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Upcoming Bitcoin Cash / Bitcoin SV Hard Fork: The Situation So Far

There is a lot of excitement surrounding Bitcoin Cash at this time. There is a good reason for that, as the network sis et to undergo a hard fork. Similar to other altcoins, there will effectively be an attempt to split the network into multiple chains, as numerous forks may emerge as “viable” come November 15th. This also makes it difficult for exchanges to confirm support of the forks in question.

The Bitcoin Cash Hard Fork Scenario

Introducing a hard fork is always tricky. Although it is often done to make the ecosystem a lot stronger in the process, there is always a chance the chain will split into separate camps. For holders of the original asset, that creates new opportunities but also leads to plenty of confusion. For Bitcoin Cash, its upcoming hard fork leaves the community somewhat divided.

More specifically, two major branches of BCH are vying for traction. On the one hand, there is Bitcoin ABC, the renowned client for Bitcoin Cash users. On the other hand, there is Bitcoin SV, the proposal submitted by nChain and Craig Wright. The latter chain is expected to become viable after the fork, effectively resulting in “free coins” for existing BCH holders.

What About the Exchanges?

So far, numerous exchanges have made their stance on the “forked’ version of Bitcoin Cash rather clear. Coinbase, for example, plans to support both versions but only if the second chain proves viable after the fork. They will ensure BCH holders can access their SV coins if this will be the case, which is something to look forward to. Having one of the bigger exchange son board is a positive turn of events for this particular fork.

A similar sentiment has been echoed by OKEx, Binance, Huobi, and Upbit. Some of the smaller exchanges are also looking to support this fork, although there are some major platforms which still have to make their stance clear. That list includes Bitfinex, HitBTC, and BitBank, among others. Bitcoin Cash is widely traded across many different exchanges, yet not everyone will even take notice of this fork.

The Road Ahead

Although there are still some uncertainties regarding the Bitcoin Cash hard fork, the proactive approach by most exchanges is promising. It would appear most companies have learned from previous mistakes when it comes to currencies hard forking. Even so, the future of Bitcoin SV remains in question in this department, and there might not even a need for support to begin with.

For the “real” Bitcoin Cash, this upcoming fork should not pose any problems whatsoever. Instead, the scheduled network upgrades will be put into effect, which is something everyone can get behind. The coming week and a half will be crucial for Bitcoin Cash in many different ways, even though the network impact should be minimal first and foremost.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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