On November 15, 2020, Bitcoin Cash could face a "Hard Fork". The Hard Fork leads to the split of the chain leading to the birth of another coin.
After all, Bitcoin Cash was born just like that from Bitcoin in 2017, the following year BCH had undergone its first Hard Fork generating Bitcoin SV (2018). Basically, these two cryptocurrencies were born to improve the speed of BTC transactions and to lower the fees (actually the size of BSV blocks is really huge! Block sizes allow you to process a greater number of transactions).
From Bitcoin, other lesser-known Forks arose: Bitcoin Gold (which uses the GPU and not the CPU), Bitcoin Diamond, Bitcoin Atom, etc.
If it is true that BCH and BSV are faster and cheaper than the BTC network, it is equally true that they are less frequented networks (relative to BTC). Furthermore, BSV suffers from the problem of decentralization, security and the large resources required to mine.
The Bitcoin Cash development team (called Bitcoin ABC) released a very controversial new update on September 2nd (Bitcoin ABC-Note). The update includes a major change that will take place on November 15, designed to fund the development of the blockchain, but it is so unpopular with miners that it could split the blockchain in two.
Nishant Sharma: “The current debate within the BCH community reflects the original effort of these former BTC developers to further decentralize the protocol development process. It remains to be seen whether this will again translate into a split"
It all started when Bitcoin ABC's development team proposed some kind of infrastructure home fund on August 18th. This would involve using 8% of the mining fees for infrastructure development. In other words, each time a block is mined on the blockchain, only 92% of the rewards produced will go to the miners, the rest will be sent to an account owned by the Bitcoin ABC team.
This proposal obviously does not appeal to miners.
If a split occurs, it could be bad news for the new currency. There is a possibility that the new ABC coin, which would be created as a result of the split, will lose support for mining, as well as its current position on multiple cryptocurrency exchanges.
A huge amount of the BCH community does not support the proposals of the ABC development team.
Some miners are even writing "PoweredByBCHN" on the Bitcoin Cash blocks to signify their rejection of the controversial Bitcoin ABC proposal and to show their support for the BCH. As with ICO, all the money goes to one man or a development team. For ICO, people who pay do not get a contract but instead get a market-valued token. The new coin is quite likely to get some mining power behind it, just like there are thousands of funded ICO. As in ICOs, the IFP scheme of printing money for ABC breaks laws or requires licensing in various countries. While the possibility that this chain may live long enough for policy makers to care about, it could be shut down by various governments if it does.
If someone is holding BCH what should be done? I will personally move my BCH to Electron Cash and then I will make the claim of the possible new coin (in case the Hard Fork is realized and the miners won't find the agreement). After that, I will decide whether to sell or not (also based on the hashrate of the coins).
