If the new version of the protocol is backwards compatible with the old (i.e. the two versions can work together) then it is called a "soft-fork".
These planned hard forks were meant to stave off disagreements about whether and when the cryptocurrency should activate these protocol upgrades, which require all full node operators to upgrade their software to the latest version.
Based on the decentralized nature of cryptocurrencies forks can get very complicated very quickly due to all the different stakeholders involved. Customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV, and also convert SV and ABC back into BCH if they'd like to withdraw funds. Both are lower than BCH's price, which, at the time, was around $596 USDC on the exchange. SV stands for "Satoshi Vision", because they're reverting back to an older Bitcoin implementation. Since there was support for both proposals from developers, miners and users both coins have continued to hold some value.
What do you think about the approaching Bitcoin Cash fork planned for November 15? Unable to reach a compromise, two development groups, Bitcoin ABC and Bitcoin SV, have launched competing BCH implementations that will be incompatible once the fork activates.
"I support ABC because I think it has a better team, I think it has people who are easier to get along with, I think it has people who are more competent in general", Ver said.
Bitcoin (BTC) traded 1.3% higher against the dollar and now trades at $6,524.74 or 1.00000000 BTC. One Bitcoin Cash coin can now be purchased for $574.49 or 0.08944466 BTC on cryptocurrency exchanges including ZB.COM, OKCoin International, BtcTrade.im and Liquid. "Adding that" Craig Wright node, Bitcoin SV will fork off onto a new chain from the network. Craig "Fake Satoshi" Wright sent an abusive email to Roger Ver earlier this week.
However, the biggest cryptocurrency exchanges support is a key step for facilitating adoption for a new coin by investors and removes a part of the restrictions and worries that surround the hard fork. Within the interval covering seven days, Bitcoin Cash is 18.62 percent against the Dollars along with a movement of -2.96 percent in the last hr. If businesses keep siding on the Bitcoin ABC client, analysts believe that the network disruption may not be significant enough.
Roger Ver and his companies are following Bitcoin ABC's lead. "Please deposit in time, Huobi Global will help you with the technology issues regarding the hard fork".
The U.S based leading cryptocurrency exchange Poloniex, recently announced that it will be the first crypto firm to provide trading for the BCH (Bitcoin Cash) hard fork to the users who can not wait until 15th of November for BCH hard fork planned network upgrade.
In addition to infrastructure providers announcing their plans for the upcoming fork, there are a few data sites available online so Bitcoin Cash supporters can watch the network.
If you don't see the exchange or wallet where you are now storing your BCH above then we would strongly recommend you get in touch with their support team.