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What you need to know about November 15th Bitcoin Cash Hardfork


On November 15th, 2018 a scheduled update of the Bitcoin Cash(BCH) network (a “hard fork”) will take place. The upgrade will result in a divergence between the underlying consensus rules (“ruleset”) in the software governing Bitcoin Cash nodes. This divergence will result in creation of a new coin named Bitcoin SV within the same BCH network.

Example: If you have 1 BCH in your wallet before the hardfork, then after the hardfork, you will get 1 Bitcoin SV in any supporting wallet and your 1 BCH will also remain as it is.

This has been the reason behind the recent spike in BCH price as investors who wish to profit on both coin are buying BCH in other to receive the 1:1 of the new Bitcoin SV coin in other to sell after the fork.

Although there have been previous forks of Bitcoin, but an event like the one poised to occur on November 15th is somewhat phenomenal. It is nearly impossible to predict precisely what the outcome will be or how long any instability will last.
The safest behavior during this time is simply to hold your BCH funds in any wallet for which you control the private keys (e.g Coinomi, Ledger or Exodus) or an exchange that will support the fork (e.g Binance).
It is also advisable to not move funds immediately after the fork, it will be safe to move when there is clarity and stability in the network.