Yesterday, Bitcoin Cash (BCH) divided into two separate version. The hard fork of the 6th largest cryptocurrency by total market cap was the weekend's highlight. The trade of Bitcoin Cash was suspended on Saturday and Sunday, and giants such as Binance, Coinbase, Atomic Wallet, etc. supported the fork and did everything automatically for the holders.
What was the issue?
Two major Bitcoin Cash players, the Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) are at the roots of this duel for power, and the only way to settle the dispute was via a hard fork. The Bitcoin ABC proposed an Infrastructure Funding Plan (IFP) and a mining tax of 8% which will go to blockchain development. The Bictoin Cash Node was against the mining tax, considering that this will discourage miners and will lead towards a centralized development for BCH. The Bitcoin Cash ABC proposal wasvery unpopular and many considered that the fork will fail, as 82% of BCH miners are using the the BCHN full node software, therefore supporting the current software with no mining fees.
What was the solution? The fork was successful and Bitcoin Cash ABC was created. The new coin received no hash-power, making Bitcoin Cash Node (BCHN) the dominant software of the network. If BCHA doesn't attract hash-power to create a viable block-chain, the new creation will technically disappear, being created for a predicted extinction. As a result, all major exchanges announced the support for Bitcoin Cash Node (BCHN) and that they are considered the rightful owner of the BCH ticker.
What I've done with Bitcoin Cash (BCH)?
My stash of Bitcoin Cash was collected through the Coinpot faucet and writing on ReadCash, being kept on the Celsius Network wallet for a nice 4.51% APY. I anticipated that exchanges will suspend the trade, deposits and withdraw of Bitcoin Cash before the fork so I planned to send everything to Binance on the Friday. This plan was almost destroyed by the 24h lock-down of Celsius. Once Celsius came back live, I sent my BCH stash and waited for the fork.
At the moment I don't know if BINANCE will distribute BCHA so is no hint when or if I will receive 0.2866 of the new coin but this new one feels like a shitcoin going straight in the "once upon a time" crypto stories. However, if this will happen, I know exactly what I will do with my fair share of the fork. What I will do with about $4 worth of BCHA? Behold the great future of Bicoin Cash ABC ... dust... Binance Coin dust!
* currently testing ReadCash
Links and referrals:
Bitcoin Cash has split... again
What was wrong with Celsius Network?
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