If you’re a Bitcoin Cash investor, you might be feeling a little pleased with yourself today, that’s because throughout the weekend, Bitcoin Cash has made some fantastic gains and seen some real progression, away from the overall negative trend of the markets. As we enter November, we all hope to see more positive movements within the markets (mainly so we can afford Christmas and the holiday season, right?)What happened this weekend, was an organic result of speculation and positive news for Bitcoin Cash, in light of it’s up and coming hard fork. As you very well know, Bitcoin Cash is the product of an initial Bitcoin hard fork, now, twice a year in order to keep up with the demand for progression, Bitcoin Cash commits to a hard fork in order to carry out regular updates to the Bitcoin Cash network. What is a Hard Fork?For those who aren’t aware of the terminology, according to Investopedia:
“A hard fork as it relates to blockchain technology, is a radical change to the protocol that makes previously invalid blocks/transactions valid (or vice-versa). This requires all nodes or users to upgrade to the latest version of the protocol software. Put differently, a hard fork is a permanent divergence from the previous version of the blockchain, and nodes running previous versions will no longer be accepted by the newest version. This essentially creates a fork in the blockchain: one path follows the new, upgraded blockchain, and the other path continues along the old path. Generally, after a short period of time, those on the old chain will realize that their version of the blockchain is outdated or irrelevant and quickly upgrade to the latest version.”
This is carried out because it forces all node operators to upgrade in order to continue using the network, it’s the best way to guarantee that all aspects of the network are upgraded efficiently, otherwise it’s inevitable that people will be left behind. BCH hard fork 15th NovemberThe date for the next official Bitcoin Cash hard fork is the 15th of November 2018, therefore many people believe the current good form seen within Bitcoin Cash is surely in anticipation for this. Much of this anticipation has been met with optimism by a number of major crypto brands, including Ledger, Binance and Coinbase, all of whom have recently published statements highlighting how they will help support the impending hard fork.According to Ethereum World News:
“After weeks of presumed deliberation, the world’s largest crypto-to-crypto exchange, announced support for the asset, claiming that it would be suspending BCH deposits and withdrawals an hour or two prior to the hard fork’s expected date. This news came just hours after Ledger, a prominent French startup focused on crypto asset storage solutions, revealed that it would be protecting its users through the fork, claiming it would support the dominant chain, the fork with the most hashing power and highest levels of stability when the time comes.”
Coinbase show support for BCHLikewise, Coinbase have also issued a statement of support, one that goes into a little more detail about some of the issues surrounding this hard fork too:
“Twice a year, the Bitcoin Cash (BCH) network hard forks as part of scheduled protocol upgrades. The next BCH hard fork is scheduled for Nov 15, 2018, and Coinbase is prepared to support the published roadmap from bitcoincash.org. However, unlike previous BCH hard forks, there is a competing proposal that is not compatible with this published roadmap. Coinbase will monitor the hard fork process and work to minimize customer disruption until the network meets Coinbase security standards. We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork). Please be sure all BCH sends and receives are completed prior to that time. During the pause, your BCH will remain safely at Coinbase.”
“We will monitor the Bitcoin Cash network during the upgrade. Coinbase cannot predict the duration of this upgrade process. When the upgrade is complete, we will evaluate the network and take appropriate next steps, including re-enabling sends and receives. We will update our customers throughout the upgrade process and about the outcome of the fork once the network reaches consensus. In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain.”
What happens now?We expect that Bitcoin Cash will continue to climb through the day and perhaps through the rest of this week. The climb will tail off and as a result, we don’t expect Bitcoin Cash to reach any incredible values over the coming weeks, however, assuming the hard fork goes to plan, Bitcoin Cash should continue to retain value through the month and going into December, could see values of $1,000.00 plus a little more optimistically. We should remind you that even though things look positive for Bitcoin Cash at the moment, investment is still very risky and as a result, prospective investors should complete further prior research before deciding to invest. Only invest what you can afford to lose and remember, trade safe.