News
This weekend two exchanges have released details on how they will handle the November 15 Bitcoin Cash (BCH) hard fork if there happens to be a blockchain split. The exchange Coinex and the trading platform Bitasiaex have informed their customers how they intend to deal with the upcoming consensus changes.
Also Read: New Satoshi Challenger Tells All — But Is He Legit?
Exchanges Begin to Announce Fork Plans
Two exchanges have announced their plans concerning the Bitcoin Cash (BCH) fork planned for November 15. Over the past few weeks BCH proponents, developers, and miners have been discussing the fork coming up, but there’s been a disagreement over the changes. The Bitcoin ABC development team has a different hard fork plan than Nchain’s new client Bitcoin SV. Essentially if hash power decided to choose both versions there could be some incompatibilities and a blockchain split with no replay protection. However, some members of the community wholeheartedly believe there won’t be a split, some believe there will and one chain will die off rather quickly, and others think things could end up like the Ethereum network fork, which also had no replay protection but both chains remained.
Coinex: The First Exchange to Reveal Fork Contingency Plans
With all that’s happening and even though the fork is still about two and half months away, two exchanges have come forward with their plans for the fork — Bitasiaex, and Coinex. The first exchange Coinex is often one of the largest bitcoin cash exchanges by volume because it offers BCH trading pairs and was launched by the firm Viabtc. Coinex says Nchain has recently announced the client Bitcoin SV and the exchange considers it an “altered version” of the Bitcoin Cash protocol. Following this statement, the firm explains it will do a snapshot of all BCH assets held on the trading platform on November 15 and everyone will get a 1:1 ratio if there is a split.
“Bitcoin-SV (BSV) is the altered version of Bitcoin Cash protocols. BSV is likely to bring a potential fork of Bitcoin Cash by causing incompatibility with Bitcoin Cash network and therefore create a new cryptocurrency asset — Bitcoin-SV (Token: BSV),” the exchange states.
Should it happen, all Bitcoin Cash holders will then receive BSV assets against a 1:1 ratio on your BCH assets.
Coinex says the company is a “responsible cryptocurrency trading platform” and has to take some precautions before the fork. Much like with previous forks, Coinex explains what the management team will do going forward, however emphasizes the firm, it “will not support BSV deposit and withdrawal until its chain is stabilized and all supporting services e.g. wallet are available.” In addition to this statement, the company promises to protect assets with the help from the mining pool Viabtc. Coinex states:
Together with ViaBTC mining pool, CoinEx will guard your assets even if there’s no replay protection.
Bitasiaex Will Give the Chain With the Most Work the BCH Ticker
The following day on September 2 the trading platform Bitasiaex also announced its plans for the November fork. According to the exchange, there are a lot of development teams coding for BCH – such as BU, XT, and ABC – and they also welcome new teams like SV. As of right now, they have not heard any known team intending to fork the chain.
“For controversial escalation of agreements, Bitasiaex recommends that the community work closely for suitable resolutions, such as miner vote for each individual upgrade items, rather than a direct fork once disagree with each other,” explains the exchange’s statement.
Bitasiaex remains neutral and has no intention to influence this matter. Bitasiaex will monitor the situation very closely, if there is a fork happening come November, Bitasiaex will be well prepared, and all BCH holders will receive new forked coin with corresponding amounts.
In regards to the BCH ticker the trading platform explains that a branch with replay protection will be renamed and this will be followed by the “most chain work principal for BCH, the most chain work since August 1st, 2017 will be entitled the name BCH.”
Nchain CEO: ‘The Winning Chain Will Compete for Votes Under Nakamoto Consensus’
Both Coingeek and Nchain have made statements concerning the Coinex announcement in particular. In regard to the exchange calling Bitcoin SV an “altered version” of BCH, the firm Coingeek believes Coinex should define the Bitcoin ABC client in the same manner. The reason the firm believes this is because the ABC client also introduces “an altered set of protocols,” according to a recent Coingeek article. Then on Sunday Nchain’s CEO, Jimmy Nguyen, detailed to his Twitter followers that new client has no intentions of creating a new coin.
“Bitcoin SV does not intend to fork off from BCH nor create a new coin/token — Instead, the Bitcoin SV node provides a clear BCH implementation choice for miners who support Bitcoin’s original vision — It will compete for miner votes under Nakamoto consensus to be winning BCH chain,” Nguyen notes.
What do you think about exchanges advising their customers now before the upgrade approaches? What do you think will happen this November? Let us know in the comment section below.
Images via Shutterstock, Bitasiaex, and Coinex
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
