What the Upcoming Bitcoin Cash Hard Fork Means for You

What the Upcoming Bitcoin Cash Hard Fork Means for You

Bitcoin Cash (BCH) is a proof-of-work (PoW) coin that uses the SHA-256 hashing algorithm.

Following the announcement from crypto exchange Poloniex that it would enable "pre-fork trading" in the two proposed Bitcoin Cash (BCH) forks - Bitcoin Cash ABC and Bitcoin Cash SV - preliminary trading data suggests we already have a clear victor among the two competing proposals.

"We believe the responsible thing for an exchange to do is remain neutral, and we want to empower the community to demonstrate their support through trading activity. Going forward, we will evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading".

At the time of writing, Bitcoin was up 0.3% to $6,494.8, with Bitcoin moving from a start of a day morning low $6,479.1 to a morning high $6,498.5 before easing back, resistance at $6,500 continuing to be the Bitcoin bulls' bug bear ahead of the weekend.

In addition to infrastructure providers announcing their plans for the upcoming fork, there are a few data sites available online so Bitcoin Cash supporters can watch the network. This is the first time we are offering pre-fork trading and it is part of a broader effort to make Poloniex one of the most innovative exchanges in the world. Users can also convert back into BCH and withdraw their coins, but for obvious reasons, BCHSV and BCHABC may not be withdrawn until sometime after the fork. Notably absent is tether (USDT), the controversial-but-highly-liquid stablecoin. The exchange will also be implementing its own replay protection to broadcast replay-protected withdrawals on each chain. Therefore, there could be a chainsplit; users holding BCH prior to the hardfork could end up with coins on both sides of the split. Bitcoin Cash forking essentially splits the original user base, and each fork will have an even steeper uphill climb to a large and active user base. Binance was the first to announce its support of the hard fork. It includes the Bitcoin SV and ABC roadmap and a list of weighted companies declaring which implementation they are using.

While Poloniex's new trading pairs allow investors early access to their "crypto dividend", these pre-fork markets are useful for more than just allowing traders and investors to double down on their bets about the outcome of the fork.

Bitcoin Cash (BCH), a hard fork of Bitcoin (BTC) has been in the news recently as regards its forthcoming network hard fork. Many crypto-traders are hoping the value of BCH might climb a bit higher in anticipation of the hard-fork. Investors seeking to acquire XRP should first buy Bitcoin or Ethereum using an exchange that deals in USA dollars such as Coinbase, GDAX or Gemini. In other words, your BCH is cloned, and you get the same amount in the new cryptocurrency, Bitcoin SV (BCHSV), as you have in BCH.

The market has continued to record more gains and the positive momentum continues to dominate.

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