• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Binance Onboard With Upcoming Bitcoin Cash Hard Fork
photo 1530543787849 128d94430c6b

Binance Onboard With Upcoming Bitcoin Cash Hard Fork

November 3, 2020 by Sahana Kiran

The Bitcoin Cash [BCH] community has been anticipating the arrival of a hard fork. As the community gears up for this split, Binance and several other prominent cryptocurrency exchanges in the market have been gearing up for the same. With days left for the hard fork, the BCH coin seems to be stumbling down the crypto ladder.

Binance Gears Up For Bitcoin Cash Hard Fork

The Bitcoin Cash team seems to have decided that the blockchain was longing for a split. The imminent split is the brainchild of a proposal put forth by Amaury Sechet which emphasized on sharing the 8% mining fee. Since Roger Ver along with several others did not like this proposal, the community headed for a hard fork. The hard fork is a split between two of Bitcoin Cash’s major clients, Bitcoin Cash ABC and Bitcoin Cash Node.

The Bitcoin Cash blockchain is scheduled for a hard fork on 15 November 2020 after which BCH will cleave into BCHA and BCHN. This imminent hard fork would give birth to a new token.

In light of this upcoming hard fork, Malta-based cryptocurrency exchange Binance extended its support to the Bitcoin Cash blockchain. In its latest blog post, Binance announced that it would put a hold on the deposits and withdrawals of the BCH from 10:00 AM [UTC] on 15 November 2020. Other features like margin trading as well as futures trading would also be impacted by this hard fork. However, spot trading of BCH would remain unfettered during the split, Binance suggested.

Furthermore, the creation of a new coin is still uncertain. Therefore, the exchange proposed a plan in case of the creation of a new coin. The post read,

“The fork results in two competing chains. Binance will credit users with BCH from the chain with the most work done. We will then also credit users with the coin from the minority chain at a ratio of 1:1 based on the snapshot of BCH balances at 2020/11/15 12:00 PM (UTC) as stated above.”

However, the exchange would continue functioning the same if there is no sign of a new coin.

Several other crypto exchanges including OKEx have extended their support to Bitcoin Cash as it gears up for a hard fork.

BCH Preps For Hard Fork

The altcoin seemed to be in sync with the ongoing market trend as it was depleting by 6.67%. Bitcoin Cash at the time of writing was trading for $241.51. The coin has been standing still as the fifth-largest cryptocurrency for the longest time now. BCH’s market cap was noted a little over $4 billion.

Binance BCH

The last seven days were rather tough for the coin as it dropped by over 7.67% over the past week. However, today’s slump seems to have caused the most damage to the coin.

Filed Under: News Tagged With: Binance, Bitcoin Cash (BCH)

Primary Sidebar

Recent Posts

  • Ethereum [ETH] Price: Hurdle Awaits Despite Shattering ATH January 25, 2021
  • Bitcoin’s Red-hot Rally Comes To Halt; What’s Next? January 25, 2021
  • Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin January 25, 2021
  • Where Is Chainlink’s Price Headed? January 24, 2021
  • It’s Ethereum’s Turn To Soar Higher; Here’s Why January 24, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.