Stand of some major exchanges on BCH fork
I will provide information about some of the major crypto exchanges - **how they propose to handle the BCH fork.** First the good news for BCH lovers, BCH ABC is getting decisively defeated:-
At the time of this screen shot today BCHN is getting 810/1000 blocks and BCH ABC only 1/1000. MXC exchange will be supporting both the BCH coins for claiming in 1:1 ratio, if such a thing happens. here is a link to that website. https://www.mxc.com/ In fact they have enabled claiming from 31 Oct but it is as IOU. If you have BCH or BCH ABC with them then you can claim the equal proportion of the other coin. But it is only virtually as the real second coin is not launched yet. After the fork you will get the real other coin automatically if it comes into existence. The screenshot of the announcement is here.
Here is the link to the screenshot page. https://support.mxc-exchange.com/hc/en-001/articles/360051740791 Now as per their exchange the rates of the coins after the split is given ( at the time of taking the screenshot). Here is the screenshot of it.
Here you can see that BCH has been divided into BCHN and BCHA. At the time of the screenshot the price of BCHN is showing as 229.1 USDT and the price of BCHA is showing as 22.81 USDT and the rate of BCH is 258.46 USDT. I think these rates are as per the trading going on in their exchange as they have enabled it since 31 Oct. The link to this screenshot page is here. https://www.mxc.ai/activity/fork-conversion Please do your own research if you want to use this exchange during the fork. Now about Coinex Here is what coinex is saying: Since the Bitcoin ABC full node implementation is widely used and recognized, it is very likely that BCH will be split into two chains during the upgrade. One of which will inherit the name of BCH and the other will adopt a brand new name. If a fork occurs, all BCH holders can get two cryptocurrencies at a 1:1 ratio. Unlike previous forks, this potential fork may be unable to continue due to lack of hashrate for a certain chain, or it possibly bring about two chains but not knowing which chain will use the name of BCH. More complexly, this fork lacks a transaction replay protection mechanism, which may result in considerable chaos and users’ asset loss. . Before the official fork on November 15, users can convert BCH into BCHA and BCHN at a 1:1 ratio. BCHA represents the Bitcoin ABC chain after the fork while BCHN represents the Bitcoin Cash Node chain. Also, users can re-convert these two forked coins into BCH at the same ratio before the fork. We will support BCHA/BCH and BCHN/BCH markets soon, and more markets later if needed. 2. If BCH forks into two chains on November 15, we will appoint the chain with the highest price at the last moment before the fork as BCH. Users who hold the forked coin of that chain can obtain BCH at a 1:1 ratio, and BCH holders can get two different coins at the same ratio. In the future, we will re-adjust the naming rules based on the community consensus. 3. If Bitcoin Cash does not fork on November 15, then whichever chain wins will inherit BCH. At the same time, we will delist the forked coin of the other chain. Therefore, please be aware of investment risks. Or you can read it here. https://announcement.coinex.com/hc/en-us/articles/360050054871-Announcement-on-Preparations-of-Coming-BCH-Fork-Launch-of-Forked-Coins-Futures-Markets- In Binance also you will get both the coins. Here is the link to its announcement. https://www.binance.com/en/support/announcement/ade106fd65974a9982fc5a32e063d0b0 Houbi will support the fork . https://huobiglobal.zendesk.com/hc/en-us/articles/900003334546-Huobi-Global-Will-Support-The-Planned-Hard-Fork-OF-BCH-Bitcoin-Cash- OKex notification regarding the fork. Here also you can get both the coins after fork. https://www.okex.com/support/hc/en-us/articles/360051688771-OKEx-announcement-regarding-the-BCH-fork-event#:~:text=The%20Bitcoin%20Cash%20(BCH)%20network,15%2C%202020.&text=In%20the%20event%20of%20a,assets%2C%20BCH%20ABC%20and%20BCHN. Atomic wallet will not support both the coins. In fact BCH ABC is not listed there. Coinbase will not support the fork and BCH ABC will not be available after the fork. Here is the link to its twitter. https://twitter.com/CoinbaseSupport/status/1324156279489622017 Upbit notice on BCH fork. https://sg.upbit.com/service_center/notice?id=2453 Kraken will support BCHN. It will only support BCH ABC if it gets at least 10 percent of the hash power of BCHN network.https://blog.kraken.com/post/6795/bitcoin-cash-hard-fork-on-november-15-what-kraken-clients-need-to-know/ Bitstamp will support BCHN. If two viable coins are created then only it will think about BCHA. https://www.bitstamp.net/article/upcoming-bitcoin-cash-hard-fork-november-15/ In Bitfinex also you can get both the coins after the fork. https://www.bitfinex.com/posts#:~:text=Bitfinex%20is%20pleased%20to%20announce,UTC%20(UNIX%20time%201605441600).