Top Cryptocurrency Exchanges Announce Upcoming Bitcoin Cash (BCH) Hard Fork Plans
The cryptocurrency market and ecosystem are getting prepared for the upcoming Bitcoin Cash (BCH) hard fork scheduled for Nov. 15. Six of the most important crypto exchanges in the market have already announced their plans to support BCH’s hard fork.
There were some disagreements between Bitcoin Cash supporters about how to improve the network. This is why there are currently two different branches of Bitcoin Cash that will implement different solutions. One is known as Bitcoin ABC, supported by the cryptocurrency mining company Bitmain, and the other is known as Bitcoin SV, which is backed by Craig Wright.
At the moment of writing, there is no clear outcome about which will be the dominant network. However, there are slight more possibilities for the Bitcoin ABC to receive the biggest support from the community.
In order to help users experience a smooth Bitcoin Cash upgrade, several exchanges decided to clear their positions about how to handle BCH funds during the chain split. OKEx, Binance, Bitforex and Huobi announced that they will be supporting the hard fork. Poloniex, instead, said that they are prepared to support both tokens. Coinbase has also stated that they will allow users to have access to their funds on each chain.
Furthermore, it is important to mark that exchanges will be suspending Bitcoin Cash withdrawals and deposits before and after the fork to ensure that the funds are not at risk. None of the networks has replay protection, something that could harm several users.
Ledger and Trezor informed their users that they will also be working in order to protect users. Ledger said that one of the chains will become dominant and they will be supporting it. Trezor, instead, said that their servers run on Bitcoin ABC.
BitMEX Research has also launched a fork monitor for Bitcoin and Bitcoin Cash, something that will allow interested users to understand what is going on on both networks.
There are some exchanges such as HitBTC, GDAC, Bitfinex and Digifinex that did not release a statement on the matter. OKEx,BitForex, Binance, Huobi, Upbit, Coinbase Pro, and Coinsuper have already mentioned that they will be supporting the hard fork. Bitbank did not confirm whether it will support the upgrade or not.