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Exchanges from Japan now not to Shutdown on August 1

Jul 26, 2017 Posted /  4762 Views

Exchanges from Japan now not to Shutdown on August 1

Bitcoin Exchanges from Japan now not to Shutdown on August 1:

Bitcoin is among the most popular cryptocurrencies in the world. August 1 is a date all cryptocurrency investors and experts had been anticipating about a long time back. The biggest problem faced by the Bitcoin is the scalability. It has a limited block size of 1MB only and allows only transactions within a speed of 10 to 12 minutes. August 1 is crucial for Bitcoin users because Bitcoin is going to introduce a new fork UASF (User Activated Soft Fork) combining two algorithms SegWit2x and BIP 148. BIP stands for Bitcoin Improvement Protocol.

From August 1, this fork will come into action and after that, crypto currency world is expecting a chain split. Most Bitcoin investors are confused about the coin split and the associated problems they are going to face. It is the probability that Bitcoin blockchain will be split into BTC 148, which uses the new UASF and Legacy Bitcoins which uses the older version itself. If the chain split occurs, there are many possibilities that the investors following the old fork may lose their BItcoins forever. Till we know about the reactions and occurrences after the introduction of the fork, it is best not to do Bitcoin exchanges for a few days after the fork.

How is Japan going to face the UASF on August 1?

In Japan, there is an organization called JCBA or Japan Cryptocurrency Business Association which has most of the cryptocurrency exchanges in Japan as its members. Due to the probable coin split that may happen after August 1 Bitcoin UASF, thirteen of the cryptocurrency exchanges in Japan has declared to shut down all the Bitcoin transactions, withdrawals, and deposits for August 1. Only on August 4th, they will resume their Bitcoin operations. Meanwhile, other crypto currency exchanges will occur without any interruption. This temporary freezing of dealing platform is expected to save both Bitcoin operators and investing public from the unwanted confusion which might crop up from the much hyped split after the Bitcoin User Activated Soft Fork (UASF) which is declared to happen on August 1st 9.00 am as per the time of Japan.

Which are the exchanges that are suspending Bitcoin transactions:

The thirteen exchanges in Japan who have declared that they will temporarily cease their working on the date of probable Bitcoin split are given below:

    Minnano Bitcoin
    Bitbank Inc.
    Tokyo Bitcoin Co. Ltd.
    Bitpoint Japan Co. Ltd.
    Bitcrements Bitcoin Exchange
    Quoine Co. Ltd.
    Bit Trade Co. Ltd.
    Fisco Cryptocurrency Exchange Inc.
    Campfire Corporation
    Coincheck Co. Ltd. Coin Co. Ltd.
    Tech Bureau Co. Ltd.
    BTC Box Co. Ltd.

Which are the exchanges who are not shutting down on August 1:

Bitflyer the largest cryptocurrency exchange in Japan in terms of Volume is not among the exchanges who have declared the suspension on the date of coin split. They haven't yet declared their strategy that they will follow on the date of UASF. As of now, Bitflyer is the cryptocurrency exchange that will not shut down on August 1 when the Bitcoin will enter to a new version.

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Tags: japan bitcoin exchanges japan bitcoin shutdown japan bitcoin 1 august 1 august bitcoin

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