange posted on its official blog that
“Binance would like to confirm support for the upcoming Bitcoin Cash hard fork. We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC).”
The blog future that the exchange will suspend all deposits and withdrawals an hour before the proposed time of the hard fork.
This was followed by Coinbase when it made an official announcement on its blog saying
“Coinbase will monitor the hard fork process and work to minimize customer disruption until the network meets Coinbase security standards. We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00 AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
Now with prominent exchange backing the hard fork explains the spike of 25% in BCH prices. Hopefully, the Fork brings some good news for the community as well.
What is your view on the BCH Fork? Do let us know your views on the same?
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Divya Bhatia from Computer science background is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Reach out to her at [email protected]