iCoinbay will suspend Bitcoin Cash (BCH) deposit services on November 15, 2018 at 09:00 (GMT+8) and close the BCH/BTC and BCH/USDT trading pairs. After the hard fork is completed, iCoinbay will resume deposit services again as the network becomes stable. The specific time shall be announced at a later time.
As for why the Bitcoin Cash hard fork is happening, many users may not understand. iCoinbay has collected some information for to help educate our users.
This hard fork was caused by Craig Steven Wright, an Australian posing as Satoshi Nakamoto, because Bitcoin ABC released an announcement about an upgrade to BCH; the BCH community experienced an internal fissure. On one side is Bitcoin SV (A community led by Nchain, a blockchain technology research and development company), on the other side is Bitcoin ABC, BCH’s largest entity (led by Jihan Wu’s Bitmain). When Bitcoin ABC made their announcement, it was met with backlash from Bitcoin SV’s Craig who boasted, “I intend to use money to destroy Bitmain.” Additionally, Craig also announced that it would roll out Bitcoin Cash BSV, which would be a brand new digital currency forked from BCH.
How did this conflict happen?
The divergence between Bitcoin SV and Bitcoin ABC mainly lies in the block expansion problem of BCH. Bitcoin ABC, represented by the Bitmain, believes that the block size should remain at 32MB and BCH should be used towards the development of the public chain and infrastructure, exploring new application scenarios, and adapting to the ever-changing crypto market. Bitcoin ABC then went on to release an announcement on upgrading BCH, which would take place on November 15. This would upgrade BCH to version 0.18 and bring two new features:
- Addition of two opcodes: OP_CHECKDATASIG (CDS) and OP_CHECKDATASIGVERIFY (DSV)
- Change transaction protocol from Topological Transaction Ordering (TTOR) to Canonical Transaction Ordering (CTOR). This is a cyclic and progressive expansion scheme, gradually increasing the capacity of BCH blocks.
However, when the announcement was released it drew criticism from Craig Steven Wright who said such updates were meaningless and stressed that Bitcoin was not a toy. Then, on August 13, BCH mining pool CoinGeek expressed their strong opposition and expressed a desire to return BCH to its original intent. They also announced an update based on BCH v0.17, different from Bitcoin ABC’s:
- Block capacity increased from 32MB to 128MB;
- Restore 4 opcodes designed by Satoshi Nakamoto in earlier versions that got disabled in later versions.
There are two possible outcomes for this hard fork:
- Hard fork failure; BCH is still BCH, a new coin will not be created, and no new incentive is created.
- Hard fork success; BCH’s block capacity is successfully upgraded, and a new coin BSV will be created. This would be cause for celebration for average BCH holders, as the 1:1 incentive mechanism would give BCH holders a similar amount of BSV.
(This article is for reference only and does not represent iCoinbay’s position)
BCH fork information: Click Here
Node Information: Click Here
BitcoinSV version information: Click Here
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