From 5 to 7 November, Bitcoin Cash grew by almost 30% reaching its two-month high. Before the beginning of this growth, BCH was trading at $ 425, and as of this writing, its price was $ 632.58.
One of the reasons behind it is the upcoming hard fork scheduled for November 15: to get the new cryptocurrency resulting from the chain split, you need to have some BCH on the account. The reasons for the hard fork unusual: this is not a scheduled code improvement, but a real struggle for the cryptocurrency’s future. After the hard fork, Bitcoin ABC client, which was released in August, will be implemented in the cryptocurrency code. This fact was perceived by some community members as a declaration of war among developers. OP_CHECKDATASIG mechanism will also be implemented enabling message reading outside the blockchain. The update will also allow for the formation of atomic swaps among various blockchains.
Bitcoin Cash emerged as a result of the bitcoin blockchain split to resolve the scalability issue. The new cryptocurrency received a bigger block size of 32 Mb, while the main cryptocurrency retained its regular 1 Mb size. The head of BTH claims that it is in his cryptocurrency that Satoshi Nakoto’s idea has finally got implemented.
The Bitcoin Cash fork has already been supported by many crypto exchanges including Coinbase, Okex and Binance. The exchanges’ clients will get access to their funds on the both Bitcoin Cash chains. Exchanges reported that Bitcoin Cash withdrawals and deposits will be suspended a few hours before the hard fork.