What is the Bitcoin Cash hard fork and how to manage it
As we all can see now, hard fork is pretty popular with crypto investors, and Bitcoin Cash (BCH) is certain to follow the trend, showing significant upwards price movement and rising from $425 USD to the high of $586 USD. Therefore, it made a strong swing of over 37% which definitely can be attributed to the upcoming BCH fork, and here is the most important information.
The Bitcoin Cash hard fork is said to go live on November 15th, resulting in two independent blockchains and, accordingly, two different tokens. Since BCH itself was forked from the original bitcoin client, there are two different development teams with incompatible opinions which decided to come to consensus by implementing 2 networks: “SV” and “ABC” and one of these eventually would be dominant. While it’s not clear which network would be the stable one, many crypto wallets are now suspending the Bitcoin Cash service in order to prevent unwanted transactions.
What to do in this situation? First things first, keep your Bitcoin Cash keys secured. If you want to make transactions during this time, you can use a third-party wallet supporting this option. Precisely, if you are a BCH-holder, you are able to double your coins by holding them on Binance or Coinbase and making a relevant claim. But remember - if the fork happens, you will get 2 different types of coins with unpredictable values.
We also prevent you - attempts at scamming are very common during forks. So be attentive not to trust any giveaways and keep your 24-word recovery phrase as secret as possible. Stay up-to-date with us!