Coinbase, Binance Set To Support Controversial BCH Hard Fork
A number of platforms have announced that they will prioritize the protection of consumers.
Disagreements Over BCH Hard Fork
The cryptocurrency community is yet to come to an agreement regarding the Bitcoin Cash Network. However, the entire community has the goal of pushing for massive adoption of these currencies. Bitcoin Cash is expected to release its hard fork and the differences in the community have forced Coinbase and Binance to introduce a support for the fork.
Normally, Bitcoin Cash releases hard forks for its blockchain twice a year as a means of initiating protocol upgrades. Previously, the hard forks were carried out smoothly, however, the next one slated for November 15 appears uncertain.
A number of opposing parties have emerged to contest the upgrades. NChain has opposed the proposed Bitcoin ABC changes. The group has resolved to operate with its own upgrade. In the end, we might have two unrelated chains. NCash is led by Craig Wright. Due to this disagreement, Bitcoin cash supporting exchanges are torn between backing or opposing the hard fork.
According to Binance, following days of discussions, the exchange revealed that it will pause deposits and withdrawals of BCH. The suspension will take effect just an hour ahead of the hard fork roll out. The platform is the largest crypto-to-crypto exchange in the world.
The announcement by Binance was made just a moment after Ledger stated that it will offer protection to its users through the process of the BCH fork. The French storage startup revealed that it will back the fork. According to Ledger, the fork has the most hashing power and top level stability.
Interestingly, Coinbase has joined the party. A post by Coinbase's support team stated that it was prepared for the fork, with lowering disruptions for customers a top priority. The American firm is among the leading crypto startups with a market valuation of $8 billion.
Coinbase announced that all deposits and withdrawals from Coinbase BCH wallets will be paused an hour before the fork. Customers were urged to ensure all transactions are cleared before the period elapses.
Coinbase added that throughout the course of the hard fork it will keep tabs on the BCH network by conducting an evaluation and taking the necessary steps. The platform is expected to allow normal operations once the fork is cleared.
By press time, Bitcoin Cash was valued at $555.87 which is a 15.87% growth. Investor wants to capitalize on the hard work.