Exchanges say they are ready to Support the Hard Fork of Bitcoin Cash
A good percentage of the top exchanges with the highest trading volume for bitcoin cash (BCH) have jointly announced their plans to support the upcoming hard fork of the Bitcoin Cash which is expected to take place on Nov. 15.
According to the schedule in the roadmap of Bitcoin Cash, it includes upgrading of its core code every six months, but due to some disagreements over certain changes to the network, 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.
It should be noted that Bitcoin Cash users will automatically receive equivalent amount of the new coin to the amount held in BCH, so therefore, it is imperative for users to know if their exchanges are willing to support the new tokens.
Coinbase, while announcing its support for the fork, it said:
“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.
Some of the popular exchanges who have shown interest in supporting the Hard fork include; OKEx, Bitforex, Huobi, Binance, Coinbase and Poloniex. Poloniex clearly stated explicitly that it is “prepared to support trading markets for both tokens.”
Most exchanges have announced that they will suspend BCH deposits and withdrawals before the fork. Users are thereby advised not to deposit BCH during this period so that their funds won’t be at risk due to instability of the post-fork networks.