The upcoming Bitcoin Cash (BCH) fork was inevitable. The pill has a hard time passing for many BCH users.
Some prefer to leave the community. Others will have to adapt and accept the change with or without a smile.
Bitcoin Cash fork: the leak by exchanges
While the fork of Bitcoin Cash approach, the holders of BCH have made deposits worth around $ 300 million on multiple exchanges.
According to Chainalysis, 140 million dollars of deposits in BCH were recorded during the week of November 2, 2020.
Since the beginning of November 2020, 1.56 million BCH have been transferred to exchanges: these flows represent 6.4% of the total supply.
For some observers, these flows could be revealing of users BCH seeking to get rid of their tokens before the fork of November 15, 2020.
Data from Chainalysis show, however, a stagnation in the volume of transactions BCH since the end of October 2020.
By fair means or foul
This fork should confirm the dominance of Bitcoin Cash Node (BCHN), approved by the majority of the community after the tensions observed around the project throughout 2020.
In August 2020, one of the main developers of Bitcoin ABC, Amaury Sechet, had announced that the protocol update in November 2020 introduced a new mining conditionality: miners had to allocate 8% of new tokens to cash under their control.
Protests have been raised against this forced sponsorship of the development of Bitcoin Cash. The nodes under BCHN are responsible for 83.6% of the blocks, suggesting that the BCHN is the future of Bitcoin Cash.
In addition, the futures markets also support the implementation of BCHN with contracts trading around 0.96 BCH sure CoinEX ; on the other hand, contracts BCHA of the original blockchain are trading at 0.047 BCH.
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How many nodes will update to the BCHN? Won’t a massive liquidation of BCH before the fork weaken the very structure of BCHN which would start off on a bad footing, dooming it to failure? Either Bitcoin Cash will sink, or it will emerge stronger from all these trials. Those who followed the BCH on the fork may now regret a certain Bitcoin (BTC) – limiting the block size and implementing Segwit were ultimately not bad things. The return of the child prodigies: we will not hoot them.
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