Around 12:00 PM UTC on 15 November 2020 the Bitcoin Cash blockchain will be subjected to a hard fork.
This fork was a planned update, although it is contested by the implementation of the BCHA (Bitcoin Cash ABC) node which proposes a developer fee of 8% on the reward per block of miners. BCHN (Bitcoin Cash Node) will proceed with the proposed routine upgrade and will not support the block reward fee.
We do not believe this fork to be similar to the BCH 2017 fork or the BSV 2018 fork. This fork, on the contrary, does not seem to have the support needed to survive. At the time of writing this release, BCHN (Bitcoin Cash Node) – which will continue the current BCH consensus – has over 75% support from the miners.
By contrast, BCHA (Bitcoin Cash ABC), the instigator of the fork, has less than 1% support from the miners and about 24% is undecided so far.
We believe that most undecided miners will only follow the existing chain (BCHN) and that there is really no chance for BCHA to have a productive life or value. We hope that the BCHA team decides to call off the potential fork before it happens, but even if they do not, we see a very low chance of a surviving chain.
Young’s approach to fork management
To reduce trading risks caused by price volatility and to maintain the security of users’ funds during the hard fork, Young will manage the hard fork as follows:
👉 All transactions for BCH on Young Platform and Young Platform Pro will be suspended from 9pm on 14 November 2020. Withdrawal, deposit, purchase and sale operations involving Bitcoin Cash are therefore on hold.
👉 Should you wish to make a deposit and withdrawal operation at this time, we ask you to allow sufficient time for full processing of the transactions before the above time.
👉 Transactions will be resumed on Young Platform and Young Platform Pro from 12 am (noon) on Monday 16 November 2020. Any updates will be communicated via e-mail and to the Telegram group.