Stand of some major exchanges on BCH fork

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Avatar for aniruddhasen
3 years ago
Topics: Bitcoin Cash

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

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.

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Avatar for aniruddhasen
3 years ago
Topics: Bitcoin Cash

Comments

The registration was very good

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3 years ago

In a word, it was awesome.I liked the side of the fork in each point.The registration was very good

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3 years ago

Thank you btcfork.

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3 years ago

What about binance, would it be safe to keep the bch in binance wallet?

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3 years ago

Yes it will be safe.

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3 years ago

@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,

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3 years ago

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.

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3 years ago

thanks for answering

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3 years ago

After the fork, can the 2 coins be tradable immediately?

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3 years ago

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.

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3 years ago

Ah ok. Thank you for the response. I was looking to put my bch to coinex. What's your say?

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3 years ago

It will be ok, you will get both the coins if it happens.

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3 years ago

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

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3 years ago

Its still hazy that's why the confusion. This article is only to help people like me to decide on a course of action.

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3 years ago

What is crypto? What is BCH fork? I'm new in here i don't know nothing😖😖

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3 years ago

You joined without knowing anything. Search the net and you will get the answer to your questions. I can't explain in the comments section.

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3 years ago

Yeah thank you very much for your kind advices.. I will definitely google it

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3 years ago

Really always good post

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3 years ago

Amazingly written

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3 years ago

Very good article

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3 years ago

Soo wellll

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3 years ago

Good and very informative article.

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3 years ago
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3 years ago

seen sir.

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3 years ago

Good article

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3 years ago

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.

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3 years ago

Yes Celsius network gives good interest. Cell token is also doing well.

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3 years ago

That's good article writing

$ 0.00
3 years ago

Nice idea thanks for sharing this information

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3 years ago

I don't have any idea about fork. Is it better than coinbase? And how about the security fact in fork?

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3 years ago

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.

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3 years ago

Its seem good. By the way, thanks for your kindly information. And a beautiful replies.

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3 years ago

Thank you Telesfor sir.

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3 years ago

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..

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3 years ago

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.

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3 years ago

So what will you do with yours? Will you hold it all in exodus?

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3 years ago

I am thinking of keeping them in Exodus or atomic.

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3 years ago

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.

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3 years ago

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.

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3 years ago