The Bitcoin Cash (BCH) blockchain hard forks twice a year. However, an upcoming hard fork of the network on November 15 could be crucial for the BCH community members as it signifies a rift between two opposing camps in the network. Cryptocurrency exchange Coinbase, which will be extending full support for the fork notified the users about the event and told them what to expect when the network forks on Thursday. The fork event makes it far less likely that either of the Bitcoin Cash chains will ever make it into the top 5 cryptocurrencies by market cap.
Coinbase Is Monitoring the Fork
The upcoming fork in the network is not compatible with the published roadmap of the BCH network. Therefore, Coinbase will be monitoring the situation closely and make efforts to minimize customer disruption as the network forks and meets the Coinbase security standards.
The exchange had already announced that all payments and receipts of BCH in the Coinbase wallet would be paused on their website, iOS and Android apps and its Pro, Prime and Custody offerings, beginning 8 am on Thursday morning. The restrictions will go into effect approximately one hour before the fork. During the event, the users will not be able to sell or remove their BCH from the platform.
Coinbase’s Plan During the Event
Coinbase will kick into action at 8 am on Thursday, beginning to pause the withdrawals and deposits on its platform. Trading will also remain suspended during the time. The platform will then take a snapshot of the existing BCH holdings, and keep monitoring the fork for network consensus. As soon as the conditions stabilize on the network, Coinbase will notify its customers about the time and date at which they will enable transactions in BCH again.
At this time, the exchange will clear all the order books, and fresh trading will begin. The exchange also said:
“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks but may take longer.”
Coinbase has also urged its customers not to initiate any transactions post 3 am as it may take several hours to process those transactions. The exchange also said that it could not predict the duration of the process and for how long the trading will be paused. It will only re-enable transactions after evaluating the viability and the security of the network, along with the prospects of a new chain.