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‘Bitcoin Cash’ Support Grows as August 1 Draws Near

 ‘Bitcoin Cash’ Support Grows as August 1 Draws Near

 The user-activated hard fork (UAHF) on the Bitcoin network is looming around the corner. ‘Bitcoin Cash’ (BCC; BCH) is slated to break away as a new fork from the Bitcoin blockchain on August 1 at 9:20PM JST or 12:20PM UTC.

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Major Exchanges Embrace Bitcoin Cash

Multiple bitcoin exchanges have signaled support for ‘Bitcoin Cash.’ This news comes alongside the inevitability that a UAHF event will occur.

Last week, Bitcoin.com detailed many of the exchanges and platforms that will be rejecting Bitcoin Cash (BCC), but now more appear to be settling into the idea that it will exist as a legitimate digital token. At the time of writing, futures of BCC are being traded on Viabtc’s exchange for roughly $390.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

Kraken

The large bitcoin exchange Kraken made an announcement yesterday in support of Bitcoin Cash. They said they will be providing users with the ability to trade it on their platform. They pledged to credit clients with an equivalent amount of Bitcoin Cash based on their current holdings of bitcoin.

Although the Bitcoin Cash fork is expected to be minor, it may be successful. Provided that unforeseen circumstances do not make it prohibitively unsafe or difficult for us to do so, Kraken will support Bitcoin Cash…

However, Kraken warned margin traders on their platform to “be very cautious across the fork.” They were told to either greatly reduce their position or cease margin trading altogether to ensure a smooth transition. In the least, they should set stops and not rely on Kraken to function optimally while the fork is in progress.

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Bitfinex

The bitcoin exchange platform Bitfinex also announced they would be supporting bitcoin cash. They plan on providing an amount of bitcoin cash tokens equivalent to that of bitcoin in their customer’s wallets.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

They said, “A minority of Bitcoin miners will be forking on August 1st, 2017 to create a new chain called Bitcoin Cash. The fork does not impact Bitcoin balances, but it creates a new token. At the time of the fork, all Bitcoin addresses holding a balance will automatically have equivalent balances in Bitcoin Cash.”

The company, however, mentioned they will not be using “BCC” for the bitcoin cash ticker symbol. They said it is already in use on their platform. Instead, they will use “BCH.” The company will distribute BCH tokens with the UTC timestamp of the first forking block, which will occur August 1. Their page contains details on how they plan on ironing out the kinks and managing technical issues.

 Hardware Wallet Company’s Support Bitcoin Cash

Besides exchanges, major hardware wallets manufacturers are also supporting Bitcoin Cash. Both Trezor and Ledger have provided details on securing bitcoin cash in their wallets when the fork occurs.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

Trezor wallet said they can safely adopt bitcoin cash functionality with their wallets since the currency supports replay attack protection. They said, “Bitcoin Cash has implemented the necessary protection against replay attacks, meaning Trezor can support the currency safely. We will provide an interface, accessible from Trezor Wallet, where you can access and safely claim your Bitcoin Cash coins. You will be prompted by Trezor Wallet once you select ‘Bitcoin Cash’ in the currency selector.”

As a result of the in-built replay attack protection, Ledger will also provide full functionality for bitcoin cash via their wallets. They say users will be able to gain access to bitcoin cash after the fork by using a special tool. They said users could view bitcoin cash currency as “free air-dropped money.”

As a result, all bitcoin holders will be granted a new duplicated Bitcoin Cash balance (literally airdropped free money) if the fork activates — this post and the follow ups will describe how you can best secure this new balance, then decide to trade it, hold it or sell it as you wish.

Both hardware wallet companies wrote details on their page explaining how to respond to the fork and gain access to freshly minted bitcoin cash.

Many Company’s Working With Bitcoin Cash; Protect Your Keys

Several other exchanges and wallet providers are also signaling their support for the hard-forked token. Exchanges include Quoinexchange, Viabtc, Kcoin, Btcbox, Bithumb, Kex, Mercury Cash, Huobi, Quadrigacx, Toubi, Korbit, Bittrex, and Btcpop. Wallet providers who are adopting Bitcoin Cash include, Bitcoin ABC, Bitcoinclassic, Electrum Cash, and btc.com.

Fork Watch: Bitcoin Cash Support Grows as Aug 1 Draws Near

The exchange Quoinexchange said, “We have also received many inquiries regarding BCC (Bitcoin Cash) crypto currency. As an exchange, our goal is to provide a fair exchange platform which is highly secure and compliant. As a result of the fork, users that hold BTC in their balances at the time of the fork will be credited equivalent BCC. If your account balance at the time of the fork holds 1 BTC, you will be credited 1 BCC.”

