Six of the top 10 crypto exchanges by bitcoin cash (BCH) trading volume have announced plans to support the cryptocurrency's upcoming hard fork on Nov 15.
Bitcoin cash's roadmap includes upgrades to its core code every six months, but disagreement over some changes to the network have raised the specter that two distinct branches of the cryptocurrency could take shape, given that two implementations – Bitcoin ABC and Bitcoin SV – are being put forward by competing teams. While the outcome isn't clear, one scenario would see two separate cryptocurrencies arise from the fork.
A number of exchanges have now made clear their positions should a split occur, with OKEx, Binance, Bitforex and Huobi having all stated that they will "support the hard fork." Poloniex, a rank 51 exchange for BCH, stated more explicitly that it is "prepared to support trading markets for both tokens."
Coinbase was more reserved, saying it will support the current roadmap, but it added:
"In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain."
In preparation for the event, most exchanges have said they will suspend bitcoin cash withdrawals and deposits soon before the fork to ensure customer funds are not at risk due to instability of the post-fork network(s). Users should take care not to deposit BCH during this period in such cases.
And it's not only exchanges that are having to take decisions over the potential split. France-based hardware wallet maker Ledger has said that, if the fork results in separate bitcoin cash chains, "eventually, one of these would be the dominant chain, which we will evaluate to support again then."
The BCH hard fork is set to go occur on Nov. 15 at 17:00 UTC.
Here's the current status of the top 12 BCH markets on CoinMarketCap regarding the hard fork at press time:
OKEx – support confirmed
BitForex – support confirmed
Binance – support confirmed
Digifinex – no statement
Huobi – support confirmed
Bitfinex – no statement
Upbit – support confirmed
HitBTC – no statement
Coinbase Pro – support confirmed
Bitbank – not confirmed
Coinsuper – support confirmed
GDAC – no statement
Forks image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
ExchangesMarketsHard ForksBitcoin Cash
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff