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Exchanges have Different Views Towards likely Bitcoin Cash Hard-Fork

Australian Crypto Merchants See Trade with BCH Surging 97%
Australian Crypto Merchants See Trade with BCH Surging 97%

With expectations are currently high on the forthcoming likely Bitcoin Cash Hard Fork later this month, different exchanges and crypto firms have continued to express their divergent opinions. There is news of a looming upgrade which has been a bit controversial and slightly supported. Many are claiming that a Bitcoin Cash Hard Fork barely a few months after Bitcoin’s could affect the industry negatively.

The upgrade this time focuses on the issues of developer funding, as some of the crypto community are supporting an 8 percent developer payment taken directly from block rewards.

But some other members are against such funds, saying it’s not right to use block rewards to fund developers. The Bitcoin Cash Node camp are those against the implementation of a Bitcoin hard fork to raise built-in developer funds, while the Bitcoin Cash ABC group is in favor of the proposed upgrade.

Kraken in support of Bitcoin Cash node

However, Kraken has joined those who are supporting the Bitcoin Cash node Group. The crypto trading platform, which recently received a license to operate as a bank, said it will support the Bitcoin Cash Node irrespective of the outcome of the proposed hard fork.

The exchange also revealed it has the intention of using the “BCH” ticker for the non-developer fund implementation. It also confirmed its support and stance by referencing less than 1% of those for Bitcoin Cash ABC against the 70% of a network offering support for Bitcoin Cash Node.

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But Kraken reiterated that it will consider a change of mine and support Bitcoin Cash ABC only when it attracts about 10% of the total support for Bitcoin Cash node.

According to the exchange, it will credit users who are holding BCH during the Bitcoin hard fork with the same number of Bitcoin Cash ABC. The exchange also stressed that it will happen only when the new version attracts enough hashpower.

Different responses by different exchanges

While Kraken is offering its full support for the Bitcoin hard fork, other exchanges are offering their support against it. The crypto industry has responded variedly to the upcoming hard-fork. The manufacturer of the Trezor hardware wallet is offering support for Bitcoin Cash ABC by default.

The company revealed that it will not immediately credit users with any newly formed cryptocurrency or take a blockchain snapshot. But it will be monitoring all the developments and implementations and could offer such support later.

Some other exchange platforms have accepted that they are going to take snapshots of user balances. They will also credit their accounts with any new crypto formed during the hard-fork. Okex, Huobi, and Binance are some of the exchanges that have agreed to credit user accounts with the newly formed crypto.

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