Major Exchanges Lend Support to BCH Hard Fork
Earlier on, Bitcoincash.org reported that exchange giants like Binance and Coinbase had announced support for the Bitcoin ABC proposal although Coinbase stated that “unlike previous BCH hard forks, there is a competitive plan [Bitcoin SV] that is not well-matched with this recognised roadmap. Coinbase will closely observe the hard fork process and work to reduce customer disruption pending when the network meets Coinbase security standards. Like Coinbase, Poloniex released a statement that it would ensure that customers have access to their funds on each chain in the event multiple viable chains persist following the hard fork.
Top Bitcoin Cash Markets:
According to Coindesk; OKEx, BitForex, Huobi, Upbit, Coinbase Pro and Coinsuper are some of the exchanges that have confirmed their support for the fork.
Poloniex’s preparation to support trading markets for both tokens following the fork sets it apart from the others. Enabling “pre-fork trading” before the November 15 hard fork is a completely different approach reflected in pairs BCHSV (Bitcoin SV)/USDC, BCHABC (Bitcoin ABC)/USDC, BCHSV/BTC, and BCHABC/BTC.
Poloniex revealed in a blog post that “Customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV and also convert BCHABC and BCHSV back into BCH if they’d like to withdraw funds. Ahead of the hard fork, BCHABC and BCHSV withdrawal won’t be possible by customers.
The bitcoin cash price has experienced a lot of ups and downs recently. It was the best-performing coin among the top 50 cryptocurrencies over the past 7 days (+39.61%), while it has also been the worst performer in the past 24 hours, trading down 4.92% to USD 592 as of press time.
Cryptonews.com reported a sharp divide within the bitcoin cash (BCH) community that could result in two different BCH chains emerging as viable alternatives after the November 5 hard fork.
There is a twist to this year’s hard forks as there are now two competing proposals for the fork: Bitcoin ABC and Bitcoin SV. Bitcoin ABC is the “mainstream” proposal supported by bitcoincash.org, while Bitcoin S or Satoshi’s vision is backed by Satoshi Nakamoto, Craig White and a group of BCH miners.