Want to know more about BCHA? We’ve got you covered!
On November 15, the Bitcoin Cash (BCH) blockchain split into two chains. To tell the two chains apart, each was given a provisional name by exchanges: Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN).
When a chain split happens, one chain will typically hold onto the original cryptocurrency name and ticker, while the other chain will become a separate cryptocurrency with new branding. In this case, BCHN held on to the BCH name and ticker.
That means BCHA will soon be branded with an official coin name, logo, and ticker. When it launches we’ll reach out to exchanges and other businesses directly to make them aware. If you’d like to get notified too, you can sign up here:
Described as innovative by Binance, BCHA has a unique funding feature called the coinbase rule, which reinvests 8% of each BCHA block reward to fund future network development. This funding model rewards the technical talent developing the network through predictable compensation (a salary), whereas BCH relies on a donation funding model instead.
Half of the funds raised by the coinbase rule will finance ongoing roadmap development, so BCHA can scale to become sound money for the world. The other half of the funds will be managed by the Global Network Council—a collection of miners and holders who decide which projects will receive funding to bring value to the network.
Before sending BCHA or BCH from your wallet, it is important to split your pre-fork coins so that your transactions are not replayed (for example also sending BCH when you only meant to send BCHA to someone). There a several ways this can be done.
A good way to split BCH and BCHA from each other is to use Electrum ABC and Electron Cash, as described here.
Another method is to use an exchange such as Coinex which will split the coins for you, as this tutorial explains. But remember that the splitting process may not always go as planned so it is wise to test with smaller amounts first, or use a method where you only send coins to yourself (as with the Electrum ABC - Electron Cash method above).
Warning: There are scammers and thieves who create fake coin splitting tools and services to steal people's coins. Never send your coins, or enter your private key or recovery words into any site or software unless you are certain that it can be trusted. The scammers create fake social media profiles and Youtube channels, so always double check sources and be careful following any links. Always be very cautious, and ask for help if you are unsure.