Bitcoin Cash Prepares for the Upcoming Hard Fork on November 15

The first Bitcoin derivative - Bitcoin Cash (BCH) - which was born out of the hard fork in the Bitcoin blockchain network is now facing a similar situation. The Bitcoin Cash blockchain network is also preparing for undergoing a hard fork this week on November 15th.

Just before the scheduled hard fork, the Bitcoin Cash is showing some volatile price swings. The 24 trading volume for Bitcoin Cash has crossed $1.2 billion, just second to that of Bitcoin (BTC). Today itself Bitcoin Cash dipped by 8% before finally recovering back. According to WorldCoinIndex, the low for the day is $502 and the high is $536.

A number of popular exchanges have announced support for the Bitcoin Cash hard fork. Bitfinex, has pledged support for the BCH hard fork. However, for now it has maintained a neutral stand for now saying that it won’t side on either of the two camps (Bitcoin Cash and Bitcoin SV) unless and until the hard fork is complete while the newly formed community shows consensus.

“Bitfinex will not advocate for or against any particular fork, and miners have full prerogative to commit their hashing power to whichever projects they choose. At the time of writing, we do not believe that there is sufficient consensus to identify a clear winner in the Bitcoin Cash hard fork.”

Other popular exchange showing the support for the BCH hard fork is Coinbase. As it has happened in many of the previous hard forks, The BCH hard fork will reward BCH investors and holders with the new Bitcoin SV tokens in a 1:1 ratio. Hence all investors of BCH can sell their Bitcoin SV tokens soon after the hard fork through the exchanges which have announced their support.

Earlier this week, Bitcoin SV supporter Craig Steven Wright has threatened the miners and developers if at all the hard fork goes in the favor of Bitcoin Cash. “I will ensure that ANY miner passing DSV can be held liable (under the law of the UK, China and US, they can be) The end will be a drop in value for those using DSV And, I will help ensure those who lose claim against this act. The developers in ABC will be able to be held personally liable. Oh… I do have a Masters in Law on just this area,” CSW said.

Reacting to this, co-founder of crypto mining giant Bitmain said: “The whole BCH community are working together to kick Fake Satoshi out. The resistance against cult leader proves the inner strength and sophistication of the BCH ecosystem.”