Yuri Molchan

The Largest Exchanges Are Trading New Bitcoin Cash Coins, Hard Fork Has Taken Place

Once the Bitcoin Cash hard fork took place on Thursday, top crypto platforms are already letting investors trade the two new coins, but deposits are still disabled
The Largest Exchanges Are Trading New Bitcoin Cash Coins, Hard Fork Has Taken Place
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The intended Bitcoin Cash chain split was meant to be a regular upgrade of the platform’s protocol. Nevertheless, the initial Bitcoin ABC version faced a sudden opposition from competing platform Bitcoin SV, with the same name coin. Bitcoin SV has grown strong enough to oppose the initial chain after it was backed by miners.

The chain split

The event occurred at 6 p.m. UTC on Thursday, and it just took the new platforms a short while to start producing new blocks of transactions. Bitcoin ABC became the leader at once, though. As of a few hours ago, BCH ABC mined 34 blocks more than BCH SV did. In addition, the former is reported to have 59 percent of hash power.

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Exchanges join in

On Friday, Binance, the largest crypto exchange by trading volume, said that all eligible customers have now been given the BCH ABC and BCH SV tokens that emerged from the chain split, backed by two different camps of the BCH software.

As per Binance, the new coins were airdropped on a 1:1 ratio, taking into account old BCH coins and newly-minted, forked tokens. New tokens are still on hold for depositing and withdrawing. That will be over once the new platforms and wallets for them become ripe for stable using.

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Nevertheless, the new coins have been added and paired with BTC and USDT. Trading started at 8.00 UTC on Friday.

Poloniex and Bitfinex have also publicly confirmed their support for the new assets. The former also confirmed that all BCH balances have been converted into new coins.

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Thomas Hughes

Bitcoin Cash (BCH) Rolls Downhill Ahead of Hard Fork

Twice a year, the BCH network is scheduled for regular upgrades and performance improvements, but this time the team did not reach a consensus
Bitcoin Cash (BCH) Rolls Downhill Ahead of Hard Fork

As soon as traders got word of the expected hard fork (set for Nov. 15), Bitcoin Cash climbed to a high of $638 (and even higher on some exchanges). However, this move was short-lived, and now BCH is trading around $480, a 23% drop for the last 7 days.

Twice a year, the BCH network is scheduled for regular upgrades and performance improvements, but this time the team did not reach a consensus. This means the blockchain will most likely split into two separate coins, and the market is getting ready for it. If you want to benefit from the extra coins created by the fork, now is high time for you grab some Bitcoin Cash. However, keep in mind that said fork may have an unexpected impact on both resulting coins... and it may not even happen.

Charts at a Glance

Charts at a Glance

Bitcoin Cash has been sinking like an ax in a lake ever since it reached the high at 640. It has even dropped through the psychological level at 500, almost without flinching (it bounced around a bit, but nothing substantial) and now looks like it might head lower.

The next destination seems to be the previous resistance now turned support at 450, but the Relative Strength Index is approaching oversold. The position of the RSI by itself is not a strong indication that the drop will reverse, but if we consider the support level (450), we could see a bounce from this level. However, the technical aspect is secondary given the scheduled fork, so extreme caution is recommended.

Support zone: 450 followed by 415

Resistance zone: 500 (although this is not yet confirmed resistance)

Most likely scenario: choppy in the short term, depending on how the fork is received – extreme caution recommended

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Wikicoin George Shnurenko

What is Hard Fork – Explained For Beginners

📚 Wikicoin
Hard forks have become more and more popular and obvious since a major one happened with Bitcoin Cash in August 2017, that is why it is important to understand them
What is Hard Fork – Explained For Beginners
Contents

Blockchain and crypto trading has been a popular trend lately. More and more crypto coins are coming in and offering investors some great opportunities to make a fortune. Among all that, there are some fancy terminologies associated with Blockchain as well and understanding them is equally important as understanding crypto trading itself. One such term is hard fork and it is used quite widely in the world of Blockchain. So, what exactly it is? Well, before we get into that, let’s first find out what is Blockchain protocol and what does fork mean?

