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With the rise of Bitcoin, there are more and more digital currencies on the market. Some of them have survived the test of the market, while others have not. Recently, the digital currency BCHN has appeared in In the eyes of investors in the currency circle, most investors do not know much about BCHN, and even some blockchain websites do not have an introduction to the digital currency. So, what exactly is BCHN? Below, the editor of the currency circle will give you a detailed introduction to the BCHN currency and analyze the future prospects of the BCHN currency.

 What currency is BCHN?

Since Bitcoin Cash BCH announced at the beginning of this month that it will complete the hard fork on November 15, 15.6 million BCH (worth approximately US$140 million) have flowed into exchanges, accounting for 6.4% of BCH circulation.

Historically, BCH has experienced two hard forks, and this BCH fork still stems from community differences.

BCH’s current development teams include Bitcoin ABC, Bitcoin Cash Note and Bitcoin
Unlimited. The mechanisms and nodes created by different teams are different, and this disagreement event originated from an announcement by the ABC team that attracted a large number of miners.

The announcement shows that BCH will introduce IPFS Coinbase rules in November 2020 and allocate 8% of the block reward to Bitcoin
ABC Team. This has brought about a series of contradictions. One community member believes that this is a reward for exploiting miners, while the other community member believes that this is a necessary financial requirement for operations.

Before the disagreement reached consensus, the BCH team announced the specific date for the introduction of IPFS Coinbase rules and established a maintenance fund. This move pushed the disagreement to a climax.

However, as the hard fork approaches, multiple data show that Bitcoin Cash Node (BCHN) is expected to dominate by November 15.

In the past seven days, BCHN produced 83.6% of BCH blocks, which means that the future of Bitcoin Cash is firmly in the hands of BCHN.

Block production status of the last 300 blocks

The futures market also supports BCHN. The price of BCHN on CoinEX is 0.96 BCH. In comparison, the price of BCHA is about 0.043 BCH.

Earlier, Coinbase officially announced its support for BCHN.

On the morning of November 5, Coinbase officially tweeted that Bitcoin Cash (BCH) is expected to undergo a hard fork upgrade on November 15. Prior to the fork, Coinbase will run BCHN nodes and expects it to become the dominant forked chain. Once the upgrade begins, Coinbase.com and Coinbase
Pro will suspend BCH sending and receiving services and will re-enable them after the upgrade is confirmed to be stable. Official reminder says that once the hard fork is completed, Coinbase.com and Coinbase Pro will not support BCH
Sending and receiving ABC fork coins.

 Analysis of the future prospects of BCHN currency

have announced their support for the hard fork, with the announcement stating that if it succeeds, OKEx users holding BCH before the fork will receive two new assets, BCH
ABC and BCHN. On the days leading up to the fork, BCH’s margin lending functions, spot and margin trading services, and deposit and withdrawal functions will all be suspended.

Global Station made a similar statement, adding: “After the community reaches consensus on the BCH naming, we will end the transition period and rename it BCHA or BCHN.”

BCH deposits and withdrawals will be suspended on the day of the hard fork, and operations will then proceed based on which of the two proposed scenarios becomes reality: the presence of two competing chains, or no new coins.

FTX also discussed the competing chain situation and noted that, as Binance puts it, “users will be awarded the BCH that has done the most work.”

Meanwhile, Poloniex told its users that they can hold their BCH, which will be converted to BCH ABC and BCH SV after the fork, or they can convert the tokens to BCH before the fork
ABC and BCH
SV and trade these tokens on the Bitcoin and USDC markets. “Both chains will be supported, but if only one is technically and economically viable, we may rename it to BCH,” they said.

BitMEX said that products and indices affected by the "fork" "will only follow one side of the fork, and our goal is to keep the market open in the event of a fork," adding that "the names of products and indices will remain unchanged. ”

Meanwhile, other exchanges, such as Bitfinex and Coinbase, which supported the previous fork, appear to have yet to make a statement about the fork. But in 2019, Coinbase cited BCH’s previous hard forks, saying that while it was an “important tool for innovation in the ecosystem,” forks could also pose security risks. Therefore, they implemented their own network protection strategies to mitigate replay attacks during contentious difficult forks. Finally, Kraken stated: “Customers should not assume that Kraken will list or trust any fork.
airdrop, or any other cryptocurrency. "

Through the above introduction, I believe everyone has some understanding of what kind of currency BCHN is. The editor of the currency circle reminds investors that when buying digital currencies, investors must be careful in their selection. After all, there are hundreds of digital currencies on the market. , not every digital currency can bring benefits to investors, so investors must choose a digital currency with development prospects. For novices in the currency circle, choosing a well-known digital currency is the most effective way to invest for the first time. Reliable. If you want to know more relevant knowledge, you can follow the currency circle. The editor of the currency circle will continue to update relevant reports in the future!