These announcements seem to suggest stronger community backing for the fork token. It does not look like the currency will die immediately in the rip and roar of the fork. The future of the digital asset remains uncertain, for sure.

However, the basic rules of forks still apply to everyone regardless of what happens: keep private keys safe. No matter what coin wins out, every bitcoin user should try to maintain their coins with their own securely held private keys. This ensures that control of both coins remain in the user’s hands.

Will bitcoin cash continue to grow after Aug 1? Will it have more supporters? 

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Chinese Bitcoin Exchanges Resume Withdrawals

Chinese Bitcoin Exchanges Resume Withdrawals

Chinese bitcoin exchanges have reportedly resumed bitcoin withdrawals. Customers of BTCC and Okcoin can now withdraw their coins up to certain daily limits. Huobi is also expected to follow suit shortly.

Bitcoin Withdrawals Resumed

Chinese Bitcoin Exchanges Resume WithdrawalsFollowing the inspections by the People’s Bank of China (PBOC), BTCC, Huobi, and Okcoin halted coin withdrawals in February. Almost four months later, on Wednesday May 31, at least two of them reportedly lifted their cryptocurrency withdrawal suspensions.

According to Twitter user Cnledger, BTCC’s customer service confirmed that they have resumed coin withdrawals on Wednesday. A Reddit user who claimed to have initiated a withdrawal request at the exchange said that the daily limit was 20 BTC for his account type and that his request was approved within 20 minutes.

Okcoin has also lifted its withdrawal suspension subject to certain limits, 8btc reported on Thursday. “The 24-hour withdrawal limit of the International site and OKEX is: 200 BTC, 500 LTC and 1,000 ETH,” the publication quoted the exchange’s website. “As for the Chinese site, the limit is 20 BTC (10 of which could be withdrawn to external addresses), 400 LTC (200 of which could be withdrawn to external addresses) and 1,000 ETH.” However, the exchange’s customer service told the publication:

The withdrawal feature is being tested at the moment.

At press time, Huobi has not yet announced that bitcoin withdrawals have resumed.

Bitcoin Prices and Trading Volumes Responded

Chinese Bitcoin Exchanges Resume WithdrawalsThe results of the withdrawals resuming were quickly realized at global exchanges on Wednesday. While the price of a bitcoin rose sharply worldwide, they were more bullish on BTCC and Okcoin, typically trading 10 percent higher than other exchanges.

For instance, while Bitflyer, Bitstamp, and Bitfinex had 5%, 7%, and 9% positive gains respectively on Wednesday evening, Okcoin and BTCC had a 19% and a 15% 24-hour growth. The price of litecoin on Chinese exchanges also experienced the same effect.

Global trading volumes also picked up substantially after the news spread, with BTCC and Okcoin showing higher volumes than elsewhere for the rest of the day.

Chinese Bitcoin Exchanges Resume Withdrawals

News of the withdrawals resuming came shortly after the three exchanges announced that they were adding either ETH or ETC trading to their platforms. Huobi began ETH trading on May 30 while Okcoin is starting on June 1. BTCC CEO Bobby Lee also announced a couple of days prior that his exchange will list ETC after conducting a series of Twitter polls.

The Long Wait is Over but PBOC Denies Being Responsible

Chinese Bitcoin Exchanges Resume WithdrawalsThe PBOC’s inspections of Chinese bitcoin exchanges started in January. Then in February, all three major exchanges announced that they were halting bitcoin and litecoin withdrawals, but CNY withdrawals were not affected.

A post on Huobi’s blog cites the need for a system upgrade to comply with new anti-money laundering requirements as well as foreign exchange and other financial regulations.

Although the exchanges never stated whether they were ordered by the authorities to suspend withdrawals, a leaked document reported by 8btc in April suggests that the suspension was a direct order from one of the authorities.

However, 8btc reported new findings last week that “the suspension of BTC withdrawal was not a direct order from the authority,” according to a recent letter from the PBOC. This letter was supposedly in reply to an inquiry about whether the central bank was responsible for bitcoin exchanges halting withdrawals. Cnledger also tweeted about this letter last week:

PBOC reply to BTC user: we did not ask trading platforms to suspend withdrawals. It was a decision made by themselves. The inspection has not ended.

Earlier this month, Bitcoin.com reported on the Chinese regulators preparing to issue regulatory guidelines for bitcoin trading platforms in China. The document is expected to be released sometime in June.