In this month’s November 2020 various exchanges started announcing to support the BCH hard fork blockchain split. The important thing that needs to keep in mind is that, in order to receive an airdrop coin of newly split blockchain coin which highly expected due to the contentious upgrade coming into the bitcoin cash blockchain.
Hard Fork Airdrop New Coin After Upgrade Snapshot
On November 15th different exchanges taken their own snapshot timings according to their terms of policies. It is important to be self-aware if you are gonna hold the Bitcoin cash BCH during the blockchain split. In order to receive the new coin to your wallet must hold and keep in your supported exchange or personal wallet which is generally supporting the hard fork upgrade technicalities.
Binance will fully support and handle the technical requirements of hard fork near around 15 November 2020 at 12:00 PM UTC time. The deposit and withdrawals will be suspended right before the hard fork at around 10:00 AM UTC so you must be aware of transacting of Binance exchange should stay on the safer side before the hard fork to avoid any kind of technical complications of pending deposit or withdrawals.
There are still probable chances that BCHN and BCHA will be credited to the BCH holder or the BCHN will only credit to the holder. It currently depends upon the miners and community consensus achievement. The 1:1 will be distributed to BCH holders at the time of the snapshot. You can learn more about further details regarding the hard fork and features interaction during and after hard fork changes need to made to overcome the potential risk.
MXC exchange opens up more opportunities to trade BCH futures hard fork coins listed as IOU before the hard fork. The exchange officially announces to support the hard fork of bitcoin cash blockchain along with that you can currently claim BCHN and BCHA by depositing BCH or you can simply buy, sell BCHN and BCHA futures coin but assure that you should avoid them to hold or trade right before the hard fork near about 2-3 days of the snapshot.
The reason for avoiding BCH future coins is that there are very probable chances that the coin’s price itself becomes zero if the actuall hard fork turns out to no any new coin in the result so therefore you should avoid the holding before the hard fork. Instead of holding BCHN or BCHA if you can bear the volatility risk of price you can hold BCH on MXC exchange during the snapshot of Nov 15 2020.
Along with deposit and withdrawals, the BCH trading pairs pending orders will be canceled before the hard fork snapshot and trading will also be suspended until the network get back stable.
Similar to other exchanges, FTX will also follow an almost a similar pattern in terms of supporting the BCH hard fork. At around 11:00 AM before the snapshot, the FTX system will pause deposit and withdrawals to protect the system from uncertain conditions and risk of losses due to the network upgrade instability.
It all depends upon the network upgrade and chain split matter, what exactly gets the result after competing for the maximum agreement of particular blockchain resultantly the new coin gets in place will be credited simply to holders of BCH at the of time hard fork snapshot.
Bitcoin Cash BCH Price Action While Hard Fork
As it was expected very sure that the crypto community get interested in the affair of the hard fork and started buying BCH at the market price to build hype around it. Right before hard fork time price volatility suddenly gets very uncertain to predict or hold at a safe perception. So it seems very easy and ideal to sell now due to the holders known as whales try to sell it at the maximum quantity to buy back when will it reaches it further new lows.
Too many hard forks in any blockchain and community contentiousness cause network destabilization and disbelieve which ultimately causes the price depreciation. The price of BCH from the last hard fork in 2018 could not reach again to previous highs, it’s highly due to the network capitalization division.
In order to made it possible for you to stay as much as minimum risk owe buy right before the exchanges snapshot time and sell after the snapshot so that you can still availing the opportunity of the new coin as airdrop and along with that avoid the massive price volatility and capital losses.