The popular cryptocurrency exchange of Binance announced earlier today that it had distributed the resulting coins of the Bitcoin Cash (BCH) hard-fork that took place on November 15. The team at Binance went on to notify loyal users of the platform, that the ratio of distribution was on a one-to-one basis as follows:
“Binance has completed the distribution of both Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV) to all eligible users.
BCHABC and BCHSV balances were each distributed to users in a ratio of 1 BCC = 1 BCHABC and 1 BCC = 1 BCHSV, based on the snapshot of all Bitcoin Cash (BCC) balances taken at 2018/11/15 4:40:00 PM (UTC).”
Bitcoin cash, the most-successful bitcoin offshoot, split into two distinct entities on Friday, just over a year into its existence. Behind the split are long-standing, fundamental disagreements about how bitcoin should operate and what purposes it should serve – arguments which are tearing the cryptocurrency community apart. It’s an episode full of tension, public spats, and wild price fluctuations that some have described as a “crypto civil war”.
While Binance has yet to make an official announcement, it has quietly created a BCHSV trading pair, which seems to indicate that it considers ‘Scenario 2’ to have happened as per its announcement yesterday which preempted the hard fork and the hash wars.
Prediction of the outcome
In the announcement, Binance predicted one of two outcomes- either one of the chains manifestly ‘won’ the hash war, and continued as the only legitimate fork, or else both forks continue to vie for legitimacy, upon which Binance will ‘replace all Bitcoin Cash (BCC) balances with BCHABC and BCHSV’.
Binance has yet to make an official announcement, but if it keeps to its word it will give traders who had BCH token’s yesterday when Binance suspended trading both a BCH SV and BCH ABC tokens as soon as the exchange can ‘ deem the forked blockchains and wallets to be usable and stable.’