A Few Things You Should Know About BitcoinCash Hard Fork

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Bitcoin Cash Fork: Everything You Need to Know (And How to Claim)

In This Article

Bitcoin BUY NOW Cash BUY NOW (BCH) is set to hard fork on Nov 15, 2020.

Differences in opinion between the Bitcoin Cash development teams will see the altcoin split off into two competing chains in a move set to rock the BCH community.

The cryptocurrency that first divided the Bitcoin fanbase in August 2020 is now set to undergo its own schism. Due to a clash of consensus between Amaury Séchet’s Bitcoin ABC and Craig Wright’s nChain, Bitcoin Cash will undergo a hard fork on Nov 15 to see it split into Bitcoin ABC and Bitcoin SV BUY NOW as the two battle for supremacy.

Here is everything there is to know about the upcoming hardfork for Bitcoin Cash, explained.

Bitcoin Cash Origins

No stranger to forks In the crypto world; a ‘fork’ is essentially a change in the protocol of a blockchain. Since cryptocurrencies run on. More , digital currency Bitcoin Cash (BCH) itself originated out of a disagreement over how best to prepare the Bitcoin blockchain for scaling. Prior to its SegWit softfork, the Bitcoin network was only capable of handling a theoretical maximum of 4.4 transactions per second, due to its 1Mb block size.

This limitation inevitably led to a point where competition for block space was so high that only extremely high transaction fee transactions made the cut, while everybody else suffered painfully long confirmation times.

Proponents of Bitcoin Cash (BCH) argued that increasing the block size to 8Mb would allow for more transactions to fit within a block, hence increasing the throughput (number of transactions) of the network.

On Aug 1, 2020, Bitcoin went through what would turn out to be its most successful fork to date — springing forth Bitcoin Cash, currently the fourth largest cryptocurrency by market cap.

Shortly after its release, the fork of Bitcoin exploded into popularity, achieving a peak value of over $4,200 at a time when BTC was $17,000.

Why is There an Upcoming Hard Fork

Bitcoin Cash has elected to offer scheduled hard forks twice a year for the implementation of network upgrades, based on its roadmap. This time, Bitcoin Cash is forking into two different implementations, due to a failure to achieve consensus between the BCH development teams.

As of writing, Bitcoin ABC is the dominant BCH full node client and looks to shake up the current system by implementing something known as Canonical Transaction Ordering (CTOR). CTOR allows the network to scale on-chain. Bitcoin ABC has big backing from the likes of Roger Ver and Bitmain’s Jihan Wu, who backs Bitcoin ABC due to its compatibility with the Wormhole project.

On the other side of the coin is Bitcoin SV, created by nChain and backed by CoinGeek. Bitcoin SV looks to continue the trend from Bitcoin to Bitcoin Cash by increasing the block size limit from 32MB to 128MB, among other changes.

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Meanwhile, Bitcoin Unlimited, the second most popular BCH client, proposes to implement the changes from both forks — allowing its users to vote on further changes down the road. Currently, Bitcoin ABC leads the race with 1,096 active nodes, compared to Bitcoin Unlimited’s 765 and Bitcoin SV’s 115.

Reaction: Coinbase, BitMEX, and Binance

The majority of large exchanges have announced support for the fork.

As of writing, only the Ledger Blockchain is a digital ledger that’s used for storing data on several servers across the world in a decentralized, trustless. More hardware wallet When traders think about cryptocurrencies, they focus more on how they can profit from the price swings. But, what happens. More will support the fork, whilst Trezor and KeepKey remain silent on the matter.

Binance, currently the world’s largest cryptocurrency exchange, has announced that it will support both sides of the fork. Coinbase, on the other hand, has suggested that it will be supporting only the side of the fork that best represents the Bitcoin Cash roadmap. Like many other exchanges, Coinbase will be temporarily pausing deposits and withdrawals on BCH until things stabilize.

BitMEX has taken it a step further than other platforms by releasing a monitoring tool which aims to let users monitor the situation during network upgrades, helping users identify supports levels for forks moving forward. BitMEX has not yet announced which side of the fork it will support. (If any.)

How Will BCH Price React?

Typically, in the lead-up to a significant hard fork, there will be a significant increase in trade volume as people stock up to benefit from the fork as much as possible. In some cases, following a fork, both chains remain viable and maintain a value which sometimes exceeds that of the pre-fork coin.

Since the value of Bitcoin Cash relies heavily on the volume of trade orders, it is likely that we will see a decrease in the volume of each chain after the split — which should, in theory, see the value of each chain decrease also.

