Two Exchanges Publish Contingency Plans for November BCH Fork

This weekend two exchanges have released details on how they will handle the November 15 Bitcoin Cash (BCH) hard fork if there happens to be a blockchain split. The exchange Coinex and the trading platform Bitasiaex have informed their customers how they intend to deal with the upcoming consensus changes.

Exchanges Begin to Announce Fork Plans

Two exchanges have announced their plans concerning the Bitcoin Cash (BCH) fork planned for November 15. Over the past few weeks BCH proponents, developers, and miners have been discussing the fork coming up, but there’s been a disagreement over the changes. The Bitcoin ABC development team has a different hard fork plan than Nchain’s new client Bitcoin SV. Essentially if hash power decided to choose both versions there could be some incompatibilities and a blockchain split with no replay protection. However, some members of the community wholeheartedly believe there won’t be a split, some believe there will and one chain will die off rather quickly, and others think things could end up like the Ethereum network fork, which also had no replay protection but both chains remained.

Coinex: The First Exchange to Reveal Fork Contingency Plans   

“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols. BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset — Bitcoin-SV (Token: BSV),” the exchange states.  

Coinex says the company is a “responsible cryptocurrency trading platform” and has to take some precautions before the fork. Much like with previous forks, Coinex explains what the management team will do going forward, however emphasizes the firm, it “will not support BSV deposit and withdrawal until its chain is stabilized and all supporting services e.g. wallet are available.” In addition to this statement, the company promises to protect assets with the help from the mining pool Viabtc. Coinex states:      

Bitasiaex Will Give the Chain With the Most Work the BCH Ticker

“For controversial escalation of agreements, Bitasiaex recommends that the community work closely for suitable resolutions, such as miner vote for each individual upgrade items, rather than a direct fork once disagree with each other,” explains the exchange’s statement.

In regards to the BCH ticker the trading platform explains that a branch with replay protection will be renamed and this will be followed by the “most chain work principal for BCH, the most chain work since August 1st, 2017 will be entitled the name BCH.”

Nchain CEO: ‘The Winning Chain Will Compete for Votes Under Nakamoto Consensus’

Both Coingeek and Nchain have made statements concerning the Coinex announcement in particular. In regard to the exchange calling Bitcoin SV an “altered version” of BCH, the firm Coingeek believes Coinex should define the Bitcoin ABC client in the same manner. The reason the firm believes this is because the ABC client also introduces “an altered set of protocols,” according to a recent Coingeek article. Then on Sunday Nchain’s CEO, Jimmy Nguyen, detailed to his Twitter followers that new client has no intentions of creating a new coin.   

“Bitcoin SV does not intend to fork off from BCH nor create a new coin/token — Instead, the Bitcoin SV node provides a clear BCH implementation choice for miners who support Bitcoin’s original vision — It will compete for miner votes under Nakamoto consensus to be winning BCH chain,” Nguyen notes.

What do you think about exchanges advising their customers now before the upgrade approaches? What do you think will happen this November? Let us know in the comment section below.