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BCH Owners Transfer Assets to Exchanges Ahead of Hard Fork

12 November 2020 14:05, UTC
BCH Owners Transfer Assets to Exchanges Ahead of Hard Fork

Bitcoin Cash users have moved over $ 57 million worth of cryptocurrency to exchanges in a week — ahead of the hard fork scheduled for November 15.

The fact that the Bitcoin Cash blockchain will go through the fork procedure again became known quite recently. The crypto community was again divided on the implementation of a new mining algorithm and the distribution of 8% of the block reward from miners to the Bitcoin ABC development team.

Some community members have opposed the 8% distribution as they believe it goes against the decentralized nature of cryptocurrency and is even seen by some as a "tax" on the network.

Against this backdrop, analyst firm Chainalysis reported that over 1M BCH has been sent to trading platforms, presumably for sale — users expect BCH price high volatility during the hard fork.

Image courtesy of Medium



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