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MCS | A Hard Fork of Bitcoin Cash (BCH) is Scheduled on November 15th (2/2)

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The network upgrade of Bitcoin Cash (BCH) is scheduled for November 15, 2020. Although Bitcoin Cash has been upgrading its network every November, the reason why we need to pay extra attention to this network upgrade is that ViaBTC, one of the major camps of Bitcoin Cash (BCH), is planning on a hard fork.

In this post, we will take a closer look at the Bitcoin Cash (BCH) hard fork scheduled on November 15, 2020. In the previous post, we learned about the behind story of the birth of Bitcoin Cash (BCH), and this hard fork was caused by the conflict between the major camps in Bitcoin Cash (BCH).

Previous Blog Post 'MCS | Info Bitcoin Cash (BCH) November 15th Hard Fork Information Sharing (1/2)' Shortcut: https://blog.mycoinstory.com/hard-fork-of-bitcoin-cash/

Bitcoin ABC, the main development camp of Bitcoin Cash (BCH)

Bitcoin Cash (BCH) is a cryptocurrency that has been hard forked from Bitcoin (BTC) on August 1, 2017, to improve the limitations Bitcoin (BTC) had. Bitcoin Cash (BCH) is also constantly upgrading its software as the blockchain technology evolves, and Bitcoin ABC is the one that plays the most pivotal role here. Until this time, the Bitcoin ABC camp has not been paid for the development of Bitcoin Cash (BCH) software. Recently, the Bitcoin ABC camp, which is suffering from a serious financial crisis, proposed to the Bitcoin Cash (BCH) community to "make it mandatory to donate 8% of the block mining rewards of Bitcoin Cash (BCH) to the Bitcoin ABC camp."

Confrontation between Bitcoin ABC and Bitcoin Cash miners

Bitcoin Cash (BCH) miners strongly opposed it, saying it would be ridiculous to try to solve the Bitcoin ABC funding problem with the "mandatory donation" from Bitcoin Cash (BCH) miners. In addition, Bitcoin Cash (BCH) was not only owned by Bitcoin ABC, and no one was entitled to damage the value accumulated by the Bitcoin Cash (BCH) community, and scolded the Bitcoin ABC camp for its demand.

Birth of Bitcoin Cat (BCC)

Bitcoin ABC finally decided to leave Bitcoin Cash (BCH) in response to the fierce opposition of the Bitcoin Cash (BCH) community and to separate itself by hard forking led by ViaBTC from Bitcoin Cash (BCH). The cryptocurrency of the blockchain network soon to be hard forked in Bitcoin Cash (BCH) will be called Bitcoin Cat (BCC), and Haipo Yang, the CEO of ViaBTC, said on November 15, 2020, that when Bitcoin Cat (BCC) is hard forked, Bitcoin Cash (BCH) holders will be airdropped at a 1:1 ratio.

We now understand the upcoming Bitcoin Cash hard fork issue.

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Published a month ago