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Bitcoin Cash Hard Fork Postponed: “Faketoshi” Defeated in BCH Battle

The cryptocurrency community breathes a sigh of relief Friday morning, subsequent to the dramatic Bitcoin Cash hard fork yesterday. It seems the more mainstream Bitcoin ABC, as supported by Bitcoincash.org and Roger Ver’s Bitcoin.com, is moving ahead in the race and trading is about to begin soon.

At the time of reporting, Bitcoin ABC is clearly leading in terms of hash rate (or computing power). It is also ahead in terms of mined blocks, as per data from Coin.Dance. As per the simple rule for hard forks, the longest chains wins.

Now, Bitcoin Cash prices vary considerably between various exchanges. Some exchanges have disabled BCH trading and some continuing to trade it.

Notably, the Poloniex exchange enabled pre-fork trading in Bitcoin ABC and Bitcoin SV earlier this month. Additionally, BCH trading has been disabled and all BCH balances have been converted to BCH ABC and BCH SV at a ratio of one-to-one. This signifies that for each BCH a user holds in his account, the customer has now received 1 BCH ABC and 1 BCH SV.

The exchange explained on its website that they will support both chains as long as they remain technically and economically feasible after the fork. If only a single chain stays viable, they may rename it BCH.

Binance commented that it has also disabled Bitcoin Cash (BCC) trading. Instead, they have opened markets for both BCH SV and BCH ABC. Similar to Poloniex, user balances in BCH have been converted one-to-one with BCH SV and BCH ABC. They added that deposits and withdrawals of the two new cryptocurrencies are not yet available. The exchange has opened trading for new BCHABC/BTC, BCHABC/USDT, BCHSV/BTC, and BCHSV/USDT trading pairs today at UTC 8:00 AM.

In the interim, Kraken exchange has commented that it will only support Bitcoin ABC initially. However, it may change its position later after monitoring the situation.

Other exchanges are yet to take any decision and updates are still expected from them, as they decide on which option they will continue to support. They might also follow Poloniex and Binance in supporting both the alternatives.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,957.61 0.77 % 1.16 % 1.05 %
Ethereum135.76 1.37 % 1.53 % 1.67 %
XRP0.304 1.20 % 1.31 % 3.04 %
Litecoin59.96 2.21 % 1.98 % 1.24 %
Bitcoin Cash163.87 3.51 % 2.98 % 3.58 %