Bitcoin Cash [BCH] Hardfork: BitPay Joins Coinbase, Binance to Support Bitcoin ABC | Latest Crypto News Today
Bitcoin Cash [BCH] hardfork is around the corner and as the time draws near, players are beginning to align themselves to either competing side of the blockchain. The main conflicting camps are Bitcoin ABC client and the Satoshi Vision.
Backed by Bitmain, Bitcoin ABC is promoting an upgrade to the bitcoin cash blockchain which includes major software changes like canonical transaction ordering and two new operation codes (opcodes). Satoshi Vision, on the other hand, is seeking to increase the bitcoin cash block size from 32 MB to 128 MB while reinstating four “Satoshi opcodes” in an effort to restore the original Bitcoin protocol.
BitPay Announce support for Bitcoin ABC
Global bitcoin payment service provider BitPay has now joined key players like Coinbase and Binance in support of the version proposed by Bitcoin Cash ABC. The firm announced on Friday that it will not switch from the Bitcoin Cash ABC version and will support its upgrade.
The statement published on its website read:
“BitPay has not made any plans to migrate from the Bitcoin ABC implementation of Bitcoin Cash to a different implementation…In the event of a chain split resulting from the hard fork, the BitPay wallet will only support the Bitcoin Cash chain on which we resume to process payments for BitPay merchants. We do not currently have plans to make new tokens from the split available in the BitPay wallet”
Furthermore, BitPay sounded a note of caution to its users ahead of the hardfork to in other to avoid loss of funds:
“During the fork, your funds held in your wallet will be safe, and you won’t be at risk of losing funds. However, we strongly recommend that you stop sending or receiving transactions from your Bitcoin Cash wallets at 10 AM EST (about two hours before the fork). During a hard fork, there is an increased risk that outgoing or incoming transactions can be lost or double-spent.”
In a previous article, Smartereum explained what one should know heading into the November 15 bitcoin cash hardfork.
On the other side of the divide, the Satoshi Vision has the support of the largest BCH mining pool, Coingecko. Post-hardfork, however, miners will most likely move to the more economically viable chain.