Depending on which side gains the majority support after the fork, it is likely that the dominant chain becomes again known as Bitcoin Cash whilst the less supported chain will be given another name, likely Bitcoin SV.

How to Claim The Forked Coins

To make sure you have access to all of the coins that result from the Nov 15 fork, you will need to ensure that you keep your BCH in an address which you hold the private keys to prior to the snapshot.

The hardfork is due to occur at block 1542300000, and will see all Bitcoin Cash holders credited with a 1:1 ratio of Bitcoin SV. Theoretically, once the snapshot has occurred, you should be able to import your private key into the Bitcoin SV client to claim your tokens. However, we recommend transferring your BCH to another address before doing so.

Since the upcoming hard fork does not offer replay protection, we recommend being extra vigilant in the days shortly after the fork. Replay attacks can lead to financial losses if a transaction broadcast on one chain is replayed on the forked chain by a malicious party reusing transaction data.

Which implementation of BCH do you think will be most popular in the future after the upcoming Bitcoin Cash fork? Do you think Bitcoin Cash or Bitcoin (BTC) more closely represents Satoshi’s vision? Let us know what you think in the comments below!

15 Things to Know About Bitcoin Cash’s (BCH) Hard Fork on November 15

Home » News » 15 Things to Know About Bitcoin Cash’s (BCH) Hard Fork on November 15

November 7, 2020 | CoinChoose Editorial –> | 3 minutes read | 2700 Views –>

Bitcoin Cash is in danger of splitting when it performs its scheduled upgrade on November 15. Here are the significant points to know about this hard fork.

The attention of the entire cryptocurrency community is currently on the upcoming Bitcoin Cash (BCH) hard fork. What was supposed to be a scheduled implementation of upgrades has turned into potentially a defining point in the future of the digital coin.

Here are some key details to keep those unaware of the circumstances surrounding the BCH hard fork up to date.

1| Hard Fork on November 15

The controversial BCH hard fork is scheduled for Thursday, November 15, 2020, exactly six months after a different protocol upgrade earlier in May.

2| Fork Third in BCH History

The developers behind BCH decided to upgrade the network protocol every half a year, during May and November of a year. Since BCH forked from Bitcoin (BTC) in August 2020, the coin’s network undertook two upgrades.

3| Disagreement Spices up Upgrade

The past two hard forks went smoothly as consensus was achieved among BCH miners. However, with miners torn between two groups of BCH developers fighting against each other over the direction the coin should take, this upgrade could not go as well as before.

4| nChain Wants BCH Back on Track…

Blockchain research and development firm nChain—together with BCH mining pool CoinGeek, its founder Calvin Ayre, and famous personality Craig Wright, among others—believe that BCH has strayed from the Satoshi Nakamoto’s vision of a truly peer-to-peer electronic cash.

5| … Through a New Bitcoin SV Node

This part of the debate aims to bring back BCH close to the original Bitcoin protocol through nChain’s Bitcoin SV—Satoshi’s Vision. This node will reactivate a number of Satoshi’s original operational codes and remove the op code limit, as well as increase the maximum BCH block size to 128 MB.

6| Bitcoin ABC Wants Forward

However, Bitcoin ABC—the developer of the leading full node implementation on the BCH network—disagrees with nChain. This development team believes that it would be beneficial for BCH to adopt changes not present in the original Bitcoin protocol.

7| ABC Node Changes

Bitcoin ABC’s node will implement different changes from Bitcoin SV. For one, it would activate a different set of op codes. In addition, changes in Bitcoin ABC would pave way for the eventual introduction of smart contract capabilities and network scaling, among others.

Bitcoin ABC lead developer Amaury Séchet (@deadalnix) talks about how to help #BitcoinCash scale while making instant transactions a reality. https://t.co/lipMQFW719

8| Chain Split Incoming?

Because the proposed changes of the two aforementioned nodes are irreconcilable, the BCH blockchain is in danger of splitting into two. One would be using the Bitcoin SV node, while the other, Bitcoin ABC.

9| Division Doubles BCH Coin

Like in usual blockchain splits, each BCH could be cloned into two variants of the then-same coin. Many have called the coin emerging from the Bitcoin SV-supported chain as BSV, or Bitcoin Cash SV. However, nChain supporters maintain that the SV chain will generate the legitimate BCH, not the ABC chain.

