Imminent Bitcoin Cash Fork Pushes BCH Value Nearly 40% In Just Two Days Ahead of Split
There is an air of excitement that Bitcoin Cash is going to experience a fork yet again. There is speculation that prices are going to go up (they already are).
In the better part of the year, Bitcoin Cash has withered against a sharp fall in prices and decreasing trade. In August 2017, within two days of trading, the price had appreciated by an overwhelming 37%.
The Market price is now at $550. This represents is a sharp increase from $415 of the previous week trading.
The sudden surge in the price of Bitcoin has, in turn, caused a ripple effect to the crypto market. The prices of other key cryptocurrencies have risen steadily. This trend is expected to continue in the coming days. This is in anticipation of the hard fork. Another chain is expected to be created and investors are hopeful, of an equal rewards system just like the previous one.
The increase in the value of Bitcoin has been attributed to a few large Bitcoin platforms and the patrons of the wallets. These are expected to influence the fork.
Last Friday, two of the world’s largest crypto companies, Binance and Coinbase, offered their unending support during the much-anticipated fork. More players are expected to join in the enthusiasm.
However, France based crypto company is approaching the fork with a bit of caution. It stated that it would back the chain that is biggest, more powerful, and one that is very much stable.
On the other hand, Bitcoin Cash volume is on a surge. It has risen from $200 million to $1.4 billion. Data released by CoinMarketCap shows the price is on an upward trend. In the early days of October, an increase in volume for ripple led to price multiplying by three.
It is expected the fork will happen on November 15th. Depending on the laid down procedures, a fork can occur two times a year. However, the much-anticipated fork is quite different. A different proposal is creating a conflict with the original framework of Bitcoin Cash.
There are two main players in the blockchain industry; the miners and the mines that they have control over. Most decisions are rested on the miners. If a miner’s suggestion is backed by the majority, then the blockchain will follow that route.
The main Bitcoin Cash customer, Bitcoin ABC, has come up with an ad-hoc change to the Bitcoin Cash. It notes that this change will be more walkable and practical. It also notes that other cash transactions will be made possible on the BCH framework. Bitcoin ABC intends to maintain the capacity of the block at 32 MB.
Bitcoin ABC approach has been given a node by Bitmain which is a China-based crypto miner. Most importantly is the fact that nChain is not keen on the dealings but instead would prefer to increase the capacity of the block to 128MB.
Coingeek from the US has backed nChain on this. These two are trying to broadcast this kind of thinking as to the other major players in the world.
The imminent fork has attracted Norther Bitcoin, a miner from Germany, to switch camps. The chief technology officer was quoted saying that his company would like to be involved in every step of the way on the much-anticipated fork.