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Bitcoin Cash HardFork: Coinbase, Binance Announce Support for Nov Upgrade

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Bitcoin Cash (BCH) is up by 15 percent ahead of the upcoming hard fork. The bitcoin cash (BCH) network typically conducts a hard fork twice in a year.

Bitcoin Cash Price Rise ahead of Hardfork

Bitcoin Cash (BCH) is up by 15 percent ahead of the upcoming hard fork. The bitcoin cash (BCH) network typically conducts a hard fork twice in a year and schedules these as part of its protocol upgrade. The next such hard fork is going to happen on Nov 15 this year but appears to be packed full of drama if the fluttering happening across cryptoworld is any indication.  

 

The Hardfork: Nov 15

The roadmap for bitcoincash.org is published and Coinbase, the influential crypto exchange has already offered support on this move.

There is a conflict of interest – with Wright offering an alternate solution. The proposal is considered as a competing offer as it questions a few of the protocol changes that are not in line with the roadmap.

Coinbase is monitoring the hard fork process and is expected to set to work so that customers are not unduly disturbed and at the same time the network is able to match the needs of the security standards that are in place at Coinbase.

In an announcement, the exchange has said that it will pause the ‘sends and receives’ process such that BCH wallets on the website are not disturbed. This will be applicable to its apps on iOS as well as android as well.

The request is out that on its Pro and Prime all BCH sends and receives should be completed before the hard fork timings announced by the project. In the transition period, Coinbase will be the custodian of the BCH.

The exchange has also said that it will monitor the cash network in the process of the upgrade. Since it cannot predict the time-frame of the entire upgrade process, it believes that upon completion it will evaluate the network. Then it will prioritize in term of what has to be “re-enabled” on the aspect of sends and receives.

It also states that customers will also have time-based updates on the progress. The outcome of  the network will once again see that the network will arrive at a consensus.

It also concludes that the in the event that a viable chain persists after the fork and multiples persist, it will always review the issue in terms of customers needs and ensure that they will always have access to their funds and chain.

The contentions are on the aspect of BitcoinABC Client and canonical ordering. The two protocols: DSV being OP_CHECKDATASIGVERIFY and OP_CHECKDATASIG.

Riding high on the contentions, Bitcoin Cash is up by 15% currently, even as Binance also offers support for a hard fork of Bitcoin Cash.

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$1.25 million offer by Roger Ver to Opennode for accepting BCH rejected

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According to the latest tweet by Opennode, Roger Ver had offered them $1.24 million to switch their service to BCH but they have rejected the offer.

According to the latest tweet by a software engineer working with Opennode, a company which claims to be the world’s first multi-layered bitcoin payment processor for businesses, Roger Ver had offered the company $1.24 million to switch their service to bitcoin cash but the company has openly rejected the offer calling bitcoin cash ‘inferior money’.


Roger Ver is the founder of Bitcoin Cash and one of the earliest investor of bitcoin who is criticized by many cryptocurrency enthusiasts for misleading investors by glofifying bitcoin cash as the real bitcoin. Roger Ver also owns the bitcoin.com domain name.

 

Opennode

Tim Draper, a well-known venture capital investor had recently invested 1,25 million into OpenNode which is a blockchain development company building bitcoin platforms on the lightning network. Roger Ver had recently posted a video criticizing the lightning network and offered to match Tim Draper’s investment into Opennode if the company switches to BCH rather than bitcoin.

Opennode had tweeted on their official Twitter page today thanking Roger Ver for his offer and openly rejecting it. According to Opennode, an open financial system is only possible with bitcoin:

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Bitmain fires entire team: Bitcoin crashes to $3720 in 1 hour

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Bitcoin crashed to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out.

After a good week for bitcoin and other cryptocurrencies which traders were calling a ‘Santa Rally’ has gone in vein with Bitcoin crashing to $3720 from over $4000 in just an hour after the news of Bitmain, the cryptocurrency mining giant firing all their employees came out. Right on the Christmas eve, the cryptocurrency market has crashed down with bitcoin falling down over 10% and bitcoin cash over 25% in just an hour of time. EOS is back over Bitcoin Cash again (according to market capitalization). Now all top cryptocurrencies are in the red zone.

BTCUSD 24 hour chart

BTCUSD 24 hour chart

 

Bitmain Firing:

The rumor which flashed in the crypto space about Bitmain firing its Bitcoin Cash development team has contributed to the bear market trend. Samson Mow tweeted recently about Bitmain laying off their entire Copernicus Team with just a week of notice:

Miners going broke

Due to the recent market crash, Bitcoin miners all around the world have been facing massive amounts of losses as some of these are not even being able to cover up their expenses in the bearish trend and as such had to completely shut down their operations. Bitmain which is one of the largest ASIC manufacturing companies based in China had to fire all its employees who worked on the development of Bitcoin Cash.
A youtube video by Digital Gold shows how terrified the miners are due to the current market situation:

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#Bitcoin Cash Price Analysis

Bitcoin Cash falling to 0? Is BCH worthless?

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Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.

Bitcoin Cash has been falling sharply since the hard fork happened last month which led to the generation of Bitcoin Satoshi Vision. Today, Bitcoin Cash price fell below Ethereum and this is for the very first time that BCH has fallen below ETH since its inception.


Bitcoin Cash is currently trading around $79 while ETH trades around $84 according to CoinGecko (at the time of writing).
Along with the price, the total market capitalization of Bitcoin Cash has also fallen bringing down BCH on the 7th position in cryptocurrencies according to CoinMarketCap.

 

Is it the end for BCH?

Bitcoin Cash team has been continuously trying to attack the real bitcoin from the day of its inception. The team has been trying to bring Bitcoin Cash to mainstream adoption but it doesn’t seem that they have been successful in that. Unlike Bitcoin which truly has a good amount of adoption rate by merchants throughout the world, Bitcoin Cash does not have much of an adoption. Besides that, the daily transactions of BCH are nearly 1/10th of Bitcoin.

Bitcoin Cash Price Analysis

Technical Indicators:

Support Level: $75

Resistance Level: $84

BCHUSD 2 day chart

BCHUSD 2 day chart

In the 2 day chart, Bitcoin Cash was trading at around $96 yesterday and crashed down to around $78 today where it is currently being traded. The main support level of BCH lies around $75 and the resistance level is around $83. BCH is currently trying to recover back from the recent crash but the selling pressure however is quite high which may push the price downwards and Bitcoin Cash could even fall below $70 in short term. However, market analysts are predicting that the price of BCH is likely to fall below $50 before the end of the year.

The following article is not a financial advice. Readers are advised to do their own research and analysis before making any investment decisions in the cryptocurrency market. 

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