2. #BitcoinSV will not create a new coin. Miners using BitcoinSV will mine with majority hash on the honest chain. And ultimately, exchanges follow money, money follows intrinsic value; value that is brought through BitcoinSV – a secure, stable, scalable #BCH implementation.

10| ABC Dominates BCH Hash, for Now

According to data from November 7 provided by block observing site CoinDance, Bitcoin ABC nodes dominate the number of nodes on the BCH network by more than half of the entire pool. Meanwhile, Bitcoin SV nodes contribute only six percent. However, many crypto observers do not expect this disparity to remain after the fork.

A thank you to all those miners supporting SV and having joined SV pool to maintain Bitcoin as it was. pic.twitter.com/wmEf4TRiat

11| Exchanges Support the Fork

A number of exchanges have promised support for the BSV that could emerge from the upcoming hard fork. Coinbase, for one, promised that its customers would have access to the funds from the main chain and the forked chain. Meanwhile, Binance—together with Coinbase—will suspend deposits and transactions before the fork.

12| Community Divided

The arguments between the two different factions have divided the Bitcoin Cash community for months. Supporters of both sides have continued to sling dirt to each other online. Meanwhile, neutrals are still not sure which between the two competing nodes will come out on top.

13| BCH Should Be Stored on Wallets

Many crypto analysts advised BCH holders to store their digital coins on either hard or soft crypto wallets before the hard fork takes place. Some compatible wallets include Edge, Coinbase, Coinomi, and Bitcoin.com, among others.

14| Ledger to Suspend BCH After Fork

However, Ledger warned its customers that BCH-related services on its wallets will be suspended during the hard fork. The crypto wallet company explained that the uncertainty of BCH’s future is the main reason behind the decision.

15| BCH Price Rose a Week Before Fork

Days before the scheduled hard fork, the price of BCH increased. As of November 7, BCH was trading at US$617.44 against the US dollar, 46.5 and 18.65 percent higher than the value at seven days and 30 days ago, respectively.

Bitcoin Fork: History and Upcoming Bitcoin Forks

The cryptocurrency and blockchain technology industry have created lots of new and exciting terms. One of these terms is Fork. And no, this isn’t the thing you use to eat your food with!

In this guide, I am going to explain everything you need to know about these newly presented forks. I will start by explaining what a BTC fork actually is, followed by a discussion on some of the most popular and well-known forks over recent years.

After that, I will then talk about a couple of Bitcoin forks that are planned for the future, followed by my opinion on whether or not I think Bitcoin will always be the number one cryptocurrency.

So, what are you waiting for? We’ve got lots to discuss, but let’s start by finding out what this innovation actually is!

Table of Contents

What is BTC Fork?

In its simplest form, it is when somebody creates a copy of the Bitcoin blockchain code and makes changes to it. These changes can be made for a number of reasons, such as the previous blockchain being hacked, or because improvements need to be made. Generally, there are two types of blockchain forks — a ‘soft fork’ and a ‘hard fork’.

A soft fork is easier than a hard fork, as only small changes are made to the blockchain. A soft fork is known as “backward-compatible” because while old transactions are no longer valid, new transactions are recognized by both old nodes and new nodes. For a soft fork to be successful, it needs to receive a “majority consensus”, which is like a public vote.

A hard Bitcoin fork is slightly different as it essentially creates a new blockchain. Bitcoin Cash is a famous example of a Bitcoin hard fork. As most blockchains like Bitcoin are open source, anybody can view and copy the code, meaning that a Bitcoin hard fork can be performed by anybody.

So, now that you know what this innovation actually is, the next part of my guide is about some of the most famous Bitcoin reworks of all-time!

Bitcoin Cash

In 2020, a group of influential Bitcoin developers decided to perform a hard fork of the Bitcoin client, which resulted in a completely new cryptocurrency and blockchain being created, Bitcoin Cash (BCH).

The main reason behind this Bitcoin split was because Bitcoin transaction fees were becoming too expensive. In fact, in what started as less than a cent in 2009, it quickly increased to a few dollars per transaction.

However, before the hard Bitcoin fork was performed, the group of developers tried to convince the Bitcoin community to make the required changes within the original Bitcoin client.

The changes that a team of developers wanted to make was to increase the maximum block size from 1MB to 8MB. This would allow miners to add more transactions into a block, which would have reduced the fees that Bitcoin users pay to transfer funds.

Remember how I said a soft fork needed to receive the majority vote? Well, unfortunately, the majority of Bitcoin users didn’t want to make the change, so they had to create a whole new blockchain.

