11/15/18 Bitcoin Cash Fork & Outage

 

Bitcoin Cash (BCH) has split into two different chains: ABC & SV

 

Update 11/20 12:48 pm CST:

Bitcoin Cash has split into two chains: Bitcoin ABC and Bitcoin SV. Cash.Coin.Dance and ForkMonitor.info are showing the blocks produced by both chains. Most wallet software and services are following the Bitcoin ABC chain. Note that which chain ends up with more hashpower over the next several weeks and what that means for the minority chain are still open questions. However, even if the SV chain were to catch up and surpass ABC in cumulative difficulty, that would not automatically "wipe out" the ABC chain for most wallets and services.

Bitcoin Cash users should continue to follow the recommendations of their wallet provider or BCH destination. You may want to avoid higher value transactions for the next several weeks.

Edge users click here to read more about the fork from the Edge developers. Edge users should have a splitting tool soon with replay protection. I would imagine Coinomi users will also be able to split their coins fairly soon.

Bitcoin (BTC), Litecoin, and Ethereum are not affected.


 Once again we go our separate ways….  Credit: maxpixel.net

Once again we go our separate ways…. Credit: maxpixel.net

Pre-fork article:

Bitcoin Cash (BCH) is headed for a divisive fork. While Bitcoin Cash has hardforked (upgraded) their network at least a couple times since they split off from Bitcoin (Core/BTC) last year, this upcoming hardfork does not have clear consensus in the community. On Thursday, 11/15 around 16:40 UTC or 10:40 am Central time, Bitcoin Cash will split into as many as three different networks. Coin.Dance is showing fragmented support for the two different hard fork proposals plus the current chain:

Most likely Bitcoin ABC’s proposal will win support from the majority of non-mining nodes and economic actors, becoming the new definition of “Bitcoin Cash”. However, Bitcoin SV is showing greater mining hashrate at the moment, which may cause both proposals to be adopted and survive as new chains. Just like how Bitcoin Cash split off from Bitcoin last year, if multiple chains survive after Thursday’s hard fork, you will own coins on all surviving chains.

Most likely, again, Bitcoin ABC’s proposal will be adopted by the majority of non-mining users of the network and will be generally considered “Bitcoin Cash”. Your existing BCH will continue to operate on this chain. If Bitcoin SV survives and continues to develop you will also own an equivalent number of coins on its network, controlled by the same private keys.

Bitcoin Cash holders don’t need to take any action to safeguard their existing coins. However, you may opt to take some action to make it easier to split and control your new coins if desired.

Tips for handling your bitcoin cash before the split:

  1. First, if you are holding your BCH on an exchange or custodial website (including Coinbase), be aware that they will resume BCH activity and credit you with any new coins according to their own policies. Depending on the custodian, you may or may not have easy access to any split coins.

  2. If you are holding your BCH in a non-custodial wallet such as Edge, Coinomi, Bitcoin.com, and Blockchain, or in hardware wallets such as the Ledger or Trezor, you will technically be able to split your coins immediately. The difficulty of doing so will vary by wallet, however. You will need to wait for your own wallet to support the minority chain OR find a wallet capable of supporting the minority chain and then import your private keys into that other wallet. Doing so is extremely risky unless you move your existing BCH first to a new wallet before exporting private keys from the old one. If you don’t know exactly what you are doing, leave the minority chain up to your wallet developers to support at a later time! Do not use your recovery phrase/master seed to claim minority chain coins except under very specific circumstances.

  3. Moving all your BCH into one address before the fork may make it easier to recover split coins later. In general, you just send all your current BCH (max send) into a new BCH address from the same wallet. Instructions on how to do this in the Edge wallet is below:

    https://edge.app/blog/preparing-for-the-bitcoin-cash-hard-fork/