Bitcoin Cash Hard Fork, What to Expect, What is Happening, Coinbase, eToro

by Bojan Sekulovski

It’s no secret that the fourth in terms of cryptocurrency capitalization Bitcoin Cash enjoys a very ambiguous reputation among the faithful supporters of Bitcoin and the wider community. Nevertheless, the hard forks of this network, scheduled for today, Thursday, November 15, are attracting increased attention both due to the recent scandals between the key players of the project and because of obvious disagreements regarding its further development.  As a result, apparently, there will be two competing chains and, accordingly, free coins for BCH holders.

The fact that Bitcoin Cash itself appeared as a result of a controversial hard fork, breaking away from the main Bitcoin network in the summer of 2017, adds a piquancy to the situation.

Self-called Satoshi Nakamoto, Craig Wright, has threatened to drop the bitcoin price to $1,000 on his twitter, just before the $900 drop in the first cryptocurrency price.

He warned all the bitcoin miners that if they switch to mining BCH, and show support for the Roger Ver’s Bitcoin Cash ABC, he will sell a LOT of bitcoins. Is bitcoin decentralized?

He continued with a call to think about what if Roger Ver and Jihan Wu also have to sell BTC for USD. The expectation is 2014 prices.

This was followed by a comment by the co-founder of Bitmain, Jihan Wu, who is ready to fight but does not want to start a hash war with CSW.

“I have no intention to start a hash war with CSW, because if I do (by relocating hash power from BTC mining to BCH miningBTCbtc price will dump below yearly support; it may even breach $5000. But since CSW is relentless, I am all in to fight till death!”

Crypto community has no positive reactions to this so called war. Is bitcoin decentralized? The reaction is: “So much for decentralization Where one man dictates price.”  Is Craig Wright really powerful enough to crash bitcoin prices?

Many are thankful for this ‘war’ and waiting for it to escalate. In meantime are looking for investing opportunities.

Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork is scheduled for today.

Not at all like past BCH hard forks, there is a contending suggestion that isn’t good with the distributed guide. Coinbase will screen the hard fork process and work to limit client disturbance until the point when the system meets Coinbase security guidelines.

Not at all like past BCH hard forks, this time there is a competing proposal that is in conflict with the published roadmap.

The exchanges have no control or information of the timing of the hard forks, so many trading platforms announced that they will pause BCH trading, buying selling, moving etc.

Coinbase: “Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase. If you wish to have access to your BCH during the pause, you will need to remove it from the Coinbase platform prior.”

eToro: “Due to the highly unpredictable nature of this hard fork, which could result in major disruptions in exchanges and liquidity providers, eToro will be suspending all Bitcoin Cash trading from Wednesday, November 14th at 22:00 GMT until further notice. This is a precautionary measure, to ensure maximum security of our clients’ funds.

During the trading halt, there will be no price updates for BCH, opening new positions or closing existing ones will not be permitted, editing of SL/TP will not be available, and there will be no execution of pending orders or placing of new orders.

eToro Wallet users should also note that BCH will not be available for exchange or transfer during the trading halt.

The length of the trading halt will depend on market conditions and will last for an unknown period of time. However, we will do our best to make sure that the halt is as short as possible. Please be aware of the above changes and be sure to prepare your crypto portfolio accordingly.”

Due to many exchanges that have paused and will pause the deposits and withdrawals of BCH, millions of BCH tokens will be frozen and this will lead to a big fall in trading volume for Bitcoin Cash and the total industry.

After Coinbase made its announcement, a well-known cryptocurrency investor, WhalePanda said.

“Hey guys, I don’t think this smooth protocol upgrade is going as smoothly as anticipated. Anyway, the good thing is that investors were warned 36 hours in advance. I don’t think they are ready in case people start messing with the Bitcoin ABC chain.”

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