Upcoming Bitcoin Cash Hard Fork Has Crypto Exchanges and Companies Feeling Mixed

Share Article
In Brief
  • Bitcoin Cash is expected to undergo at hard fork later this month.

  • In the event of a chain split, Trezor has announced it will support BCHABC over the apparently more popular BCH Node.

  • Trezor's stance is at odds with other cryptocurrency companies that will be allowing users to withdraw any coins created from the fork.

  • promo

    Want to learn how to trade? Get a beginners guide from _BeInCrypto Academy_ now!

The Trust Project is an international consortium of news organizations building standards of transparency.

Satoshi Labs, the manufacturer of the Trezor hardware wallets, has announced it will not offer immediate support for a Bitcoin Cash blockchain split that might occur this month. The firm said it would not be taking a snapshot of the network’s blockchain prior to the proposed hard fork date.



Meanwhile, plenty of exchange platforms have pledged support for an upcoming fork. Among them are Binance, Huobi, and the still-struggling OKEx.

Bitcoin Cash Fork Caused by Developer Infighting

After months of dispute in the admittedly small Bitcoin Cash community, developers behind BCHABC look set to hard fork the blockchain on Nov 15. The aim is to introduce an automatic 8% developer payment directly from the block rewards.



However, it appears that most of the network is opposed to the change. Data from Coin.Dance shows that more than 75% of the Bitcoin Cash network is currently signaling for the dominant non-ABC network, Bitcoin Cash Node.

The new Bitcoin Cash Node network does not include the developer fund. Without community consensus, it’s likely, as Satoshi Labs writes in the Trezor blog post on Thursday, that the dispute will result in another version of Bitcoin Cash.

Trezor to Eventually Support the Dominant BCH Chain

The post details that the hardware wallet will continue to support the BCHABC implementation following Nov. 15. The company added that the hard fork may cause disruptions to service.

Satoshi Labs says, in the event of a chain split, it will continue to monitor both networks. If any competing implementation garners enough support, the company will consider adding support on its Trezor hardware wallets.

Similarly, if Bitcoin Cash Node emerges as the community’s clear preference, the company will “drop support for Bitcoin Cash ABC and connect to the new network.” Despite early signs of BCH Node dominance, Satoshi Labs adds that it may take some time before community consensus over the split emerges.

Given the apparent weight behind the Bitcoin Cash Node implementation, including input from chief BCH proponent Roger Ver, many in the Bitcoin Cash community were critical of the Satoshi Labs announcement. Some reasoned that the introduction of a developer fund makes Bitcoin ABC the new asset, not Bitcoin Cash Node.

Plenty of Support for Split Elsewhere

Trezor won’t be taking a snapshot of the network or allowing users to claim any extra coins created during the split. Satoshi Labs says those users wanting to claim should move their BCH to a compatible wallet before Nov 15.

Meanwhile, plenty of major cryptocurrency exchanges have pledged support to any upcoming BCH chain split. Binance and Huobi have already confirmed that they will take a blockchain snapshot and credit users with the forked coins.

Despite its recent troubles, OKEx too has committed to supporting any new digital assets resulting from the fork. Taking a slightly different stance, FTX reasoned that it would allow users to claim the forked assets if the minority chain maintained at least 10% of the hash rate.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Share Article

A former professional gambler, Rick first found Bitcoin in 2013 whilst researching alternative payment methods to use at online casinos. After transitioning to writing full-time in 2016, he put a growing passion for Bitcoin to work for him. He has since written for a number of digital asset publications.

Follow Author

Trade with the Best Crypto Signals - guaranteed profits with over 70% accuracy

Join now

Want to learn how to trade? Get a beginners guide from BeInCrypto Academy!

Learn now

Bybit Bonus Bash. $1,000 Bonus to be Won!

Join now