When Does BCH Fork? Bitcoin Cash Hard Fork Explained18

As the crypto market continues to evolve, Bitcoin Cash (BCH) will undergo a hard fork on May 15, 2023, at block height 894,375. This significant event will lead to the creation of a new blockchain and cryptocurrency, further diversifying the digital asset landscape.

What is a Hard Fork?

A hard fork is a major change to a blockchain's protocol that creates two distinct versions of the network. This occurs when the majority of network participants agree to upgrade to a new set of rules, while a minority continues to operate on the old rules. The result is the creation of two separate blockchains, each with its own unique characteristics and value proposition.

Why is BCH Forking?

The BCH hard fork is primarily driven by two main reasons:* Increased Block Size: The proposed hard fork aims to increase the block size of BCH from 32 MB to 128 MB. This change is intended to enhance the network's transaction capacity and reduce transaction fees.* Canonical Transaction Ordering (CTOR): CTOR is a new protocol that determines the order of transactions within a block. Its implementation aims to improve transaction finality and reduce potential transaction reordering attacks.

When Does the BCH Fork Happen?

According to the official roadmap, the BCH hard fork is scheduled to take place on May 15, 2023, at block height 894,375.

What to Expect During the Fork

During the fork, the BCH network will split into two separate chains:* BCH Chain: This will be the original blockchain that retains the current protocol rules, including the 32 MB block size.* New BCH Chain: This will be the new blockchain that adopts the increased block size of 128 MB and CTOR. It will operate under a different set of rules.

Impact of the Fork on BCH Holders

BCH holders will need to take action to ensure they are on the correct chain post-fork:* BCH Chain: No action is required. BCH holders will automatically remain on the original chain.* New BCH Chain: To access the new chain, BCH holders will need to take specific steps, such as using a compatible wallet or exchange. The exact process may vary depending on the platform or custodian.

Conclusion

The upcoming BCH hard fork is a significant event that will reshape the cryptocurrency landscape. By increasing the block size and implementing CTOR, the new BCH chain aims to enhance transaction capabilities and security. BCH holders should be aware of the fork date and take necessary steps to ensure they are prepared for the transition.

2025-02-24

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