Home News Cryptocurrency Exchange Poloniex Offers Pre-Fork Trading to Bitcoin Cash Holders

Cryptocurrency Exchange Poloniex Offers Pre-Fork Trading to Bitcoin Cash Holders

November 08, 2018 14:31
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Cryptocurrency exchange Poloniex is offering investors the option of trading two tokens at the center of the debate about the pending Bitcoin Cash (BCH) hard fork: Bitcoin Cash ABC (BCHABC) and Bitcoin Cash SV (BCHSV), starting from Thursday.

As earlier reported by Crypto-News India, Bitcoin Cash Satoshi Vision (BCHSV) was originally introduced by Blockchain company, nChain, in October. Back then we had talked about the new token and had said that Bitcoin SV is a new full-node implementation for Bitcoin BCH designed to “fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper,” according to an official press release. A lot of water has flowed under the bridge since early this year when Roger Ver started his campaign against Bitcoin Core (BTC) stating BCH was the original bitcoin.

At the time, Steve Shadders, technical director of the SV had said, “It’s time for Bitcoin to professionalize. Therefore, Bitcoin SV is targeted at business users, primarily miners but also cryptocurrency exchanges and merchants. By eliminating unnecessary features, we can keep the development focused on what really matters to our core user base.”

Although the reasons for this fork are not clear, the exchange said, “We believe the responsible thing to do in this case is remain neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity. This is the first time we are offering pre-fork trading and it is part of a broader effort to make Poloniex one of the most innovative exchanges in the world. Going forward, we will evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading.”

The exchange added that, pre-fork trading is available in pairs such as BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. It further stated that customers could change their Bitcoin Cash into equivalent amounts of BCHABC and BCHSV and, also convert BCHABC and BCHSV back into BCH if they’d like to withdraw funds. Customers would not be able to withdraw BCHABC and BCHSV ahead of the hard fork.

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