The Bitcoin Cash blockchain was officially launched on 1 st August 2020. Just like Bitcoin, the Bitcoin Cash supply is limited to 21 million coins and each block takes 10 minutes before it is confirmed.

On the other hand, as the maximum block size was increased by eight times, it allowed the Bitcoin Cash blockchain (or Bitcoin fork) to scale more transactions. Scalability (or scaling) is the maximum amount of transactions that a particular blockchain can process every second.

Bitcoin is very limited in this sense as it can only process an average of 7 transactions per second. This is one of the things that are currently letting Bitcoin down — if it is going to be used as a global payment system, it must improve its scalability performance.

Due to the changes that were implemented after this Bitcoin split, Bitcoin Cash can process about 61 transactions per second.

Interestingly, anybody that was holding BTC on the day of the Bitcoin split received exactly the same amount of Bitcoin Cash (BCH) coins. What this means is that if you held 0.5 BTC, you would also receive 0.5 BCH when Bitcoin Cash launched.

Since this Bitcoin fork was launched, it has been a very successful project. In fact, at the time of writing in June 2020, it is the fourth most valuable cryptocurrency in the industry. In December 2020, BCH reached its all-time high of over $4000, with a total market capitalization of just under $70 billion!

The main person behind the Bitcoin Cash project is a well-known cryptocurrency investor called Roger Ver. Ver, often referred to as “Bitcoin Jesus”, believes that Bitcoin Cash is actually the “Real Bitcoin”, and he thinks it will overtake Bitcoin as the number one cryptocurrency.

Bitcoin is the most important invention in the history of the world since the internet.

Investor in bitcoin-related startups,
Roger Ver

So, now that you know about the Bitcoin Cash fork, the next Bitcoin hard fork that I wanted to discuss is Bitcoin Gold.

Bitcoin Gold

The BTC Gold is a Bitcoin fork blockchain that was officially launched in October 2020. While Bitcoin Cash was concerned with reducing transaction fees, the people behind Bitcoin Gold wanted to make Bitcoin more “decentralized”.

Although Bitcoin is still technically decentralized, and the system is not controlled by any single authority, nor is it backed by any central bank or nation-state, there are still some concerns with the way that transactions are verified/mined.

This is because the vast majority of Bitcoin mining is controlled by just a few pools in China. A mining pool is where lots of people “pool” their hardware resources together to give them a better chance of winning the mining reward.

Once the Bitcoin reward is won, it is divided between the pool, based on how much each person has invested. Ultimately, this gives the people running the mining pool lots of power and influence over the network, which is why some believe that this Bitcoin fork has become too centralized.

In the early days before mining pools became dominant, it was possible to mine Bitcoin by using a basic CPU or GPU, meaning that anybody could do it in the comfort of their own home. Those days are now long gone if you want a chance of winning the reward — not only do you need to be part of a mining pool, but you also need to own really expensive ASIC hardware.

But guess who manufacturers a lot of the mining hardware? One of the largest mining pools in the industry!

In response, Bitcoin Gold installed a new mining process that makes sure that specialized and expensive hardware cannot be used to increase somebody’s chances of winning the mining reward.

Think about it like this:

If a Ferrari raced 10 Mini Cooper’s, which car do you think would win? Well, obviously the Ferrari as it has the most powerful engine! However, Bitcoin Gold changes things so that instead of a Ferrari being in the race, there are just 10 Mini Coopers, giving everybody a fair chance of winning.

Just like both Bitcoin and its Bitcoin fork BTC Cash, Bitcoin Gold will limit its BTG coin supply to a maximum of 21 million. Furthermore, the maximum block size of 1MB wasn’t increased either. However, instead of taking 10 minutes like Bitcoin, Bitcoin Gold can confirm a transaction in just 2.5 minutes, making it four times faster!

The other major difference is the way that miners verify transactions. Interestingly, Bitcoin Gold also uses Proof-of-Work (just like Bitcoin), but it has been modified to only allow GPU’s to mine, not ASIC’s.

Just like the Bitcoin Cash fork, anyone holding Bitcoin at the time of the launch received identical amounts in Bitcoin Gold.

Since it was launched, Bitcoin Gold has also performed really well. The BTG coin hit its all-time high in December 2020, reaching just under $8 billion in market capitalization.

However, in May 2020 Bitcoin Gold experienced the much feared “51% attack”. This is when somebody (or a group of people working together) are able to gain 51% or more of the total blockchain hashing power, meaning that they are temporarily able to make changes to the network. This resulted in just over $18 million of Bitcoin fork BTG coins being stolen and converted at a third party exchange.

