The 15th of May marks the highly anticipated Bitcoin Cash Hard Fork, a move designed to add opcodes to the network and to upgrade the block sizes on the Bitcoin Cash blockchain up to 32Mb, improving transaction efficiency and of course, scalability.
This means, anybody running a Bitcoin Cash Node will need to upgrade to the latest Bitcoin ABC software, Bitcoin ABC 0.17.1 as soon as possible. You can read more about the upgrade for yourself, here- https://www.bitcoinabc.org/2018-04-01-upgrade/
The Hard Fork is set to take place at 17:00 BST, therefore this afternoon should see some increased activity within the Bitcoin Cash network. Though this is unlikely to lead the price to spike, we should watch out for signs of surges as we near the allocated fork time. Moreover, we should also be cautious about this causing the value of Bitcoin Cash to drop, this too, is possible.
According to Bitcoin ABC:
“Bitcoin ABC will take steps to contact major exchanges and wallet providers. All assistance in this effort is welcome. You can help by contacting exchanges, wallet providers, and other ecosystem participants, and letting them know they should upgrade their software or run an updated version of Bitcoin ABC or other compatible software.”
Therefore, the team have designed this in a way which aims to cause minimal impact, in theory, assuming users update in a timely manner, this should not have a huge impact on the Bitcoin Cash network and thus, the value of Bitcoin Cash should remain relative to the rest of the markets, which at the time of writing are finally moving in a positive direction.
Bitcoin ABC Releases Version 0.17.0 For May 15th Hard Fork Network Upgradehttps://t.co/3YFgpiS7LR
— Bitcoin (@Bitcoin) April 5, 2018
How is Bitcoin Cash looking today?
Overall, the value of Bitcoin Cash has diminished over a weekend of back pedalling, caused by a number of different things, namely yet another Mt. Gox coin dump and the raid of South Korean cryptocurrency exchange, UPbit. UPbit are accused of accounting for coins they don’t have, as news of this broke out, people panicked and thus, the markets saw some huge downward movements.
At the time of writing, Bitcoin Cash is valued at $1,426.59 and is up 2.35%. Ten days ago, Bitcoin Cash was valued at $1,818.63, therefore todays price is a little off reaching the recent highs of Bitcoin Cash, overall though things are now looking more positive.
Assuming all goes well with the Hard Fork, we may very well see Bitcoin Cash make some positive movements, back up towards its current target of around $2,000.00.
For now, we will monitor the movements of Bitcoin Cash and will keep an eye on the impact this Hard Fork has. Stay tuned!