It’s no longer news in the crypto space that there is an incoming Bitcoin Cash (BCH) hard fork set for November 15 given the steady increase in the price of BCH in the past few days. As at press time, its price inflated as high as 23%, and by precise prediction, one can only expect that this will be the case in the days before the fork.
The BCH hard fork occurs twice every year, and for the second round in 2018, Coinbase and Binance, two of the top crypto exchanges in the world have announced their support for the hard fork. As a consequence, holders of the coin as at when the snapshot will be taken will be liable to get the prescribed ratio of Bitcoin Cash.
Coinbase whose announcement came after Binance’s said that, an hour before the hard fork, sending and receiving of BCH from the wallets of its customers will be stopped. This is to enable the Bitcoin Cash network to meet the security standards of the exchange. Therefore, customers have been advised to carryout their transfers before 8:00 AM PST on the 15th of November.
Also worthy of note, is that transfers will be paused on the Coinbase Android and iOS app for smartphones, which is inline with maintaining an uninterrupted network during the hard fork. The same applies to the company’s alternate platforms, which are Coinbase Pro and Coinbase Prime.
The crypto exchange went ahead to state that at the moment, they are unable to predict how long the fork will last. But then, all transfers within BCH wallets will be re-enabled when the upgrade process is complete. Its customers can also expect an update on the status of the hard fork while it is in progress.
In the announcement, the exchange may have laid some customers concerns to rest when they also stated that;
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.
Binance, who some days ago had the highest trading volume for the Basic Attention Token (BAT) after it was listed on Coinbase, is also today among the top 10 markets where BCH is being traded. Based on the data provided by Coincodex, it is currently the market with the highest trading volume.
Before the announcement made by Coinbase, this crypto exchange had on Nov; three stated that it would be supporting the BCH hard fork. According to Binance, a snapshot of its customer’s BCH wallet will be taken at exactly 4:40:00 PM (UTC) on November, 15. Like Coinbase, transactions on such wallets will be temporarily suspended from 3:00:00 PM (UTC)