Bitcoin Cash Planned Fork on November 15

Dear Paybis Customers!

Bitcoin Cash will hard fork on November 15, 2020, around 12:00 pm UTC as part of a scheduled protocol upgrade. This upgrade will most likely result in two chains after the fork. 

The existing Bitcoin Cash Network is currently operating on the “Bitcoin Cash ABC” protocol, the official announcement is made here. 

The new protocol is developed by “Bitcoin Cash Node” community and will be enabled during the fork time, which will result in the Bitcoin Cash networks operating on 2 protocols simultaneously. As a result, BCH will split into 2 coins (exact naming is still to be decided by communities). 

Currently, over 80% of blocks are signaling for Bitcoin Cash Node while less than 1% are signaling for Bitcoin Cash ABC, so Bitcoin Cash Node is more likely to be the dominant chain so far. See live updates of miners’ voting here.

It’s not clear yet which chain will retain the BCH cryptocurrency name, it depends on miners’ support as well as the overall cryptocurrency community -  exchanges in particular.

Therefore, Paybis will suspend Bitcoin Cash trading 2h before the official fork is planned to take place on 15th November at 10:00 am (UTC). We plan to resume operation on 16h November after it is 100% clear how the overall situation resolves. The main goal is to protect our customers from misunderstanding the fork results and incurring financial losses. 

Stay tuned,
Your Paybis Team