Bitcoin Cash is about to fork and users are making massive deposits ahead of the big day
By Bob Garcia
Cryptocurrency exchanges have seen an influx of Bitcoin Cash deposits ahead of the upcoming split
The Bitcoin Cash (BCH) network is expected to undergo a hard fork in three days, and cryptocurrency enthusiasts are hoping to cash in on the split. Since the beginning of November, according to Chainalysis, around $300 million in BCH has hit crypto exchanges, of which $140 million was added just this past week. In total, over 1.56 million BCH have been placed on exchanges since November 1.
In many cases, when a network splits, the price of the associated crypto sees a significant jump. However, this hasn’t always been the case, and there are no guarantees that these explosions in value will come. This latest hard fork comes as one internal group is trying to push its own implementation of BCH, the Bitcoin Cash Node (BCHN), to win out over the long-running Bitcoin ABC protocol. Bitcoin ABC wants to force miners to give 8% of newly-minted BCH to a “development treasury,” which is controlled by Amaury Sechet – the same individual who created the new rule.
If the latest results on mining statistics are any indication, Amaury’s idea is about to be forced out and made obsolete. BCHN is now mining around 83.6% of the total BCH blocks, which would give it almost complete control of the network. Futures markets are also expecting BCHN to emerge as the winner, with BCHN contracts speculating on the post-fork results getting around 0.96 BCH on some exchanges. BCHA, the alternative version, is only seeing a value of around 0.047 BCH.