Is there a Bitcoin Cash hard fork coming this November?

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Last Updated on 3 November 2020 by CryptoTips.eu

Bitcoin Cash is entering a critical moment in its existence with the possibility of a hard fork on its network. This is as a result of differences regarding network upgrade and mining fee distribution.

The hard fork proposition is majorly because of the differences in factions regarding the sharing of a 8% mining fee. Earlier this year, core developer Amaury Séchet submitted a proposal from BCHA developers. They are requesting that 8% of the mining fees need to be shared by the BCH development team.

However this did not get the required consensus required from the community with an opposing group led by Roger Ver against this plan. Ver who holds weight in the community tweeted:

Thus there are concerns that this may result in a hard fork on the network that would cause a new chain split. It is understood that if an agreement is not reached by November 15, BCH will split to BCHA and BCHN. This will start a new battle, just like we’ve seen with Bitcoin Cash and Bitcoin SV.

At the moment the BCH community is tilting towards BCHN since more than 70% of Bitcoin Cash blocks are mined using BCHN protocol. Despite this, analysts believe that the dominant blockchain from the split will be determined by the price at which either tokens will be trading after the fork.

The hard fork has excited some of the community members with the prospect of getting extra coins. According to the details on the fork, whichever coin trades at the higher price would take the BCH name while the other chain will be given a new name.

Several exchanges announced special plans to support this fork. The coming few days will be a vital one for the BCH community and there could still be a consensus reached by the dispute parties.