The latest Hard Fork for Bitcoin Cash is just around the corner on the 15th of November 2018. But, what does this mean for you if you own any amount of Bitcoin Cash?
Bitcoin Cash is about to upgrade and fork their code. A fork is just a split in the code and can be as little as a small addition or change all the way to an entire overhaul. BitcoinABC had been planning to do this twice a year to ensure that there continue to be continual improvements. However, it is looking like this time, it will be a Hard Fork. Their plans to make such a radical change to the protocol that it would invalidate all the previous blocks and transactions already on its blockchain. The original can continue as it is currently, but the new hard fork will be a completely separate entity.
For this fork, there is not a clear consensus on how this should be done and there is another whole protocol proposal called Bitcoin SV (Satoshi’s Vision) which has its own features and improvements to servicing Bitcoin Cash. What will happen is that the code will have a hard fork reproducing the coins on both and they will go their separate ways, exactly the same way that Bitcoin Cash did with Bitcoin.
Even among our own followers, we ran a poll asking what people prefer. Although Bitcoin was a clear winner, it is clear to see that everyone else was splitting their votes between Bitcoin Cash and Bitcoin SV.
— iCE3X (@ICE3X) November 7, 2018
The Hard Fork is due to happen on the 15th of November 2018 so you will need to sort out your preparations before this date. Put in your diary and make sure you have enough time to look into this and research or you can lose out.
Many of the other exchanges are scrambling to offer a way for their customers to redeem the coins from the Hard Fork on their platform. This is especially true for the exchanges which also provide custodial wallets. If the exchange claims the coins for the Hard Fork, they will need to use their private keys to claim the coins and promise they will give them back to you. You will have to put your trust in a centralised entity to make actions about your assets. We do not recommend this at all.
As per our policies, we do not participate in Hard Forks. We have always advised that you withdraw your assets while you are not in the process of trading. This ensures that you are in full control of your funds. If it is not your private keys, it is not your money! Keep it to yourself as well and make sure you never give your private keys to anyone.
Which chain will we support? We will be updating all our users via email at 6am on the 15th (make sure you are subscribed to the newsletter to receive important alerts – you can do this here)
We will stop deposits at 15:00 GMT+2 and resume as soon as possible after the upgrade.
Trading will not be affected
We keep talking about new coins being generated in the new Hard Fork. If you want to claim these then you will need to make sure to withdraw all of your funds to a wallet where you control the private keys or deposit your funds with a wallet provider. As always both Trezor and ledger will support the ability for you to redeem the new coins.
The Hard Fork has not happened yet but we are already seeing a large effect on the price already. In the lead up to the Hard Fork, we are seeing a spike in the volume of trades. This is rising from a daily volume of $200 million to $1.4 billion.
A Hard Fork may sound foreboding but it is a natural part of the process. You can benefit from earning new coins but you have to do this the correct way. Always ensure you are in control of your assets!
This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.