The Bitcoin Cash community will once again have to choose its path with the upcoming network update scheduled for November 15th.
On August 1, 2017 disagreements among bitcoin community developers regarding block sizes reached the breaking point. As a result Bitcoin Cash was born, as a hard fork of the original bitcoin blockchain.
A year later on November 15, 2018 BSV (Bitcoin Satoshi Vision) was created as a fork from the Bitcoin Cash blockchain.
Now, once again there are two opposing visions of what path Bitcoin Cash should take.
One group is BCH ABC, led by developer Amaury Sechet, and the other is Roger Ver’s BCHN.
On November 15th the Bitcoin Cash network is undergoing a network wide update. This is a normal occurrence designed as a way to introduce improvements in algorithms that can make the cryptocurrency better serve its purpose. Only that in this case there are two different ideas as to what this update should look like.
The BCHN version of the update is simply a change in the Difficulty Adjustment Algorithm that would regulate mining difficulties. The new algorithm is called ASERT was proposed by developers Jonathan Toomin and Mark Lundeberg.
But the version that is backed by the BCH ABC group introduced another feature into the upgrade. A COINBASE rule would divert 8% of the new coins mined to an address controlled by the developer. The miner would collect 92%, and the other 8% would go to a developer’s treasure chest.
This is not a novel idea, setting aside funds for developers has been a part of the Zcash structure for years now. But the way this has been implemented in this case, without community-wide input or discussion made many people doubt the developer’s real intentions.
As a result the Bitcoin Cash community is split, and come November 15 there will be two different protocols being implemented. And so a new coin will be born.
Some exchanges and defi platforms have already announced that they will only support the “winner” of this fork. In some cases transactions will be frozen while the dust settles after this event.
Now, if you are a BCH holder, you must be aware that come November 15th you will be entitled to receive a certain amount of the new forked coins. But you need to make sure the wallet provider you use supports the fork, otherwise you can transfer them to a non-custodial wallet (such as Atomic Wallet) so that you hold your own private keys and be entitled to any fork that happens.
