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Bitcoin Exchanges that will not support the Bitcoin Cash

Jul 28, 2017 Posted /  6666 Views

Bitcoin Exchanges that will not support the Bitcoin Cash

Bitcoin Exchanges that will not support the Bitcoin Cash:

There has been news about the UASF or User Activated Soft Fork associated with Bitcoin for a few weeks. It was by combining the SegWit protocol and BIP148. Later it was announced that a hard fork related to the Bitcoin named Bitcoin Cash will occur and a group of Bitcoin miners and investors are supporting the new idea. The UAHF was at first supposed to be a contingency plan to oppose the UASF that was scheduled to happen on August 1. But now its clear that the UAHF may occur and if it happens, there will be a coin split in the Bitcoin blockchain. There will be two coins - Bitcoin and Bitcoin Cash after that. Bitcoin Cash users and miners will shift to an entirely new consensus which is different from the Bitcoin. It offers a blocksize of 8 MB whereas the original Bitcoin has the mere block size of 1MB.

Many Bitcoin exchanges have come up with their strategy towards the new currency Bitcoin Cash (BCC). Some of them have announced that they will list the coin in their exchanges, whereas many others have stated that they will not support the new version of Bitcoin after the UAHF, the Bitcoin Cash.

Some of the exchanges that have opposed the Bitcoin cash are being listed below:

1. CoinBase and GDX:

CoinBase is the first Bitcoin trading platform that announced that they will not support the UAHF coin of BItcoin BCC. GDX Is a subset of the CoinBase exchange. Therefore both of them have the same plans for August 1 UAHF. They have stated that "The current User Activated Hard Fork (UAHF), including Bitcoin ABC, is a proposal to alter the Bitcoin protocol by creating a new version of the Bitcoin software, which will operate on its own, separate blockchain". Any Bitcoins within the investor's or their customers' account will remain accessible with the old blockchain and they will not support or convert it to the BCC or Bitcoin hard fork chain.

2. Poloniex leaves the decision for the future:

The US based largest Bitcoin exchange Poloniex has decided to suspend all the deposits and withdrawals through the platform, while they will be allowing trading in the platform on August 1. About the support offered by the Bitcoin Exchange to the Bitcoin Cash (BCC), they have replied that "Poloniex cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split". Only after it becomes clear that which blockchain will emerge as successful or its clear that its safe to trade both of them in the cryptocurrency, they will support the coins.

3. ItBit exchange:

One of the main bitcoin trading platforms Itbit has also decided that they will not support Bitcoin Cash or a UAHF derivative token of Bitcoin. For August 1 and 2, the exchange will not process fiat and bitcoin withdrawals and they will support all the BTC deposits. According to ItBit, after August 1, there will be a new coin named the Bitcoin Cash or BCC and they have announced that they will not support the outcome of the UAHF. If customers are keeping their BTC in the exchange, the users may not be able to do withdrawals of Bitcoin Cash immediately. The users have the option to withdraw their Bitcoin to an external wallet on or before July 31st.

4. Bitmex exchange:

This is another Bitcoin exchange that has declared that they will not list BCC on their exchange. Bitmex explains that the change is incompatible with the current Bitcoin software and the exchange may be unable to protect the BCC tokens for their clients. They have clearly announced that they will not be liable for any Bitcoin Cash sent to Bitmex. It's up to the users that they should withdraw their BTC from the exchange before August 1.

5. Bitstamp exchange:

The European Union-based bitcoin exchange Bitstamp has informed customers about the plans during a potential hard fork. As of now Bitstamp will not support the BCC side of the fork and considers the token an “altcoin". For the same reason, they will not support the coin and will not list it on their exchange. They have announced that after the hard fork of August 1, they will not be in a position to support BCC.

6. Exodus exchange:

Exodus which offers a trading platform and wallet declared that they will not embrace the BCC token. However, Exodus users have the option to import their private keys into another BCC compatible client and retrieve their hard fork holdings after the split. The company recommends not to use bitcoin during the fork and tells customers they should patiently wait for the protocol change to end.

There are some of the other Bitcoin exchanges such as Okcoin, Huobi, Livecoin, BTCC, Bithumb, Viabtc, etc who have declared that they will support the BCC tokens. Bitcoin Cash possesses another important problem about their ticker. The ticker BCC is already used by another crypto coin named Bitconnectcoin.

There are many supporters of the BCC who are concerned about the stand these exchanges have taken against the BCC token. Whether the BCC will be successful in future, whether these exchanges may suffer a loss later, we can't say now. But the users who have their Bitcoin investments in these specific Bitcoin exchanges need to remove their funds prior to August 1, because these exchanges will not support the Bitcoin Cash generated by the UAHF.

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Tags: Bitcoin Cash Exodus Bitcoin Cash Bitstamp Bitcoin Cash Bitmex Bitcoin Cash ItBit Bitcoin Cash Poloniex Bitcoin Cash Coinbase Bitcoin Cash Bitcoin Cash vs Bitcoin Bitcoin 1 August

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