The BCH war is imminent, and all parties are gearing up for it.
Today, the largest digital currency exchange in the United StatesBitfinex issued an announcement announcing that it will support the hard fork of BCH, they will suspend BCH deposits and withdrawals at 3:30pm on November 15th and will take a full account snapshot of the Bitcoin Cash balance at 4:40pm. The announcement stated that they are happy to provide and manage all technologies related to the fork process for all users related to the BCH fork, but will not support or oppose any of them. At the same time, they said, there is not enough evidence to determine who will be the final winner. In addition, after the event ends, another announcement will be made on November 16 to notify users that the fork has been successfully forked.
By contrast, digital wallet operator BitPay has taken a sharp stance, saying in an email to wallet users that they insist on"Bitcoin ABC Camp".he iswrite in the mail"BitPay has no plans in place for switching from Bitcoin ABC to a different implementation. BitPay will closely monitor network conditions and the outcome of the eventual fork. We will send you another notification when we determine that payment risk has passed .”
Moreover, BitPay stated in the email that this fork is not like the time when BCH was forked from BTC. This time, because of the incompatibility between Bitcoin ABC and Bitcoin SV, they can only support the ABC protocol. The team also advises users not to make transactions during the fork. Because of the possibility of double spending.
On the other hand, according toTrustnodesThe website reported that BCHSV and BCHABC have already launched futures ahead of schedule. The BCHSV futures high was $600 and the BCHABC futures high was $4,200. Trustnodes reports that BCHABC futures are trading at $536 and BCHSV futures are trading at around $140 as of press time. The combined price of the two networks is $670, more than the current price of Bitcoin Cash. According to Trustnodes calculations, at this price, the market value of BCHSV after entering the market may reach 2.4 billion U.S. dollars, becoming the top ten cryptocurrencies.
However, since these two futures were only recently launched on the Poloniex platform, trading volumes are very low.
According to Poloniex: “Trading is available for the following pairings: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. Customers can convert Bitcoin Cash to an equivalent amount of BCHABC and BCHSV, and if they want to withdraw funds, they can also Convert SV and ABC back to BCH.”
The exchange will suspend BCH deposits and withdrawals on Nov. 15 to smooth the transition to the new network. Poloniex asked users to complete all trades before the suspension and warned users that trading these assets was too risky. Because after the fork, the value of the tokens of the losing party will return to zero.
