Bitcoin Cash will undergo network protocol upgrades through the implementation of bitcoin ABC and Bitcoin SV (BSV)

in #bitcoincash6 years ago (edited)

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There is a conflict between the community developing Bitcoin Cash (BCH) which can lead to a chain split because no consensus will be reached. We gather a lot of information about this event and will try to explain it as objectively as possible.

The most represented narrative is that Bitcoin Cash will undergo a network / fork protocol upgrade on November 15 2018 around 8:40 am PT time (4:40 pm UTC) through the implementation of Bitcoin ABC full node.

Bitcoin SV (BSV) is the proposed fork of Bitcoin Cash scheduled to also occur on November 15, 2018 around 8:40 am PT time (4:40 pm UTC) through the implementation of Bitcoin SV full node. Bitcoin SV is considered a "controversial" hard fork that can cause a split chain with two competing networks. Therefore, users who hold a BCH before the hardfork can end up with coins on both sides of the split.

A hard fork will actually occur when the median time passes through the last 11 blocks (MTP-11) is greater than or equal to the UNIX 1542300000 timestamp. Although Coinmarketcap has registered a contract for the BCHABC and BCHSV trading pairs, it is unclear whether there are two forks registered with BCH ticker that was previously used or with a new one, because it is not clear which one will turn into the most dominant chain.

For more information about forks, please see the official Github Bitcoin Cash announcement.

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Step by Step Guide:

How to claim with a local wallet like Electron Cash:

  • Hold your BCH in the local wallet where you control the private key during the fork time.

  • We recommend Electron Cash, because you will be able to easily switch between ABC and SV node implementation if there is a chain split.

  • IMPORTANT: There is no replay protection between two competing networks. This means that if you send a transaction on a BCH or BSV network, your coin may (or not) move on another network.

  • To be safe, you must use a coinplitting tool which is also described here.

  • It is recommended to proceed carefully after the branching date to make sure the network runs smoothly, with additional confirmation allowed. It is also recommended to use small amounts at first and make sure you are on the right network.

  • You can also use Electron Cash with common hardware wallets like Trezor or Ledger.

  • For more information, please read the official Electron Cash hard fork announcement.

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How to claim with Trezor hardware wallet:

  • The Trezor wallet server will follow the ABC Bitcoin chain and you will not be credited the Bitcoin SV coin if a chain split occurs.

  • Trezor will not provide a claim tool for the safe separation of coins between chains. If a different chain appears, you will automatically have coins available in all chains after the hard fork (not protected by replays).

  • If a different chain (from Bitcoin ABC) becomes dominant, Trezor will evaluate the transition to the most dominant chain.

  • You can also use Trezor with Electron Cash's third party wallet to access both chains in the event of a split.

  • For more information, please see the official announcement on the Trezor blog

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How to claim with the Ledger hardware wallet:

  • Ledger will suspend Bitcoin Cash services until it is clear which chains will be stable, both technically and economically.

  • If one of these chains will become the dominant chain, Ledger will evaluate it to support it again.

  • You can also use Ledger with Electron Cash's third party wallet to access both chains in case of split.

  • For more information, the pleaser refers to the official announcement on the Ledger blog.

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How to claim using exchange:

  • Hold your BCH coin on an exchange that supports both hard forks and will credit you with the two branching chains.

  • Please refer to the respective exchange announcements about the exact time of the snapshot (there are small differences between several exchanges) and also about deposits and withdrawal cancellations.

The following main exchange will support the fork and credit both of you coins in the case of split chain:

The following main exchanges will support a fork, but it is not clear whether they will credit you both in case of a split or if they only do a fork to increase maintenance of Bitcoin ABC. We do not recommend leaving your coins on this exchange if you want to ensure that you will be able to access both of these chains in the case of a chain split:

The following main exchanges will only support the implementation of ABC full nodes and clearly do not credit any SV coins:

Please remember that the exchange list above is incomplete and all facts can change at any time.

We cannot guarantee that the information above is current or accurate. The user must verify the information before acting on it. Although we make every effort to ensure that all information is accurate and complete, we cannot guarantee its integrity.

Disclaimer: We register hardforks only for information purposes. We cannot ensure that hardforks are valid. We only want to make a list of opportunities from a free air drop. So stay safe and make sure to claim a fork with a private key from an empty wallet.

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Ratio : 1:1

Forked From: : BCH

Block height : n/a

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