Top 12 Bitcoin Cash Hard Fork Facts All Investors Need to Know for BCH Cryptocurrency Split
The planned BCH hard fork inches closer. However, some peoples still do not know the meaning of a hard fork. Besides that, some may want to know how it will affect the price of BCH.
- 1 12 Facts About the Hard Fork
- 1.1 1. It has no Impact on BCH Holdings
- 1.2 2. Your BCH Could Double
- 1.3 3. You Might not Automatically Receive BCHSV
- 1.4 4. Five Major Exchanges Support the Hard Fork
- 1.5 5. This is not the Only BCH Fork
- 1.6 6. BCH has a Hard Fork Every Six Months
- 1.7 7. The Fork Arose due to Disagreements
- 1.8 8. There are to Main Factions
- 1.9 9. Some People are Against the Split
- 1.10 10. The Price of BCH has Shot Up
- 1.11 11. A Trade Freeze on BCH is Expected
- 1.12 12. The Date for the Hard Fork is Set
12 Facts About the Hard Fork
1. It has no Impact on BCH Holdings
If you do not prepare for it, you will not lose any BCH. Your crypto will not leave your wallet. However, it could influence the price of BCH.
2. Your BCH Could Double
Once there is a hard fork, the BCH will split into two. Thus, you will have as much Bitcoin SV as the amount of BCH you have.
3. You Might not Automatically Receive BCHSV
The hard fork is not a guarantee that everyone will find their BCHSV in their wallet. If your BCH is in a wallet, ensure you have the private key to be able to access the crypto on both networks. Besides that, ensure that the exchange you use supports the hard fork or you cannot hold the BCHSV there.
4. Five Major Exchanges Support the Hard Fork
If you use Binance, Coinbase Pro, Bitcoin.com, Coinbase, or Coindelta, you will find BCHSV there once the hard fork takes place. After the fork Bicoin.com plans to offer mining and other services.
5. This is not the Only BCH Fork
In 2017, BCH was created from a hard fork of BTC. This was due to disagreement over how to change the network to lower the fees and increase transaction speed.
6. BCH has a Hard Fork Every Six Months
The BCH developed planned to have a hard fork every six months. Not all hard forks arise from disputes. For instance, Monero also had a hard fork but a new crypto was not created. New crypto is only created when some decide to adopt a new crypto that is too different from the original.
7. The Fork Arose due to Disagreements
A new crypto only comes up if the community disagrees. Thus, two groups disagreed so much that it led to a hard fork and creation of a new crypto.
8. There are to Main Factions
Bitcoin ABC and nChain are the two major groups causing the creation of the new coin. The nChain does not support the Bitcoin ABC upgrade, they want the Satoshi Vision implemented.
9. Some People are Against the Split
There are more than two factions in this dispute. Some major developers such as Andrew Stone do not wish to see a split.
10. The Price of BCH has Shot Up
Since the split was revealed, the price of BCH has shot up. The price jump was by 44% thus far. The price is around $610 thus far. It might climb higher as the hard fork gets near.
11. A Trade Freeze on BCH is Expected
Exchanges will not allow the deposit or withdrawal of BCH just before the hard fork. There will be a freeze for about 90 minutes.
12. The Date for the Hard Fork is Set
The hard fork is expected to start at around 11.20 am EST on November 15, 2018.