Bitcoin Cash hard fork took place amidst a decision for a network upgrade and mining fee distribution
Currently, OKEx exchange is still in an offline state after the recent arrest of its founder. However, this does not mean that OKEx will be on the sidelines for the upcoming Bitcoin Cash hard fork. So, aside from the fact that OKEx will support the fork, is there anything interesting behind this incident?
The upcoming Bitcoin Cash hard fork, what’s the reason for this?
It is known that Bitcoin Cash is scheduled to hard fork on November 15th. The first reason is due to the decision to share the 8% mining fee. First, it should be mentioned that this is a result of a blockchain update proposal in August from a group known as Bitcoin Cash ABC (BCH ABC), led by Amaury Sechet.
Among other changes, Sechet and his team plan to introduce a new “Coinbase Rule,” which requires 8% of mined BCH to be redistributed to Bitcoin ABC as a means of financing protocol development.
However, this change was opposed by Roger Ver, executive chairman of mining group Bitcoin.com and Bitcoin Cash Node (BCHN).
— Roger Ver (@rogerkver) August 31, 2020
OKEx said on October 28 in a post on its website that in a successful fork, BCH holders will receive two new assets, BCH ABC and BCHN.
According to data from Coin Dance, at press time, out of the last 1,000 blocks mined on Bitcoin Cash, about 70% signaled support for BCHN and just 0.2% for Bitcoin ABC. With regards to the dominant chain, so far, over 70% of the Bitcoin Cash blocks are being mined with BCHN. Over 700 of the last 1,000 blocks were mined using BCHN software. However, the dominant chain will be determined purely by the price at which the tokens of these two coins trade after the fork.
The names that will support the BCH hard fork this time include Binance, Huobi, and OKEx above. Early support and early support from all three major exchanges is a perfect thing for BCH. And at this point, the Bitcoin Cash price forecast starts to reappear.
BCH price forecast
Fundamentally, BCH is definitely a good asset to buy. Whenever BCH approaches its hard fork date, we see a rapid increase in that coin’s price since people always love free token.
BCH price has been consolidating in the support zone of $265 – $ 270. If this support holds, we can see a push towards $280 at the first resistance zone and towards $295 at the second resistance zone. Failure to hold the first support zone can pull BCH price back towards $240, which would be an excellent price to add to your longs before the fork.
- Bitcoin Cash Upgrade That Would Mandate All Newly Minted Blocks Donate 8% To Development Is Threatening To Drive A Hard Fork
- Following A 39% Price Surge At The End Of July, At Least 10 Bitcoin Cash Whales Have Left The Network