A note on the Bitcoin Cash fork on 15 November 2020

November 13th, 2020

A note on the Bitcoin Cash fork on 15 November 2020

On November 15th 12:00 UTC the Bitcoin Cash (BCH) network will split into two chains: the Bitcoin Cash Node (BCH) chain and Bitcoin Cash ABC (BCH ABC) chain.

Blockchain.com will be supporting the Bitcoin Cash Node (BCH) chain and reserves the right to not recognize the BCH ABC fork if there is insufficient adoption of the new chain.

As a precaution, we will halt all sends, deposits, and withdrawals of BCH on November 14th until the network appears stable. Additionally, upon resuming transaction support, we may increase the number of network confirmations required for deposits to process.

Trading within the exchange and trading wallet will be halted. Swap, deposits, and withdrawals between the exchange and the trading wallet will experience temporary delays.

What is a fork and why is it happening?

Crypto networks rely on participants reaching consensus on the network rules. When a large enough group of network participants do not agree with the current set of rules, they can decide to create their own network by ‘forking’. In the case of Bitcoin Cash, the Bitcoin Cash Node and the Bitcoin Cash ABC communities disagree on what the future rules of the network should be. Therefore, a split has been scheduled by ‘forking’ the chain.

So what does this mean for me as a Blockchain.com user?

We don’t recommend taking any action. Your funds are safe, we will just be temporarily halting the active transferring and trading of them for a little while.

However, since Blockchain.com is unlikely to support BCH ABC, if you’d like to ensure access to the BCH ABC chain after the fork, please withdraw any BCH from the platform by 16:00 UTC on November the 14th. More information can be found here.

We remain committed to protecting our customers through network changes.

The original post A note on the Bitcoin Cash fork on 15 November 2020.