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R $ 1.3 billion in Bitcoin Cash are moved to exchanges while waiting for the hard fork

More than R $ 1.3 billion in Bitcoin Cash (BCH) has been sent to cryptocurrency exchanges in the last seven days, before the hard fork litigation scheduled for November 15.

According to Chainalsysis chief economist Phillip Gradwell, more than 1 million BCH have been moved to trading platforms in the past seven days. While some users may be looking to sell their coins, expecting volatility during the fork, others may be looking for just an easy way to receive “fork coins”.

It turns out that when a fork in the network is expected, and both sides have a certain amount of adoption, users have their coins duplicated, just as it happened in August 2017 with BTC and BCH.

This time, the internal war of the Bitcoin Cash community was over an update that would implement a 8% fee on the block rewards to help finance the development of the Bitcoin Cash ABC node.

However, as expected, the measure was heavily criticized and many said they would not accept such a change. Some influential figures in the community called the tax suggestion. In response, another implementation of the same protocol was created without the fee, Bitcoin Cash Node (BCHN).

Although the data shows that more than 80% of the hashrate is signaling for BCHN, the number of nodes is practically the same in both networks. Cryptocurrency exchanges were quick to react to hard fork litigation, stating that they will give users who own Bitcoin Cash at the time of the fork the token corresponding to the other chain, if there is a split.

However, as we already showed in the article “Airdrops and Hard Forks? Guide to getting some free cryptocurrencies “, it is not necessary to give up custody of the coins to redeem the coins from the fork. Anyone who owns their private keys will be able to redeem coins from future forks on the blockchain.

If the reason users are sending money to the broker is simply to receive both versions of bitcoin cash, they are exchanging security for convenience.

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