Did you know Coins.ph does't support BCH before?

Did you know that coins.ph was founded in the year 2014, one of the first blockchains in the Philippines doesn't support BCH before?

August Fork

The Bitcoin upgrade last August 1, 2017. Resulting in the creation of Bitcoin Cash. It will be 3 years from now. 2020

Coins.ph, before, is not supporting Bitcoin Cash (BCH) they have to convert it to Bitcoin (BTC). At the beginning of Coins.ph they said they will not support BitcoinCash. They backtrack that statement and admitted exploring the possibility of adding the BCH on the platform.

When the fork began, and because of the split, if you have X amount of Bitcoins as of that time (August 1, 2017), you also have X amount of Bitcoin Cash.

It was September 2017, the company announced that they will not support BCH and opted to have the BCH created during the fork to be credited to its users.

It was around October 13-15, 2017. Users received an email from Coinsph, telling them that they have already deposited the Bitcoin equivalent of BTC created during the fork to their wallets.

Few details

•   Exchange rate was 0.08548

•   A 10.00 PHP was deducted fee conversion

Users Reactions

Many users were happy, as they finally got the value created by the BCH Split to their Coins.ph Bitcoin Wallet.

Some however felt that the decision took so long to get finalized. As evidence, the value of BCH is now lower than compared to what it was before.

Exchanges around the world, like Japan supported BCH almost immediately after the fork happened.

 Overall

When Coins.ph tooko some time to deposit to their users that value created by the BitcoinCash fork is a lesson for everone who keeps their Bitcoins in an Online Bitcoin Wallet. Some users might have taken the option to remove all their coins on Coins.ph and deposit them all to a wallet that will support the split immediately. But many probably didn't. Maybe we didnt have the time to transfer. Or maybe we are afraid to do so because we already trust Coins.ph to take care of our Bitcoins, which they did.

The point is that, we must all continue learning more about cryptocurrency, its risks and value, so that we are aware of such events. In that way, we will be able to take actions that will be valuable to us and our coins in the long run.

Thank you for reading!

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