Upcoming Bitcoin Cash (BCH) Hard Fork Will Be Supported by Coinbase and Binance

For the first time in months, the price of Bitcoin Cash (BCH) has seen significant upwards price movement from $425 to a current high of $586. This signals a price movement of over 25% — however, at the time of writing, the price has receded to $545.

Overall though, this recent upwards movement is holding strong and can be attributed to the upcoming BCH fork. Here’s why.

Bitcoin Cash Hard Fork on November 15

BCH’s recent rise in price largely be attributed to the Bitcoin Cash hard fork set to occur on November 15. The BCH hard fork will result in 2 independent BCH blockchains, and therefore 2 different BCH coins.

This has led cryptocurrency traders and investors to buy BCH before the fork date so that they can benefit from the additional coins they’ll receive after the fork.

As seen before with Bitcoin (BTC), there was a divide in the community on whether or not to increase the block size. This lack of consensus resulted in a hard fork of the Bitcoin blockchain, which then gave birth to Bitcoin Cash.

Now, the BCH community is facing a similar situation.

Twice a year, the Bitcoin Cash blockchain undergoes a hard fork which integrates scheduled protocol upgrades. Most of the time, these hard fork upgrades go unnoticed and the BCH blockchain continues on.

This time however, the BCH community has become divided and failed to come to consensus regarding the future of the BCH blockchain.

NChain, a blockchain group led by “Satoshi-want-to-be,” Craig Wright, does not agree with the upgrades proposed by Bitcoin ABC, a Bitcoin Cash-centric developer coalition.

Therefore, NChain has decided to run its own upgrade to the BCH blockchain which will result in the creation of 2 independent blockchains on November 15.

Binance and Coinbase Announce Support for the BCH Hard Fork

Due to the uncertainty of BCH’s future, 2 of the most prominent crypto exchanges, Binance and Coinbase, have announced their plans to support the potential forked BCH.

Binance, the world’s largest crypto-to-crypto exchange, was the first exchange to announce support for the upcoming BCH hard fork. They stated that they will suspend BCH deposits and withdrawals 1 – 2 hours before the hard fork is expected.

Coinbase, America’s crypto startup valued at $8 billion, has also announced their decision to support the impending hard fork in a Coinbase support post:

We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time.

Something we found to be quite interesting is that Coinbase assured their customers that they will be facilitating the trading of the forked BCH. Binance, on the other hand, has not announced whether or not they will facilitate the forked BCH.

What do you think of the Bitcoin Cash hard fork? Are you stocking up on BCH before the fork? Tell us in the comment section below.

 

13 Comments

  • Jack
    Posted November 8, 2018 4:20 am 0Likes

    Wow…I bet they wish they bought the surrounding domains to this hard fork. bitcoincashabc.com, bitcoincashunlimited.com, bitcoincashsv.org etc. How embarrassing!

  • Franz Schubert
    Posted November 8, 2018 7:08 am 0Likes

    It’s smart for Coinbase to do this for their own sake. They desperately need to build some good will in the community after so many crypto projects that have not had good implementation. Also the American holiday of Thanksgiving is approaching and people need ONE success story to encourage interest in Cryopto .

  • Brad Mitchell
    Posted November 8, 2018 7:37 am 0Likes

    The division among this community is no doubt a concern as I see it to be a prime catalyst for those who wish to invalidate the crypto space as the future of payment systems. I believe it would lead to a lack confidence across the whole community not just BCH. I really hope to see more cooperation rather than division. FIngers crossed!!!

  • Devon
    Posted November 9, 2018 5:23 pm 0Likes

    Thanks for the article.
    Bare with me with this n00bie question.
    I have a little BCH (0.15) that I got for cheap a while back and been sitting in a cold wallet.
    What exactly is the best course of action to this hard fork – I fully realise that the amount I have is small but never-the-less do humour me. Must I get it on an exchange? keep it? sell it? trade for new forked coin(s)? stock up by exchanging with other coins?

    • Alex
      Posted November 10, 2018 11:42 pm 0Likes

      @Devon Best course of action is to hold your coin through the fork and after the fork you can redeem your new coins with a wallet that supports it. With any luck you’ll have more money than you did before.

      • rassalas
        Posted 4 days ago 10:24 am 0Likes

        Actually, I think that’s bad advice. You didn’t ask him what type of wallet he is using, so really you could be telling him the wrong thing.
        Let’s try a different question. since this article is about Coinbase and Binance, if one is holding BCH before the fork on one of those two exchanges, will one get both of each sides of the fork after on Coinbase or Binance?

        • Jojo
          Posted 3 days ago 12:42 am 0Likes

          thats exactly my question and i do not find an answer.As i read today it seems that Coinbase declared that, but not 100&% sure… Binance only wrote that they support the Fork. But not how…

        • Devon
          Posted 2 days ago 8:01 pm 0Likes

          Exodus wallet

        • Devon
          Posted 2 days ago 8:08 pm 0Likes

          I have read up about this and can confirm that if BCH is on an exchange that supports it BEFORE the hard-fork launches then you *apparently* receive equal amount of both new coins in place of the BCH. But but but – there is no 100% certainty that there actually will be two new coins .
          Could anyone recommend an exchange to do this on. The exchange I normally use (ice3x) is not going to support it

          • Tim`
            Posted 2 days ago 12:24 am 0Likes

            Devon, I’ve been searching around for the same answer. If you pull up the page on kraken.com it does actually spell out quite well that it is supporting ABC, and at the very bottom in bold, it clearly tells people if they want to get access to other split coins, they need to take it out. So far this is the first major exchange that has spelled it out so plainly.

  • Deepak
    Posted 3 days ago 8:24 pm 0Likes

    Could anyone tell me that how many BCC you need to get your coin doubled,what I want to ask is that I have if I have less than 1 BCC ,will I also get double coin benefits or I require minimum 1 bcc

    • Devon van Schoor
      Posted 2 days ago 8:38 pm 0Likes

      BCH **
      🙂
      Definately having 1 full BCH is not a requirment
      They are 500/550 dollars each after all

  • Vladimir Spirin
    Posted 1 day ago 10:10 pm 0Likes

    I’ve got an email from exchanger CEX.IO. They write:

    “Bitcoin Cash deposits and withdrawals will be paused 3 hours before the scheduled fork and resumed 3 hours after it. This time is necessary to test the upgraded network and ensure the security of your funds.”

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