Bitkub Thai exchange will pay out 650 baht for 1 BCH
Thai investors who missed Bitcoin Cash ABC hard fork due to Bitkub's refusal to support new cryptocurrency will receive compensation for financial losses
The Bitcoin Cash hard fork made a lot of noise in November. It was planned and carried out on 11/15/2020. At block number 661 647, the cryptocurrency blockchain split into two independent projects.
The reason for the hard fork
This is due to irreconcilable differences between the teams working on two clients - Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA). The BCHA team decided to additionally charge miners a commission for the development of the project in the amount of 8%. Most miners did not like this idea due to the decrease in profits and the violation of the basic principles of decentralization.
As a result, the BCH community voted massively against the proposal of the leading Bitcoin Cash ABC developer Amaury Sechet and accused his team of begging. This did not stop the developers, and the hard fork went as planned.
How the situation developed after the hard fork
Miners did not support the new project. On the first day, only three blocks were mined on the new blockchain branch. Bitcoin Cash ABC network is under threat of 51% attack. Most cryptocurrency exchanges simply refused to support the fork.
The new BCHABC token was added at the start only by Bitfinex and Coinex. However, no particular trading activity was observed. The virtual token just appeared on the balance sheets of both cryptocurrency exchanges.
Bitkub refused to recognize the new cryptocurrency. Therefore, its users were unable to receive coins from both blockchains during the hard fork. However, as it became known in December, the exchange announced its intention to compensate investors for the losses incurred.
Each owner of the cryptocurrency will be allocated 650 baht ($ 21.79) for 1 BCH. The amount will be paid based on the number of coins in the traders' account as of November 15th.
Bitcoin Cash situation
At the time of writing, the difference between BCHA and BCHN is critical. The new coin, starting in November at $ 12.94, a month later, by 12/19/2020, is trading at $ 18.29.
The main branch of Bitcoin Cash also suffered minor losses. Due to the announcement of the hard fork in September, the price of BCH began to fall about a month before this event.
On the day of the hard fork, traders fell into a bit of a panic as some exchanges, like Coinbase, had suspended cryptocurrency deposits / withdrawals. Due to the confusion, the coin's price fell 6% to $ 241. But then, as expected, she quickly recovered. BCH is currently trading at $ 321.20.
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