Crypto Companies Are Preparing for Upcoming Bitcoin Cash (BCH) Hard Fork
In less than ten days, Bitcoin Cash (BCH) will be experiencing a new hard fork on its network. Scheduled for 15 November, the upgrade has two new BCH proposals that have planned different changes.
The community disagrees in different issues about how to improve the BCH network. There are two proposals, the Bitcoin ABC and the Bitcoin SV. However, there is no specific roadmap that users will have to follow in order to avoid complications or problems at the time of the hard fork.
This is why each platform supporting Bitcoin Cash has established different contingency plans to help customers and users phase the upcoming hard fork in the best possible way.
Binance, one of the largest virtual currency exchanges in the market in terms of trading volume, has disclosed its plans for the upcoming hard fork. The company explained that they will be supporting the next network split. Moreover, they will be taking a snapshot of all the BCH balances at the platform on November 15.
Coinbase, another recognized and popular platform in the cryptocurrency world, has published an announcement in which they inform about how they will be handling the BCH hard fork. Coinbase says that before the hard fork, the platform will be pausing BCH transactions. That means that customers can be sure that their funds will be safe during the planned hard fork.
About it, Coinbase explained in a blog post:
“We will monitor the Bitcoin Cash network during the upgrade. Coinbase cannot predict the duration of this upgrade process. When the upgrade is complete we will evaluate the network and take appropriate next step, including re-enabling sends and receives.”
Coinbase has also explained that if both networks persist, users will have access to their funds on each of the chains.
Other exchanges such as Poloniex and KuCoin have also revealed their plans to support the Bitcoin Cash fork on November 15. Poloniex informed that they will be taking a snapshot of all the BCH balances that users have before the network upgrade. Transactions at the exchange will also be paused during that period of time.
KuCoin will also be taking a balance snapshot and suspend BCH transactions at the time of the fork. This is very similar to what the other platforms are doing. Furthermore, the exchange said that it will be supporting the Bitcoin ABC hard fork roadmap.
Trezor, the hardware wallet firm wrote on Twitter that its servers run the Bitcoin ABC client and will be following the development team’s upgrade proposal. Additionally, it added that there is no replay protection so users need to take ‘their own measures to split the coins on other chains.’
The other popular hardware wallet Ledger will be pausing Bitcoin Cash transactions during the next hard fork. Nevertheless, Ledger Wallet informed that they will be waiting until there is a dominant chain to reinstate BCH services.
CoinText, which provides BCH wallet services, announced that all the information about the BCH that users have on the platform are fully available.
Another company known as Centbee, said that they will be supporting the Bitcoin SV proposal. This is something similar to what Cashpay Solutions may going to do.
Our users hold their own Private Keys and will not be affected by the November 15 fork.
— Centbee ™ (@Centbee) November 5, 2018
These are the most important virtual currency companies that have explained and unveiled their plans for the network upgrade that will determine the future of the Bitcoin Cash network.
Users and investors that want to know more about the next hard fork can read and receive information from BitMEX Research, which is currently sponsoring a fork monitoring website known as ForkMonitor.info.
A few days ago, we wrote at BitcoinExchangeGuide about BitMEX decision and how the ForkMonitor site works.