BCH Fork 2020

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Bitcoin Cash Fork, 15 November 2020: What it Means for You

Bitcoin Cash will hard fork on November 15 2020 around 12:00 pm UTC as part of a scheduled protocol upgrade. This upgrade is controversial and will likely result in two chains after the fork. 

The likely split is between two protocols known as “Bitcoin Cash Node” and “Bitcoin Cash ABC.” At the present time, over 70% of blocks are signaling for Bitcoin Cash Node while less than 1% are signaling for Bitcoin Cash ABC, so Bitcoin Cash Node looks like it will be the dominant chain by far. 

If your platform does not support the fork and you wish to participate, do not wait until 2 days before the fork to do something, do it now.

C&B – Caleb & Brown

C&B will not be supporting the BCH fork. I spoke with Jeff Zylstra this morning and this is what he had to say. 

“Unfortunately we do not support forks or airdrops 🙁  Token holders will need to withdraw to their personal wallets”

Which makes perfect sense on their end. 

Hardware Wallet Support 

  • Ledger will suspend their BCH services from the 12th of November at 07:00 UTC for security reasons
  • Trezor WILL NOT support the BCH fork
    • “SatoshiLabs (aka Trezor) will not be participating in the fork until a decision is made by the community. If you wish to take part in the fork, you should transfer your BCH balance to another wallet which is supporting the coin split, to make sure you receive any coins resulting from the hard fork.”

Exchange Support

Kraken will support the Fork.

Binance will suspend BCH deposits and withdrawals on the day of the hard fork, then act depending on which of the two presented scenarios comes true: there are two competing chains, or there is no new coin.

OKEx has announced their support for the hard fork, stating that, should it be successful, OKEx users holding BCH prior to the fork would receive the two new assets, BCH ABC and BCHN. In the days leading to the fork the BCH margin lending function, spot and margin trading services, and deposit function will all be suspended.

Huobi Global made similar statements, adding that “after the community has formed a consensus on BCH naming, we will end the transition period and rename BCHA or BCHN.”

 

FTX also discussed the competing chain scenario, stating, as Binance did, that “users will be credited with the BCH from the chain with the most work done.”

In the meantime, Poloniex told its users that they can either hold their BCH which will be converted to BCHABC and BCHSV after the fork, or they can convert their coins into BCHABC and BCHSV before the fork and trade those tokens in the BTC and USDC markets. Both chains will be supported, but if only one remains technically and economically viable “we may rename it BCH,” they said.

BitMEX said that the products and indices affected by the fork “will follow one side of the fork only and we aim to keep markets open when the fork occurs,” adding that product and index names will remain unchanged.

Software Wallets

I have not found a statement on whether Exodus or Atomic Wallet will be supporting the BCH Fork.

Exodus
Trying to support all forks of a coin is simply not feasible for Exodus, and is often technically impossible as well. This applies to many of the forks of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, ZCash, EOS, and other assets that have occurred over the years. Many of these forks may offer little to no market value, or they may suffer from a lack of developer support.


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