article image

Yuri Molchan

World’s largest crypto exchange Binance supports the approaching hard fork of Bitcoin Cash and has explained how this chain split will be handled

Bitcoin Cash fork is expected to happen on Nov. 15, and Binance has published a blog post with details on how it is going to handle this event that is very important for the BCH community.

The approaching hard fork on Nov. 15

According to the blog post, the chain split will take place between Bitcoin Cash ABC and Bitcoin Cash Nodetwo major BCH clients.

The operation is expected to result in the appearance of a new coin. However, no new token may appear, and Binance has published two expected scenarios as to what might happen as a result of the hard fork.

Read Also:   Coinbase Listing Pushes Ethereum-based Coin up 800%

Binance to suspend operations with BCH

The platform has spread the word that deposits and withdrawals of BTC will be paused at 10 a.m. UTC on Nov. 15.

The team reminds users that they need to leave enough time for their BCH wires to be processed before they get suspended.

The hard fork will not affect BCH spot trading. The same goes for BCH margin trading. The option to borrow BCH will, however, be suspended.

Due to the extreme price volatility that often accompanies hard forks, liquidations are possible, the Binance team warns.

Leverage for perpetual BCH/USDT futures contracts and coin-margined BCH perpetual futures will be adjusted to 20x. That will occur on Nov. 3 at 10:00 a.m. (UTC).

Read Also:   Number of XRP Whales Continues to Grow: Data

On Nov. 9, coin-margined perpetual futures contracts based on BCH will be automatically settled and delisted.

Two hard fork scenarios and coin distribution

Binance speaks of two likely outcomes of the fork. The first is that two rival blockchains will emerge with two separate coins.

BCH holders will be given the new coin as well, at a 1:1 ratio.

In the second scenario, BCH will remain whole and no new coin will appear. In that case, Binance will resume deposits and withdrawals as soon as it is possible.

Earlier, U.Today reported that OKEx also intends to support the BCH hard fork and will distribute new tokens (if the second chain and its own coins emerge) to BCH users at the 1:1 ratio.

Read Also:   4 metrics suggest Bitcoin price will correct — But can BTC hit $20K first?
Google Play

Source link

Binance Shares Details of How It Will Handle Bitcoin Cash Hard Fork

by Alex Dovbnya
Choose A Format
Voting to make decisions or determine opinions
Formatted Text with Embeds and Visuals
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Upload your own images to make custom memes
Soundcloud or Mixcloud Embeds
Photo or GIF
GIF format