Bitcoin Cash (BCH) is set to undergo yet another hard fork. It’s happening because of an irreconcilable dispute among Bitcoin Cash network participants over a proposed 8% tax on all newly-mined coins. The tax is designed to fund open-source development, but a large segment of the network does not support that idea and will not adopt the code update that implements the tax. Attempts to find a peaceful compromise have not succeeded and neither side is willing to back down, so the BCH network will “fork” into two separate networks, each mining divergent branches of the BCH blockchain. As a result, BCH will become BCHABC and BCHN.
The hard fork will occur on November 15 when the update implementing the 8% tax comes into effect. Whoever holds BCH at the time of the fork will automatically possess the same amount of coins on both post-fork branches of the BCH blockchain. Essentially, a new cryptocurrency will be created out of thin air and distributed to current BCH holders for free!
If you hold Bitcoin Cash (BCH) on your Ballet wallet, you can rest assured that you will be able to safely and easily claim your free coins (BCHABC and BCHN) from the hard fork . You don’t need to do anything except make sure that BCH is in your Ballet wallet before the fork. Here are the basic things you should know:
- Your Ballet wallet’s two-factor private key will give you full access to your BCHABC and BCHN.
- After the hard fork occurs on November 15, your BCHABC and BCHN balance will automatically appear in your wallet.
- For your safety, we recommend that you do not send BCHABC or BCHN until the network is proven to be stable (probably one or two days after the hard fork occurs).
In the future, Ballet will try to support any new hard fork or crypto airdrop that has demonstrated technical stability and sufficient interest from the public.
While we are on the topic of Bitcoin Cash, the newly released Ballet REAL Series Bitcoin Cash edition wallet (and 11 other new editions) is now available at the Ballet Store: