Bitcoin Cash (BCH) Price Jumps as the Hard Fork Gains Support
The price of Bitcoin Cash (BCH) jumped as much as 10% on Friday, as major exchanges and other crypto platforms have started announcing support for the hard fork that is scheduled to take place in roughly two weeks.
— Binance (@binance) November 2, 2018
The fork centers around a fundamental disagreement between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain over changes to the BCH protocol that were proposed by ABC. Included in these changes would be canonical transaction ordering.
According to Wright, the changes would not fit Satoshi’s original vision, prompting nChain to release its own full node BCH client, called Bitcoin SV. This new client notably quadruples the BCH block size to 128MB.
On the whole, most cryptocurrency platforms are taking a cautious approach to the upcoming fork, which is scheduled for November 15 at 4:40 PM (UTC).
Crypto hard wallet, Ledger, has released a full statement regarding its support for the upcoming fork, emphasizing the need to protect users from replay attacks.
On November 15, Bitcoin Cash will undergo a hard fork. As this fork will result in at least two chains without replay protection, Ledger will pause Bitcoin Cash service to avoid unwanted transactions until it is clear which of these chains will be the dominant one.
Binance’s announcement shares a similar sentiment, and more major exchanges will likely come out in the coming days in support of the fork.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.