Poloniex exchange offers 'neutral' choice before BCH protocol upgrade

What the Upcoming Bitcoin Cash Hard Fork Means for You

Background reading: What is a hard fork in cryptocurrency?

The bitcoin cash price had risen considerably in the lead-up to the fork, as investors clamored to position themselves to receive the "BCH airdrop".

Poloniex plans to pause BCH deposits and withdrawals at 14:00 UTC on 15 November 2018. Whatever the case, with the hard fork coupling with a positive market momentum, the next two weeks are bound to be interesting for Bitcoin Cash holders.

It is likely that this is the primary motivating factor for the increase in demand and volume on the Bitcoin Cash, but, of course, there are other factors, such as a developing ecosystem.

A Bitcoin Cash hard fork does not mean that everyone, everywhere will open their wallet to find Bitcoin SV there, too. If you store your crypto in a wallet, make sure you have your private key, so you can access your crypto on both blockchains. All BCH balances will then be set to zero.

Between Sunday and today, Bitcoin Cash has gone up by up to 32%.

Fragmentation tends to be a weakness: A strong determinant of a cryptocurrency project's ultimate success is the number of people using it, and projects such as Bitcoin Cash dream of having the brand recognition of a project like Bitcoin.

This hard fork isn't a surprise. From the beginning of BCH, developers have planned on hard forking the currency every six months. Why? But because the upgrade is irreversible, the majority of miners should agree to migrate to the new protocol for the chain to remain intact. Users can also convert back into BCH and withdraw their coins, but for obvious reasons, BCHSV and BCHABC may not be withdrawn until sometime after the fork.

Software company Bitcoin Cash ABC put forward the proposal, hence the name.

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Why is the blockchain splitting?

Counterparty (XCP) traded up 12.1% against the dollar and now trades at $3.83 or 0.00058643 BTC.

Roger Ver and his companies are following Bitcoin ABC's lead. They also stated that they would be evaluating each hard fork separately and later decide whether to back the fork or to resume pre-fork trading. Additionally, it's supported by Craig Wright, who maintains that he is Satoshi Nakamoto.

From a technical viewpoint, Bitcoin Cash ABC aims to maintain the current block size of 32MB. As a result, Stone has suggested a BCH full node implementation proposed BUIP098.

Accordingly, BU users can choose to follow ABC, SV, or neither.

The one-hour cryptocurrency chart shows an uptrend in the $474.63-$574.45 range and a downtrend that saw the price drop from $611.23 to $597.22. In the past week, its price has increased by 44%. Of course, you may not be able to touch your BCH before that.

The hard fork will take place on 11/15/18 sometime after 11:30 am EST.

What's Next for BCH?

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