What BCH Hard Fork Means for CoinLoaners

AnnouncementNov 11, 2020
What BCH Hard Fork Means for CoinLoaners

On Sunday, November 15, a hard fork is taking place on the Bitcoin Cash blockchain. It will give birth to two coins, "Bitcoin Cash Node" (or BCHN) and "Bitcoin Cash ABC." CoinLoan will temporarily suspend BCH deposits and withdrawals supporting the network upgrade.

A confrontation between two development teams triggers the upcoming Bitcoin Cash hard fork. As explained by the analytical company Messari, the cause was the ABC team's unilateral decision to implement the new Grasberg algorithm. The developers believe it will make mining more stable and profitable and the emission of coins more predictable.

The Bitcoin ABC team is planning to restructure the reward distribution scheme and send 8% of payments for all mined blocks to their wallet address to finance the network's development. However, miners did not support this initiative, known as IFP (Infrastructure Funding Proposal), with a part of their proceeds.

The BCHN team supporting the non-IFP upgrade has already attracted 84.7% of miners to their side. After the fork, this branch is most likely to become the main one. CoinLoan will support BCHN as the dominant Bitcoin Cash network alongside Bittrex and other major exchanges and service providers.

Please note that there will be a temporary suspension of BCH deposits and withdrawals on CoinLoan at 00:00 UTC on November 15, 2020. Once the hard fork is completed and the network stabilizes, we'll resume the work.

We will additionally inform you about the resumption of work with BCHN in the CoinLoan blog and on our socials —  Linkedin, Twitter and Facebook.

Disclaimer:

The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.

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