Nov 17, · Bitcoin Cash has undergone its new hard fork today, splitting into two new coins: BCHN and BCH ABC. The fork proposed the integration of an 8% redistribution of newly mined Bitcoin Cash to a development fund, which appears to not have been popular with miners. 9 NOV Bitcoin Cash will undergo a hard fork on 15 November at UTC to keep up with its schedule of protocol upgrades. Two competing proposals, BCHN and BCHA, are emerging for the upgrades, which will likely result in a blockchain split. Oct 23, · A Bitcoin fork happens when new code is “branched” out of Bitcoin’s source code in order to slightly change the rules of the Bitcoin network. Soft forks that play well with the old rules, and hard forks that create new rules completely.
Hard fork bitcoin novembroBitcoin Cash (BCH) Hard Fork on 15 November – Blockchain Support Center
That is because blockchains and cryptocurrency work in basically the same way no matter which crypto platform they're on. You may think of the blocks in blockchains as cryptographic keys that move memory. Because the miners in a blockchain set the rules that move the memory in the network, these miners understand the new rules. However, all of the miners need to agree about the new rules and about what comprises a valid block in the chain.
So when you want to change those rules you need to "fork it"—like a fork in a road—to indicate that there's been a change in or a diversion to the protocol. The developers can then update all of the software to reflect the new rules. To help sort this out, we have composed a history of the most important bitcoin hard forks of the past several years. As the graphic below displays, nodes that are not upgraded reject the new rules, which creates a divergence, or hard fork, in the blockchain.
There are a number of reasons why developers may implement a hard fork, such as correcting important security risks found in older versions of the software, to add new functionality, or to reverse transactions—as when the Ethereum blockchain created a hard fork to reverse the hack on the Decentralized Autonomous Organization DAO.
Rather, it relocated the funds tied to the DAO to a newly created smart contract with the single purpose of letting the original owners withdraw their funds. The extra balance of tokens and any ether that remains as a result of the hard fork will be withdrawn and distributed by the DAO curators to provide "failsafe protection" for the organization. Whereas with a hard fork, both the old and new blockchains exist side by side, which means that the software must be updated to work by the new rules.
Both forks create a split, but a hard fork creates two blockchains and a soft fork is meant to result in one. Considering the differences in security between hard and soft forks, almost all users and developers call for a hard fork, even when a soft fork seems like it could do the job.
Overhauling the blocks in a blockchain requires a tremendous amount of computing power, but the privacy gained from a hard fork makes more sense than using a soft fork. Your Money.
Personal Finance. Your Practice. Popular Courses. Kraken will halt BCH funding deposits and withdrawals approximately 2 hours before the fork and safely secure funds. BCH funding will be re-enabled after the outcome of the fork is clear and the network is safe. Do not send any BCH deposits while funding is halted. After the fork, BCH funding gateways will be re-enabled and will only support Bitcoin Cash Node transfers gateways will have replay protection.
Kraken will not credit coins from alternative chains sent to BCH deposit addresses after the fork. We will give the ABC network a period of time after the fork, entirely at our discretion, to meet this condition. We will snapshot BCH balances at the time of the fork.
See the section below on timing of the fork for the exact time at which we will snapshot BCH balances. If we support Bitcoin Cash ABC after the fork, we will enable funding only after it is safe to do so. If we do support trading, we will announce the the BAB trading pairs at a later date.
If you hold a BCH long spot position on margin across the fork, it will carry over and can be closed at any time in the usual way.
If you hold a BCH short spot position on margin across the fork, it will carry over and can be closed at any time in the usual way. However, please note that you will also receive a BAB debit. The debit could result in a negative BAB balance in your account that must be corrected by either buying or depositing BAB. Why the debit?
The BCH margin used to open the short spot position must be settled in full to close the position, and post-fork this means that tokens from both chains must be settled. Any account with a negative BAB balance will be placed on withdrawal lock until the balance is corrected.
The exact time of the fork cannot be known in advance because it is based on the median time past of the last 11 blocks MTP Check our status page ahead of the fork for updates on when the fork will occur. We will use the timestamp of the last common block for our snapshot of BCH balances right before the fork. See the section above for an explanation of MTP Traders using margin for open BCH spot positions are advised to be very cautious across the fork, by either reducing their position sizes or closing out positions entirely before the fork.
In addition to the provisions described above possible BAB credits and debits , traders using margin should plan for the possibility of extreme volatility and unfavorable forced liquidations surrounding the fork.