There are currently high expectations of a Bitcoin Cash hard fork occurring later in the month and crypto firms and various exchanges have continued to share their divergent opinions. There has been news of a forthcoming upgrade, which has received slight support and has been a bit controversial. A lot of people are of the opinion that a Bitcoin cash hard fork only a couple of months after Bitcoin’s halving could have a negative impact on the industry as a whole. This time, the upgrade is focused on the issue of developer funding. Some members of the crypto community are supporting a development payment of 8% taken directly from the block rewards.
However, there are also those who are against payment of such funds and they have argued that it is not fair to use block rewards for funding developers. Those who are against the implementation of a Bitcoin Cash hard fork for raising built-in developer funds are referred to as the Bitcoin Cash Node camp, whereas those who are in favor of the proposed upgrade are regarded as the Bitcoin Cash ABC Group. The Kraken exchange has also joined the Bitcoin Cash Node group, as they are against the hard fork.
After recently receiving a license for operating as a bank, the crypto trading platform said that it was going to continue supporting the Bitcoin Cash Node group, regardless of whether a hard fork occurs or not. The exchange also disclosed that they intended to use the ‘BCH’ ticker for the implementation of non-developer funds. It also gave confirmation of its stance and support by referring to the fact that 70% of the network were in support of Bitcoin Cash Node as opposed to 1% who belonged to the Bitcoin Cash ABC Group. However, the exchange did say that it might consider a change in mind and may switch its support to Bitcoin Cash ABC Group, if they were able to attract even 10% of the total support given to Bitcoin Cash Node group.
The exchange stated that it would credit users who hold BCH during the hard fork with the same number. It also reiterated that this would happen only when the new version is able to attract enough hash power. While Kraken is in favor of the hard fork support, other exchanges are against it. There has been a varied response seen in the upcoming hard-fork. By default, the Trezor hardware wallet manufacturer has offered its support for Bitcoin Cash ABC.
The company said that it wouldn’t immediately take a blockchain snapshot or credit users with any new crypto. However, it did say that they will monitor all the implementations and developments that could be offered later on. Some other exchanges have declared that they will take snapshots of all user balances. They will also credit user accounts with any new crypto that’s formed as a result of the hard fork. Binance, OKEx, and Huobi are some of the exchanges that have agreed to credit their users’ accounts with the newly formed crypto.