This attack is actually quite ironic because the whole point of Bitcoin Gold was to prevent centralized miners from gaining too much control. As a result, it is believed that the developers are planning to perform a fork of the Bitcoin Gold code, to ensure that it won’t happen again.

So, now that you know about the Bitcoin Gold fork, the next part of my BTC fork guide is going to talk about Bitcoin Private!

Bitcoin Private

Bitcoin Private was officially launched in March 2020, however, it wasn’t actually a direct fork of the original Bitcoin. Here’s where things get a little complicated:

  1. Bitcoin Private was forked from a blockchain called ZClassic.
  2. ZClassic was forked from a blockchain called ZCash.
  3. ZCash was forked from the original Bitcoin.

Its founder and main developer, Rhett Creighton, also created ZClassic and since then, others have joined the team. The idea Creighton had was to combine the privacy and secrecy of ZClassic with the security and popularity of Bitcoin.

Just like in the other Bitcoin forks I have discussed, anyone holding BTC at the time of the launch was awarded a 1:1 supply of Bitcoin Private (BTCP). Furthermore, anyone holding ZClassic (ZCL) was also awarded a 1:1 supply. This means that if you were holding both BTC and ZCL, you would have received Bitcoin Private coins twice!

In total, there will be a maximum supply of 21 million BTCP coins. The block size is double the size of Bitcoin at 2MB and it is also able to confirm a transaction four times faster.

Furthermore, just like Bitcoin fork BTC Gold, the mining mechanism has been modified to prevent people from using expensive hardware, meaning that it is a much fairer and equal network than Bitcoin. To clarify, it also uses the Proof-of-Work consensus mechanism.

Not only is Bitcoin Gold much faster and fairer than the original Bitcoin, but as its name suggests, it also allows more private transactions too. Just like the ZClassic blockchain, Bitcoin Private uses something called “ZK-Snarks”.

Although each movement of funds is still posted to the public ledger, both the sender and the receiver remain private. This is slightly different from the original Bitcoin, as although the real-world identity of the sender and receiver are not revealed, it is possible to find out how much a certain Bitcoin address has. Not only that, but you can also see how much a particular address has sent and received in the past.

Since Bitcoin Gold was launched in March 2020, it has reached an all-time high of just over $1.5 billion in market capitalization, which it achieved in April 2020.

So, now that you know about Bitcoin Cash, Bitcoin Gold and Bitcoin Private, the final Bitcoin fork that I wanted to discuss was Bitcoin Diamond!

Bitcoin Diamond

Bitcoin Diamond was directly forked from the original Bitcoin client. The main focus of its development team was to allow users to remain even more anonymous. In this sense, its purpose is very similar to Bitcoin Private.

When it was first launched in November 2020, Bitcoin Diamond distributed their coins in a slightly different way to the other Bitcoin forks I have mentioned. While the others all kept their total supply to 21 million coins, Bitcoin Diamond increased this by 10 times. As a result, if you held 0.5 BTC at the time of the fork, then you would have received 5 Bitcoin Diamond coins (BCD).

Just like Bitcoin Cash, the maximum block size was increased from 1MB to 8MB, and its transaction confirmation time is 10 minutes. Some people in the cryptocurrency community believe that Bitcoin Diamond is a scam, with many not happy that the team didn’t even release a white paper.

At the time of writing in June 2020, all we know about the founders is that they were originally Bitcoin miners, going by the name of “Team Evey” and “Team 007”. Either way, it has reached an all-time high of just under $1 billion in market capitalization, which it achieved in April 2020.

Comparison Table

If you have read this Bitcoin Fork guide up to this point, you now have a good idea of the most popular forks that have happened so far. Before we move on, take a look at the below comparison chart, which compares the main features of the different forked blockchains.

Upcoming BTC Forks

Before I continue, I want to mention a few important things that you should consider if you are holding Bitcoin and expecting some free coins from any upcoming Bitcoin forks.

  • Never send Bitcoin to another address just because a newly forked blockchain has told you to. If the fork is legitimate, then the coins will be available based on your current holdings.
  • If the newly forked blockchain asks you to send them your private keys, don’t do it. This is most definitely a scam.
  • Always research the fork yourself. Many new blockchains use the Bitcoin “brand name” to try and convince users that they can be trusted. This isn’t always the case.

Anyway, now that’s out the way, we can take a look at some upcoming forks. Both of the below upcoming BTC forks are still in the development stage, so we don’t have an exact Bitcoin forks date yet, nor is any of the pre-released information final.

