- Platform: Hard-Fork
Bitcoin Cash Node is a cryptocurrency created in August 2017 by forking off from Bitcoin. In 2018 Bitcoin Cash already splitted into Bitcoin Cash (BCH) and Bitcoin SV (BSV).
The Bitcoin Cash network will be undergoing another hard fork on November 15, 12:00 UTC. The fork is contentious, which means that two networks, namely Bitcoin Cash ABC and Bitcoin Cash Node, have disagreements about the fork. The dispute happened because Bitcoin ABC wants miners to pay an 8% tax to developers to fund the network, but Bitcoin Cash Node strongly opposes it. The two main scenarios that can happen are that there could be two new chains after the fork or no new coin will be created and Bitcoin Cash will continue to exist, but according to the latest data, the chain split is very likely to happen and the network is going to split into two different coins: Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). In the last seven days, less than 1% of all BCH blocks signaled support for Bitcoin ABC, meaning the hash power supporting ABC’s proposition has been quite small. More than 80% of the BCH miners out there are signaling support for BCHN, suggesting that BCHN will be the most dominant chain after the fork/split and will probably keep the BCH ticker.
UPDATE 2019/11/15: The Bitcoin fork happened on November 15, 2020, and has split into two namely Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA). Bitcoin Cash Node (BCHN) had the majority hash during the fork and hence kept the Bitcoin cash name.
All private wallet holders and noncustodial wallet holders can now split their coins using Electron cash as mentioned below.
- Hold your BCH in a private wallet where you have access to your private key (i.e. Electron Cash) or in an exchange that has announced support for the split (i.e. Binance).
- If you will hold your BCH in a private wallet like Electron Cash you will have to claim it manually after the fork happened (details to be announced).
- Exchanges that have currently announced support for the fork/split are Binance, OKEx, Gate.io, Huobi, Poloniex, Kraken (only if the hash power on the ABC network is at least 10%) and Bithumb.
- Trezor users: Although Trezor hardware wallet will support the fork, they won’t be supporting the split. S
- Ledger users: Ledger will suspend the Bitcoin Cash service at 07:00 UTC on 12 November 2020 and will wait till the result of the fork is known and decide about how to handle it.
- The fork will happen on November 15, 12:00 UTC. So make sure to transfer your BCH to a wallet or an exchange supporting the split before the fork will happen.
- If you are holding your BCH in an exchange supporting the split, then the minority chain will be airdropped to you in a 1:1 ratio.
- Make sure to check your exchange or private wallet to see the announcements regarding the support for the Bitcoin Cash fork/split. Also, see the official announcements of Binance, OKEx, Gate.io, Huobi, Poloniex, Kraken and Bithumb.
How to split your BCH from BCHA using Electron Cash
- Open Electron Cash and connect it to a BCH server like “electrum.imaginary.cash” or “electroncash.de” instead of ABC by clicking on the bottom-right green light.
- Copy your receiving address and send it to someone you trust to get your “split dust. It can be a @bitcoincashnode admin, a trustworthy exchange, or someone you know who has already split their coins.
- After the above transaction gets confirmed, get a new receiving address.
- Now go to “Send”, paste your new address, click on “Max” and send all your BCH.
- Now wait for your transaction to get at least one confirmation. This transaction is known as the splitting transaction.
- Go back to your server and change it to an ABC server like “taxchain.imaginary.cash”. If the above transactions disappear after you change it to an ABC server then it means that your splitting transaction is good to go. You can now switch back to your BCH server to see your previous transactions.
- Your coins will be split after the splitting transaction gets confirmed.
- Make sure to check your server you’re connected to before sending out your coins.
- For more information see this Electron Cash Telegram post.