"One chain remains. If only one chain remains and no new token is created, BTC Markets will reinstate BCH deposits and withdrawals as soon as possible."
The BCH hard fork is now completed. Due to the minimal hash power on BCHABC, it is not a stable chain. Therefore BCHN has emerged as the viable chain. Of the two possible outcomes of the BCH fork, as listed below, only one chain now remains.
As a result, BTC Markets will support the BCHN chain, inheriting the BCH ticker. Clients do not have to action anything to facilitate this.
Deposits and withdrawals are now reopening on BTC Markets.
Bitcoin Cash (BCH) will undergo a contentious hard fork on the 15th of November 2020.
There are two rival forks proposed, Bitcoin Cash ABC (BCHABC) and Bitcoin Cash Node (BCHN), with disagreement in the community about which to support.
Consequently, the outcome of the fork is uncertain.
BTC Markets priority is to protect our client’s assets. BTC Markets has decided to suspend deposits and withdrawals of BCH from 16:00 AEDT on the 12th of November 2020. This will remain in place until the outcome of the fork is determined.
This action is in-line with other major exchanges for this event.
What is a fork?
Blockchain forks are a split in the blockchain network. These networks are built on open-source platforms, which means the network is public and freely available. Anyone can suggest improvements or changes to the code.
Forks may occur:
- Accidentally by miners. Two miners can discover a block at the same time. Some parts of the blockchain register different information, which creates two chains. These forks can be identified and resolved quickly, so the network maintains stability.
- Intentionally by developers. Developers make modifications to the source code to add new features, fix issues or change the underlying rules of the network. These changes create a new blockchain that splits from the original network.
There can either be soft or hard forks. A hard fork is a change to the protocol of a blockchain network.
What are the possible outcomes of this hard fork?
- Two chains emerge. If two chains and a new token are created, BTC Markets will temporarily suspend trading of BCH. We will credit clients for both chains, based on the snapshot of BCH balances taken at the time of the fork (23:00 AEDT on the 15thNovember 2020).
- One chain remains. If only one chain remains and no new token is created, BTC Markets will reinstate BCH deposits and withdrawals as soon as possible.
What are BTC Markets doing?
As mentioned, BTC Markets will suspend deposits and withdrawals of BCH from 16:00 AEDT on the 12th of November 2020. This will remain in place until the outcome of the fork is determined.
Clients of BTC Markets will still be able to trade BCH during this period. However, as the outcome is still unknown, we cannot guarantee what fork of BCH your trades will ultimately relate to.
We will keep you up to date via announcements on our social media pages and direct emails.
What are my options?
- Wait it out. Waiting it out may be one option. Your BCH private keys will remain secure on BTC Markets during this time.
- Continue to trade BCH. Clients can trade BCH on the exchange during this period. However, as mentioned, we cannot guarantee what fork of BCH your trades will ultimately relate to.
- Transfer your BCH funds to a different wallet. If you want to continue to deposit and withdraw your BCH, you may send your tokens to a platform maintaining these services. Please be advised that this action may expose you to a higher level of risk.