The biggest Bitcoin cash fork for 2019 is here, and B2BX has suspended Bitcoin Cash trading on their exchange starting May 15 at 06:00 a.m EST. The suspension will be held for several hours until the fork comes to an end.
Due to the hard fork in the Bitcoin Cash network, all BCH trading will be suspended tomorrow, 15th May at 10:00 UTC for several hours. Operations will resume as soon as possible ⚙️
— B2BX — Professional Digital Asset Exchange (@b2bx_exchange) May 14, 2019
This fork is important for Bitcoin cash because this time there is a schnorr upgrade that the Bitcoin community has been waiting for. There has already been a testnet to help test the functionality of the upgrade before it is launched into the market. The suspension on Bitcoin cash from B2BX will help the upgrade work seamlessly.
Until the suspension is lifted from the BTH, there will be heavy anticipation on the exchange as traders wait for the upgrade to roll out. It has already seen a positive reception from the Bitcoin community ever since the upgrade was announced a few weeks ago.
This Schnorr update will be able to verify many signatures at once, which will lead to faster transactions, improved scalability and privacy. It would also provide certain anonymity to the transactions that are being made. Its patent expired recently prompting the developers behind the BTH to implement it to the token.
Do B2BX Users Need to Worry?
Since it’s just a technological update, there’s nothing to be worried about. The suspension is made just for the purpose of safe transition into the update since this is not a soft fork but a hard one. Users will not lose any of their coins or any other data.
However, users of the exchange would be required to update their accounts when the upgrade completes and BTH is back on the platform. This will allow the users to keep trading in BTH while taking the advantages of the latest upgrade. If someone fails to update their accounts, they won’t be able to make any transactions. This is what makes a hard fork much more complex for the users than a soft fork.
As soon as B2BX starts trading in BTH again, it will see a surge of more users trading in BTH because the news of the schnorr update has spread wildly and there has been a constant growth in the number of users since the announcement. And now, when the announcement will be official, and the update will be live, people will flock in masses to test the new update and see if the Schnorr signatures are worth the hype.