Anonymous Bitcoin: This project is looking to combine Proof-of-Work and Proof-of-Stake to improve the way transactions are mined. They also plan to use the ZK-Snark technology I mentioned earlier (Bitcoin Private).

BitcoinZeroX: This Bitcoin fork date is scheduled for September 2020, however it is yet to be confirmed. The fork will be a combination of Bitcoin and Hexxcoin. The aim of this BTC fork is to create an even more anonymous blockchain than Bitcoin Private. Everyone holding Bitcoin, Hexxcoin or both, will receive BitcoinZeroX on a 1:1 basis.

Will Bitcoin Always Be Number One?

As you probably know, Bitcoin is the first and original cryptocurrency. When it was launched in 2009, the main purpose of Bitcoin was to create a global payment system that could be used by anyone in the world, without needing transactions to be confirmed by a third party.

However, even though Bitcoin is coming up to its tenth year of trading, transaction times are still very slow at just 10 minutes. Furthermore, the network can only handle around 7 transactions per second and transaction fees seem to be getting higher and higher.

There are lots of other blockchain projects that can handle faster, cheaper and more efficient transactions, which makes them much more suitable for a global payment system. Although the Bitcoin team is looking to solve this with the introduction of the ‘Lighting Network’ upgrade, there is no guarantee that it will be able to solve its performance levels.

Therefore, although I think Bitcoin will always be the number one cryptocurrency in terms of usage, value and market capitalization, I don’t think it will be adopted as a global payment system. Instead, I think the majority of people will use Bitcoin as a ‘Store of Value’. This is similar to a real-world asset like Gold or Silver.

Ultimately, I don’t think any of the Bitcoin forks I have mentioned go far enough to become a truly useful global payment system. They will always be trading off of the original Bitcoin name, which lots of people don’t like.

However, this is only my personal opinion. I could be right or I could be completely wrong! We’ll just have to wait and see…

Conclusion

And that’s the end of my Bitcoin fork guide. Hopefully, you have read it all and now you should have a really good understanding of what a fork is and the reasons why they happen.

I have also listed 4 of the most popular cryptocurrencies to have been forked from Bitcoin. Some of them focus on improving the performance levels of the original Bitcoin (such as lower fees and scaling more transactions), whilst others focus on increased privacy or decentralization.

Moving forward for the future, please just remember to do your own research before any upcoming Bitcoin forks, and don’t be fooled by scammers that try to take your private keys!

As always, please let me know what your thoughts are on the forks I have mentioned, or whether you think Bitcoin will always be the number one cryptocurrency of choice.

Things You Need to Know About The Upcoming Bitcoin Cash Hard Fork

Bitcoin Cash (BCH) seems like it’s on its way back up. On April 18th, the price of a single BCH token was worth about $770. At press time, the value of a single BCH token was $1293, a nearly 40 percent increase.

The BCH community doesn’t look very eager to bring about any kind of huge change in the market. It is instead focusing on its efforts on becoming a network well-suited to everyday payments. The Bitcoin cash team believes that it is very important to have a hard fork on a regular basis so that the protocols can be upgraded, hence Bitcoin Cash hard fork is scheduled every 6 months.

A statement released by the group following the meeting reads,

“Our top priority for Bitcoin Cash is to keep improving it as a great form of money. We want to make it more reliable, more scalable, with low fees and ready for rapid growth. It should ‘just work,’ without complications or hassles. It should be ready for global adoption by mainstream users, and provide a solid foundation that businesses can rely on.”

The main upgrades one can expect are:

  • Raising the block size 32Mb, to significantly increase the number of transactions that the Bitcoin Cash network is capable of handling.
  • Larger block size also means that transactions on the Bitcoin Cash network would also be less expensive.
  • Re-enabling the existing opcodes which could be used to establish tokens on the BCH network.
  • Increasing the upper turn size to 220 bytes from 40 bytes to allow users to add more data to the blockchain. The most important of a use case of this is Colored coins, wherein you can track other assets that are not validated by miners.
  • Time stamping data is also another use case of increasing the upper turn size, which allows users hash a document and add it to the blockchain so that they can prove the existence of the document.

Recently, Bitcoin Cash was in the news when Antpool, the world’s largest Bitcoin [BTC] mining pool operated by Bitmain and led by Jihan Wu has recently started to burn 12% of Bitcoin Cash [BCH] which was earned by the mining pool as transaction fees. The mining fees are being sent to a black hole address.

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