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.
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.