Bitcoin Cash: 165 thousand BCH on exchanges preparing for the fork
2 min read
As many people will know by now, in a few days the Bitcoin Cash fork will take place that will lead to the birth of a new chain, and there are already 165 thousand BCH exchanges.
As with the other hard forks, the chain will be split into two and another crypto will be created, so the exchanges must perform certain procedures to recover the new assets.
This procedure is not always immediate and user friendly, which is why exchanges offer their clients a ready-to-use solution to deposit funds and then be credited with the same amount of the new asset.
Exchange data before the fork
So, if we look at the data that Chainalysis now provides, we can see how deposits on the various exchanges have increased right before the date of November 15th.
We are talking about 15 thousand BCH every 7 days, whereas in the last 180 days the BCH that have entered the exchanges amount to about 165 thousand, so we are talking about really important volumes in the hands of centralized entities.
In fact, most of the exchanges have announced that they will support the new chain, which will be that of ABC, as opposed to the one we know today, which will be called Node.
To prevent any problems during the division of the chain, trading will be paused and then resumed after the division has taken place.
The price of Bitcoin Cash
It is difficult to predict the price trend for either BCH or the new crypto, as the new chain has a 12.5% tax aimed at financing the team.
For this reason, the miners that will follow the new chain will have a lower reward compared to the starting twin and therefore, except for price volatility, at the beginning it could not be convenient to mine the new chain.
In the meantime, BCH is in the sixth position per market cap and its value is experiencing a decrease of about 1%.
The post Bitcoin Cash: 165 thousand BCH on exchanges preparing for the fork appeared first on The Cryptonomist.
