The bitcoin cash (BCH) upgrade is 21 days away and there is a possibility that the blockchain may bifurcate on 15 November. Statistics on Sunday, October 25 show that 731 out of the last 1,000 blocks have been mined using BCHN node data.
The bitcoin cash proposers are patiently waiting for the next BCH upgrade which is about three weeks away. News.Bitcoin.com reported on 1 September that the network could be split due to a controversial infrastructure funding proposal in Bitcoin ABC’s codebase.
After 23 days our newsdesk explained that about 61% of the blocks mined were BCHN. Fast forward to Sunday, October 25, as BCH supporters saw the percentage of BCHN increase.
Currently, according to statistics stemming from the web portal Coin Dance, 73% or 731 blocks out of 1,000 were mined using BCHN. After finding a large BCH block of major miners their BINN is indicating in their coinbase message parameters.
The Bitcoin Cash Coin Dance web portal shows 24-hour stats at 73.6% at the time of publishing the historical summary.
Since the end of our Newsdesk of September’s Hash Watch report, there have been some announcements from exchanges. On 23 October, popular Korean exchange Bithumb published contingency plans for the fork.
According to a loose translation of the statement, if there is “airdrop” and “new series”, “Bithumb will support it once it has achieved stability.”
In addition, the trading platform is Poloniex Manifested BCH futures market for upcoming forks.
Poloniex has two markets against USDT including the BCHA market for ABC and the BCHN / USDT market for BCHN. The market price of polynyx for BCHN is $ 298 per coin, while the last trade for BCHA was about $ 45.
Apart from the other two futures markets for this fork on Coinex and Coinflex, the figures are relatively similar. Bitcoin ABC’s futures are trading for $ 32 on Coinflex and $ 33 on CoinX ABC Swap.
BCH supporters should be reminded that not all exchanges will support the new series. For example in 2018, some people who leave funds on exchanges either did not get their bitcoins (BSV) or had to wait a long time.
It is a good idea to ensure that the exchange will support upcoming bitcoin cash (BCH) forks and if the trading platform does not, customers should move to a noncustodial solution or another exchange that will support a partition.
Users who have access to their BCH private key in a non-business style will be able to split the money through a tool that manages the partitioning process.
During the next three weeks, users can monitor the web portal Coin Dance for block data and upgrade information. In addition, news.Bitcoin.com will monitor the latest infrastructure providers such as exchanges and wallet services, which reveal contingency plans.
Traditionally, most crypto service providers reveal contingency plans two weeks before the event or sometimes they rely on earlier statements from earlier forks.
What do you think about the upcoming bitcoin cash upgrade and the possibility of a chain split? Let us know what you think on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Vicky Commons, Coin Dance, Polonics, Coinax, Coinflex,