Published: Sun, November 11, 2018
Markets | By Otis Pena

Bitcoin Cash: Pre-Fork Trading Doesn’t Bode Well for Craig Wright’s Camp

Bitcoin Cash: Pre-Fork Trading Doesn’t Bode Well for Craig Wright’s Camp

It's worth noting that Bitcoin Cash forks two times a year in order to protocol updates. Craig Steven Wright, chief scientist at nChain, and Roger Ver, BCH proponent and co-founder of Bitcoin.com, have publicly argued over the future of BCH, which resulted in the upcoming split. The vision has always been common until when the changes were proposed for this new implementation of the protocol, and the parts had striking differences on some things.

Coinbase had revealed on Friday that they would support the Bitcoin CashHard Fork; meaning that the exchange fully backs up the ABC client in its proposal to get rid of the topological transactions.

Customers will not be able to withdraw these two temporary coins before the hard fork. This effectively creates an entirely new cryptocurrency coin and holders of the original coin are entitled to both the new and the old coin.

BCHABC and BCHSV deposits and withdraws will only be enabled once the actual Bitcoin Cash fork takes place on November 15, even then there is no guarantee the forks will become "economically or technically viable", Poloniex says. Behind BCHSV are not only nChain, but also CoinGeek - the largest bitcoin cash mining pool - and other mining giants like SBI and GMO.

Although there had been some spike in price of bitcoin cash (trading above $600), after the announcement of the fork, the price was $580.12 at the time of writing this article.

After sharing the email and bringing Wright's maturity into question, Ver contrasted the controversial crypto figure's words with those of fellow Bitcoin SV proponent and gambling entrepreneur Calvin Ayre.

Bitcoin slumped by 1.49% on Thursday, reversing Wednesday's 0.81% gain, to end the day at $6,475.3.

Poloniex crypto exchange was purchased by a blockchain holding Cirlce for reportedly $400 million.

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To trade the pre-fork tokens, users must deposit bitcoin cash on the Poloniex platform and then use the conversion tool to split the coins into an equivalent number of "Bitcoin Cash ABC" (BCHABC) and "Bitcoin Cash SV" (BCHSV).

At press time, ABC and BU nodes significantly outnumbered SV nodes on the Bitcoin Cash network.

The debate between the two sides has been contentious, and both have notable supporters.

In that video, Ver declared he and his enterprises would be siding with Bitcoin ABC in the now seemingly unavoidable ABC-SV schism. Without Bitcoin SV support, you can not hold it on that exchange.

If you are interested in trading Bitcoin, Bitcoin Cash, Ethereum, Litecoin or Ripple we can help you begin your journey.

Leading up to the Bitcoin Cash (BCH) hard fork on November 15, the Poloniex cryptocurrency exchange introduced two new BCH trading options that were based on the prevailing versions expected to emerge following the upgrade, BCHABC and BCHSV.

Below are some links to a few of the major exchanges and wallets latest statements or policies regarding the upcoming bitcoin cash fork.

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