Nov 14, · On November 15th UTC the Bitcoin Cash (BCH) network will split into two chains: the Bitcoin Cash Node (BCH) chain and Bitcoin Cash ABC . On November 15, Bitcoin Cash will undergo a hard fork. As this fork will result in at least two chains without replay protection, Ledger will pause Bitcoin Cash service to avoid unwanted transactions until it is clear which of these chains will be the dominant one. Why is there a Bitcoin Cash fork? Nov 15, · Bitcoin Cash Fork: The Situation So Far The Bitcoin Cash network is facing a fork that isn’t reaching consensus, meaning those participating in the network aren’t agreeing on whether or not to implement the coming fork. This fork will take place on the 15th of November, and could possibly result in a split of the network.
Bitcoin cash fork meaningThe Difference Between Bitcoin vs. Bitcoin Cash
As no consensus was reached, a hard fork will occur on the 15 th of November around PM GMT epoch , resulting in several separate Bitcoin Cash chains. Eventually, one of these would be the dominant chain, which we will evaluate to support again then. Ledger will suspend the Bitcoin Cash service until it is clear which of these chains will be the stable one, both technically and economically. Depending on the outcome of the fork, we will communicate about our next move when we have a clearer vision of its result.
Be advised that during this service disruption, your Bitcoin Cash private keys will remain secured. If you wish to transact during this time, you can still use a third party wallet supporting Ledger devices, such as Electron Cash , at your own risk. If you do not intend to perform transactions with your Bitcoin Cash assets during this service interruption, no further action will be required. This means that you will not be able to use your Bitcoin Cash account during the service suspension.
You will be able to monitor when Bitcoin Cash will be back online on our status page. Equally, we will keep our users updated through our Twitter and Facebook accounts. Once service returns, you will be able to access your Bitcoin Cash again.
Your cryptocurrency will remain in your cryptocurrency wallet or exchange, same as ever, though Bitcoin Cash price could change a lot. 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.
And if you keep your cryptocurrency on an exchange, the exchange has to support the fork. Without Bitcoin SV support, you cannot hold it on that exchange. In other words, these cryptocurrency exchanges and wallets support the hard fork.
Back in , we got Bitcoin vs. Bitcoin Cash following the first Bitcoin hard fork. Though the Bitcoin developer community also updated its protocol, it still has relatively high fees and can process fewer transactions. From the beginning of BCH, developers have planned on hard forking the currency every six months.
Protocol upgrades. Not all hard forks are the result of disputes between developers. Only when a minority decides to adopt a protocol so different from the majority does the blockchain split to create a new currency. Why is the blockchain splitting?
If you plan on depositing or withdrawing BCH, make sure you do it before the hard fork.