Binance Support Helps Bitcoin Cash (BCH) Survive the Hard Fork Wars
Bitcoin Cash (BCH) gained almost 10 percent in value today following an announcement from cryptocurrency exchange giant Binance that it will be supporting the upcoming hard fork of the BCH network.
The upcoming BCH developments continue to be plagued with uncertainty, prompting most crypto exchanges to take a cautious approach. Craig Wright, of Bitcoin Cash development firm nChain, maintains his belief that the upcoming hard fork proposed by Bitcoin ABC goes against the original vision of Bitcoin creator Satoshi Nakamoto. Wright and nChain still intend to go ahead with their own implementation of a Bitcoin Cash hard fork, called Bitcoin SV (for Satoshi’s Vision), which will see the BCH network expand to a block size of 128MB.
As a result of the lack of consolidation between the two Bitcoin Cash camps, several exchanges have chosen not to support either side until a clear winner has emerged. The popular crypto hardware wallet developer, Ledger, publically announced that it will be pausing all Bitcoin Cash services until some clarity is reached as to which fork will continue as the dominant network.
Billion dollar crypto exchange frontrunner Binance, however, is clear in its decision to show support for the traditional Bitcoin ABC hard fork which is most likely to continue as the leading network. In the announcement, Binance links to the bitcoincashorg GitHub repository which represents the ABC client upgrade.
Both hard forks are planned to be activated on November 15th at which time the price of BCH will no doubt experience increased volatility.
Bitcoin Cash (BCH) is currently up 8.77 percent, trading at $460 with a market cap of $8 billion.