Bitcoin Cash (BCH) has decided to move forward with a second blockchain fork/split after proposed changes made by the Bitcoin ABC development team last month. This proposal is known as the ‘Infrastructure Funding Proposal’.

As the name suggests, this change would result in 8% of mining rewards being used for infrastructure development. In other words, every time a block is mined on the BCH blockchain, only 92% of the rewards produced will go to the miner. The rest would get sent to an account owned by the Bitcoin ABC team, effectively destroying the foundation of the blockchain code.

The majority of the BCH community doesn’t support the ABC development team’s proposals. However, there’s a percentage who do, and they're looking to split off. As a result, it’s likely that there’ll be two completely viable chains that’ll start existing after the split, both vying to be the main Bitcoin Cash blockchain.

On top of all this, there will be no replay protection between the two chains, meaning it opens up a lot of risks for hackers to intercept a transaction on one chain and spend it on another before the sender understands what’s happened.

We’re Closing Support for Bitcoin Cash on Gravity

Without proper security measures in place from the BCH development team to avoid potential hacking and double-spending, we’ve decided to no longer support BCH on Gravity. 

This means that from 14 November 2020, we’ll no longer accept deposits, storage or trades of BCH. 

What You Have to Do

If you don’t currently have any BCH on your Gravity account, there’s nothing you need to do.

If you do hold BCH on Gravity, you have the following options:

  1. Trade your BCH: Trade your BCH for BSV, BTC, GBP or EUR and store these on Gravity
  2. Move your BCH: Send your BCH to a wallet that’ll support BCH after the update
  3. Do nothing: At 6 pm on 13 November 2020, we’ll automatically trade your BCH for GBP or EUR, as per your account set-up

If you have any further questions or concerns, please feel free to contact our Support team on gravity@bitstocks.com

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