In a surprising turn of events, Indian exchanges decided not to support Bitcoin Cash. That is rather strange considering most other platforms are open to the idea. In fact, nearly all Asian exchanges will support this altcoin in the future. Indian platforms have no plans to support Bitcoin Cash now or in the foreseeable future. A clear stance that shows this altcoin may struggle a lot more than people originally anticipated.
India is a big country when it comes to Bitcoin. Their main exchanges all generate a solid amount of trading volume. Unocoin, Zebpay, and Coinsecure are all located in that part of the world. Neither of them is planning to do something with Bitcoin Cash, either now or in the future. That is a rather strange development, although one that isn’t entirely unexpected either. Contrary to what some people think, BCH is still an altcoin and exchanges are not required to support it by any means.
No Indian Love for Bitcoin Cash
ZebPay actively asks users to remove coins from the platform if they want to access Bitcoin Cash. UnoCoin states how they are not equipped to support shorter and weaker chains. That is quite a solid explanation of what Bitcoin Cash is, that much is evident. Coinsecure took the same route as ZebPay and asks users to move coins to a different address. India has no love lost for this altcoin, that much is evident. This lack of support may also hinder BCH’s chance of success, depending on how things evolve.
It is also worth noting all of these exchanges will halt Bitcoin deposits and withdrawals. This process will occur between July 30th and may last as long as August 4th. This shows these exchanges want to prevent things from going awry as far as customer funds are concerned. Most of these platforms will also disable Bitcoin trading during this volatile period. After all, replay attacks may still be possible on the network. Do keep in mind the most recent Bitcoin ABC client should prevent that from happening altogether.
Regardless of how things play out with Bitcoin Cash, there will be a fair amount of confusion over the next few days. Not all exchanges will support the altcoin, which is entirely normal. Moreover, the longevity of this project is still a big question waiting to be answered. Without support from the Indian exchanges, things will get a lot more interesting. So far, it seems the Bitcoin price isn’t budging under the pressure, which is a positive sign.
Header image courtesy of Shutterstock