&text=For%20each%20account%2C%20Bitfinex%20will,UTC%20(the%20Snapshot%20Event). Kucoin stand on the fork. https://www.kucoin.com/news/en-announcement-regarding-the-upcoming-bitcoin-cash-hard-fork In Gate.io also you will get both the coins after the fork. https://www.gate.io/tr/article/18258#:~:text=Duyurular%2DGate.io-,Gate.io%20Will%20Support%20Bitcoin%20Cash%20Hard%20Fork%20%26%20Take,Snapshot%20For%20Possible%20Forked%20Tokens&text=Gate.io%20will%20support%20the,algorithm%20and%20block%20reward%20adjustment. Bittrex will support the chain with majority mining pool which at present is BCHN. It will evaluate BCHA only after the fork. https://bittrex.zendesk.com/hc/en-us/articles/360052363311-Announcement-Regarding-the-Upcoming-Bitcoin-Cash-BCH-Hard-Fork In Liquid.com also you can get the new coin if it comes into existence. https://help.liquid.com/en/articles/4601240-bch-hard-fork FTX exchange. It will support the minority chain only if has more than 10 percent hash power. https://help.ftx.com/hc/en-us/articles/360051906031-Announcement-for-Upcoming-BCH-Fork Hope it helps. **DYOR**. **Also remember in exchanges you will not hold the private key**. In this regard Telesfor sir also posted an article on Exodus wallet.https://read.cash/@Telesfor/how-to-claim-bitcoin-abc-after-the-fork-probably-the-easiest-way-c6e41ead I would like to give an update on this, with the expectation of permission from Telesfor sir. I got this reply from exodus on my email. Hi Aniruddha, Thank you for reaching out to Exodus support about the BCH fork! I'll be happy to answer your question today. Aniruddha, it is looking likely that we will not be supporting two BCH assets in the wallet. This means that although you will still be able to claim your forked coins, you may not see the forked BCH asset in your Exodus wallet. However, at any time, you are always free to access the forked coins in a different wallet that supports it because you own your BCH private keys in Exodus. That is the way things are looking for us right now, but if there are any changes to this, I'll be happy to send a follow up email for you to let you know. Please also bear in mind that BCH will likely not be able to be exchanged within the wallet during the duration of the fork. There is also a risk of losing funds when you are sending/receiving BCH during that time. My personal advice is to either leave your BCH funds in your Exodus wallet until the dominant network is stable again before transacting funds, or, if you want to be transacting funds during that time, to move your funds out of the Exodus wallet beforehand. I hope this helps to shine some light on your question. Please let me know if there is anything else that we can clarify for you. All my best, Nick -I emailed atomic wallet and got this reply. Hi there, Thank you for your message. In Atomic wallet, one of the BCH chains will be chosen for the further support of the coin. This decision will be made after the fork occurs. If you will have a preference for another chain, you can always import your BCH private key to the official BCH wallet and manage your coins from there. We will inform you accordingly on our plans.
25 comments
Thank you so much. I guess this will help newbies know what to do.. So you are saying that it is safe to leave all our bch to a recommended wallet during the fork? Then we can the the ratio of 1:1.. We are actually worried about that and we are even planning to swap our bch to stable coins for the meantime..
It depends whether that wallet will support it or not. Like atomic wallet is saying it will support only one but with private key I can get my wallet address in another wallet and can get it. In exchanges the one that will support both the coins, there you will automatically get the other one in equal proportion. That's my understanding.
So what will you do with yours? Will you hold it all in exodus?
I am thinking of keeping them in Exodus or atomic.
Exodus is only available on PC or laptops no mobiles that's what Telesfor said. Our BCH will be safe in the Bitcoin.com wallet but we cannot get the new coins because it does not support the fork.
Yes, in the mxc screenshot you will see that the virtual new bchn is trading at a lower price of what BCH is as of now. If you include the price of virtual bcha then the total is somewhere near to actual BCH price of today.
I don't have any idea about fork. Is it better than coinbase? And how about the security fact in fork?
Well, if you keep it in an exchange which will later on give both the coins, its ok and up to you. All exchanges that will give the new coins in the same ratio so that way there is no difference between one exchange or the other. But if you want to hold on to the private key in case something goes wrong then you can keep it in a wallet which gives you the private key. This is the security factor.
Thanks for asking at Exodus. I have updated my article. https://read.cash/@Telesfor/how-to-claim-bitcoin-abc-after-the-fork-probably-the-easiest-way-c91cf178
seen sir.
Thank you Telesfor sir.
After the fork, can the 2 coins be tradable immediately?
Those supporting both the coins, can be traded after you receive it. In mxc you can even do it now, for both the coins as virtual coins.
Ah ok. Thank you for the response. I was looking to put my bch to coinex. What's your say?
It will be ok, you will get both the coins if it happens.
But there are lot of speculations that the fork might not happen, according to the articles I've read here. Hope it would not be a waste of time and fees
Its still hazy that's why the confusion. This article is only to help people like me to decide on a course of action.
Thank you btcfork.
What about binance, would it be safe to keep the bch in binance wallet?
Yes it will be safe.
@aniruddhasen Due to problems with the internet, I was not aware of this, I still have my bch in the read cash platform, today is the fork if I do not pass them to any wallet named here what happens with my bch?, can you answer please,
Don't do anything now. Talk to the people with whom you have your wallet. BCH will be the same only the name will change to bchn.
thanks for answering
Excellent roundup, thanks. I hold my BCH with Celsius (a UK-based provider) and I believe they are yet to make an announcement about how they will handle the fork. I did send them a support request the day before yesterday, but no reply as of yet.
Yes Celsius network gives good interest. Cell token is also doing well.