Mixed Reaction From Crypto Exchanges Trail The Upcoming Bitcoin Cash Chain Split
With Bitcoin Cash scheduled to undergo a hard fork in the latter part of this month, the crypto space is experiencing mixed feelings over the development.
According to SatoshiLabs, the Trezor wallet developers, they cannot offer support if the Bitcoin Cash blockchain split eventually happens this month. The company further confirmed that it would not take a snapshot of the network blockchain in the days before the hard fork occurs.
While Trezor has made its stance known about the new hard fork, exchanges such as Binance, OKEx, and Huobi have said that they are ready to support the hard fork when it happens.
75% of developers prefer the Bitcoin Cash Node network
The new Bitcoin Cash hardfork is scheduled to occur on November 15 and is coming months after the prolonged dispute in the Bitcoin Cash community. The major reason for the hard fork, according to the developers, is to enable every developer to get an 8% automatic payment directly from the rewards on the block.
However, it still looks like all the developers behind the BCHABC are not on board with the decision. According to data from the analytics platform, Coin.Dance, about 75% of the developers, want the Bitcoin Cash Node, the dominant non-ABC network.
Notably, the new Bitcoin Cash Node network will not have the developer fund present. If the community fails to agree in the coming days, Satoshi Labs claims that we might witness another version of Bitcoin Cash.
Trezor has asserted that it will continue to offer support for the BCHABC network even if the split happens on November 15, even though the hard fork might disrupt its service. Satoshi Labs also says if the chain split eventually happens, it will keep an eye on both networks and will support the network that gains the most support in the market.
“The Trezor wallet will not be supporting the coins that spring up from the Bitcoin Cash hardfork split,” the firm said.
Exchanges promise to support new coins from the split
Satoshi Labs has also confirmed that it might eventually leave the Bitcoin Cash ABC network and connect to the new network if the community prefers the new network. With the Bitcoin Cash Node currently dominating, Satoshi Labs noted that it might take long before the community comes together to choose if they will switch to the network.
Major community members are currently looking to switch to the Bitcoin Cash Node network after renowned proponent Roger Ver supported the network.
Roger Ver is not the only one in support of the network as crypto exchanges like Binance and Huobi has assured its users that they will credit users with the token created from the split.
Trezor has also told its users that they are interested in earning the new coins to move their BCH to a compatible wallet before the hard fork split happens on November 15. OKEx has also announced that its users would claim the new coins that will result from the chain split.
FTX has told its users that they will only be credited with the forked coins if the minority chain maintains at least a 10% hash rate.
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