The user-activated hard fork on the Bitcoin Cash’ network is looming around the corner, and the debate over the correct technical direction for the cryptocurrency has become increasingly heated on social media and among industry pundits.
Binance, a crypto exchange, announced on Friday that it will support the November 15 hard fork of Bitcoin Cash.
According to traded value, the world’s largest cryptocurrency exchange stated that customers would have access to new coins. However, access will be restricted after the fork until the updated or secure coins are available.
Binance announced the news in a blog post. It stated that it would take a snapshot at all Bitcoin Cash balances, “at UNIX Time 1542300000, 2018/11/15 04:40:00 PM (UTC).
This statement provides guidelines for those who store Bitcoin Cash in Binance wallets.
The post states that withdrawals and deposits of Bitcoin Cash will be stopped starting at 3:00:00 PM (UTC) on November 15, 2018.
The Emergence of a New Competing Coin
Although there’s a little more than two weeks left until the new Bitcoin Cash (BCH) network breaks away as a new fork, BTC developers have been in an all-out war. The Bitcoin ABC team and the Bitcoin SV team are still at odds. This could lead to Bitcoin Cash code being divided in half and creating a rival cryptocurrency.
Many other wallet providers and exchanges are also warning about the possibility of hard-forked tokens. Popular hardware wallet manufacturer Ledger has decided to stay neutral and wait to see what happens to the ‘hash war. Ledger announced this week that it will suspend Bitcoin Cash services on November 15, and will wait to see if a dominant chain emerges before it resumes Bitcoin Cash support.
In addition, Winklevoss twins-backed Gemini has suspended plans to list Bitcoin Cash, with a market value of $7.8 billion. It still plans to go live shortly. Winklevoss explained that part of the delay of Bitcoin Cash (BCH) is its possible hard forks arriving in mid-November.