Bitcoin Cash is perhaps the most famous hard-fork of Bitcoin and it is also the fourth largest cryptocurrency, making this new hard-fork a significant move by developers and miners involved. With Bitcoin Cash itself being one of the most important forks to occur within the crypto space, this latest development could lead to a new wave of interest within the crypto community.
With the news that Bitcoin Cash’s hard fork has been scheduled for today, 15th November, here are some commentary from experts in the blockchain space; Gibraltar Blockchain Exchange (GBX); INVAO; DSTOQ; Monax; on the importance of this milestone and what it means for the larger crypto community.
Nick Cowan, CEO of the Gibraltar Blockchain Exchange (GBX), said:
The upcoming hard fork for BCH, set to take place on 15th November represents a major development in the fast-evolving crypto landscape. Hard forks, by their very nature, tend to divide a community of users who are deeply invested in the journey of a cryptocurrency. It is vital that holders of BCH within the crypto sphere are adequately prepared and fully understand the intricacies of such developments.
Hard forks like these typically involve a significant change in the underlying blockchain protocol, resulting in the creation of a new chain and token. The upcoming software upgrade will see a split in the protocol and the creation of a new BSV coin for this forked new network. Following the fork, BCH holders will end up with both BCH and BSV. The complexity of this move cannot be understated, but it gives great expression to the principles of transparency, efficiency, and fairness that characterise this wider blockchain and cryptocurrency ecosystem. This is the democracy of blockchain at work.
Frank Wagner, Co-Founder and CEO of INVAO, said:
The upcoming hard fork in Bitcoin Cash, on the 15th November, will likely lead to many changes in the crypto market as a whole. It is, however, difficult to speculate on the exact effect this will have on the price of Bitcoin Cash or indeed of any other cryptocurrency. In the coming weeks and months, it will be important to see which exchanges decide to list the two new currencies that will be created from this fork, as the possibility of being traded will be crucial for both cryptocurrencies. As this develops, features and adoptability will become clearer, allowing for users to make informed decisions on how to invest. We recommend that any investors who have concerns about the new technological advancement seek guidance in their investing activity from seasoned professionals.
Craig Mc Gregor, Co-Founder and CEO of DSTOQ, said:
I expect that the hard fork is a positive sign of growth and evolution of the industry. Hard forks often draw increased attention from new investors and fuel open discussions of works and what does not. The role of cryptocurrency exchanges will be to disseminate and present facts in an objective way to all investors, and to ease concerns as they arise. Until the full impact of the fork reveals itself, we anticipate that both versions of Bitcoin Cash will continue to be supported by the community.
Casey Kuhlman, CEO of Monax, said:
The recent news on the upcoming Bitcoin Cash hard fork represents an exciting step for the crypto industry. I believe that this development will garner more interest in the industry as a whole – which is always a good thing – and as such will ultimately lead to more professional services companies embracing the democratizing power of blockchain technology. Every new development leads to new opportunities and I’m excited to see what the future holds for the crypto space.