What’s the future of Bitcoin Cash?
As the Bitcoin Cash (BCH) hard fork draws near, the crypto community is buzzing. The update is scheduled for Nov. 15, and could lead to a code split of Bitcoin Cash. That means there would be two independent BCH blockchains and two different BCH coins.
Talk of the fork originated when the Bitcoin Cash community couldn’t come to a consensus on whether to enlarge the block size. Craig Wright, leader of a blockchain group called NChain, says he doesn’t agree with changes to the Bitcoin Cash blockchain proposed by Bitcoin ABC. NChain has decided to run its own upgrade on Nov. 15, which will create two separate blockchains. We saw this happen before with Bitcoin– resulting in the birth of Bitcoin Cash.
Several cryptocurrency exchanges have taken steps to ensure customers’ funds are safe during the potential split. Binance and Coinbase, for example, have announced support for the update, and say they will suspend Bitcoin Cash withdrawals and deposits shortly before the fork.
Attempts at scamming can be frequent during hard forks, so stay vigilant! Don’t trust any giveaways. Check with your exchange platform to see if it has a plan in place for your coins during the split. You may want to consider moving your coins to a secure, non-hosted wallet.
What do you think about the Bitcoin Cash hard fork? How are you getting prepared for the hard fork? Let us know in the comments below!