Blockchain

What is Blockchain protocol and fork?

Well, these two terms are directly associated with the primary term that is the focus of investigation here– hard fork. Here is what each of these refers to.

  1. Blockchain Protocol: It refers to the set of rules that defines connection, mining as well as transaction laws in Bitcoin mining. For becoming part of the Blockchain network, one needs to comply with all these rules defined by the Blockchain protocol.
  2. Fork: It refers to the moment when there’s a change in protocol version.

What is a hard fork?

Now that you know what Blockchain protocol and fork refer to let’s try to understand the term hard fork. Well, it actually refers to a drastic change in Blockchain protocol due to which the blocks/transactions that were previously rendered invalid become valid (or the other way around). A hard fork requires all users or nodes to upgrade to latest protocol version. In other words, hard fork refers to a permanent change from previous Blockchain version where nodes on the previous versions won’t be accepted any longer by the latest version of Blockchain.

Essentially, it creates a kind of fork in Blockchain where one path goes to new and upgraded Blockchain while the other continues along that old one. As it normally goes, it only takes some time for all the nodes on old Blockchain to realize that they’re running on an outdated version and a quick upgrade to the latest version is required.

If all that sounds too technical, let’s try to understand this in simple terms. Hard fork refers to a situation when one cryptocurrency splits into two. It usually happens when a change is made to the existing code of the cryptocurrency in question and this change leads to an old version and a new one.

Why Blockchain protocol updates are necessary?

Well, that’s a pertinent question and there are actually several reasons for such updates to Blockchain protocol. Here are top three of them:

1. To patch major security risks from older versions

With cryptocurrency being a comparatively new invention, it’s in the stage of its life that regular currency has already been through. For regular currency, we have seen different versions of color, paper, security layers and font over the years before we had what’s available today. With all that refining, it is almost impossible now to manipulate it. Now, that’s exactly the case with cryptocurrency. Every update makes it securer and better.

2. To add some new functionality

One of the major reasons behind most software updates that come today is that some improvement was needed to the older version. That’s exactly the case with Blockchain code as it is upgraded year after year. Being open source, the developers from all over the world are allowed to work on Blockchain code and suggest improvements. Any feature that is considered good is then added to its upcoming version.

3. For reversing transactions

If you remember fake bucks, you’d very well understand that the culprit could have been put into jail but the whole amount of money might not have been refunded. However, the best part about crypto is that the damage can very well be minimized. As soon as some security breach is detected, all transactions that took place in a given time period can be proclaimed as non-existing. This certainly makes stealing harder.

Is there anything like a soft fork?

Well, Yes! The term soft fork refers to pretty much the same concept and the only difference is that in this case, just one Blockchain remains valid when the users adopt the update.So, that means both the types of fork result in a split, where only the hard fork leads to two coins/Blockchains.

You can also refer to soft fork as a change in protocol that offers backwards compatibility as well. It does not require you to upgrade the Blockchain version you’re using right away and you can continue to work the same way as before unless you plan on doing something that does not comply with the new upgraded protocol.

A couple of popular hard fork cases

Despite the fact that Blockchain isn’t something too old, we already have witnessed hard fork quite a few times. A couple of popular examples include:

1.     Bitcoin Cash

Bitcoin Cash

Bitcoin Cash offered a few major differences from original Bitcoin as it was less decentralized and offered better transaction speeds. The protocol update came on Aug. 1, 2017 and as a result, Bitcoin Cash turned into a separate, new cryptocurrency. Those who owned Bitcoin before this hard fork got exactly the same Bitcoin Cash amount in their wallet.

2.     The DAO

The DAO

This one was built on Ethereum Blockchain as some sort of smart contract while it was intended to work as venture capital fund. Once it was all set up, it could allow every Ether holder to get DAO tokens as a replacement. However, it got hacked and led to 3.6 mln Ethereum going down the drain. A soft fork was voted by the community to make sure the hacker wouldn’t be able to cash it. However, it only took a short amount of time before the majority of the votes were given to a hard fork.

So, that’s probably all about what is hard fork. Hope all this detailed information on the subject would help understand it!

Wikicoin
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