The cryptocurrency exchange has informed users that Bitcoin Cash ABC will retain the ticker BCH.
Huobi Reveals Chain Split Details
One of the leading cryptocurrency exchanges, Huobi, has announced details about the branched chains of Bitcoin Cash and how the firm will handle customer balances and trading going ahead.
According to the announcement which the firm published yesterday on its website, the Bitcoin Cash ABC team has created a checkpoint to ensure that two-way replay protection is in place.
The exchange revealed that the Bitcoin Cash ABC which has emerged as the longer chain with more hash rate will retain the ticker BCH while Bitcoin SV will be known by the ticker BSV.
Earlier on November 15, the two camps who could not arrive at a consensus regarding the changes to be pushed as part of the routine upgrade went ahead with the implementation of their own version of the protocol.
Users to Get Both Coins
Customers that held BCH on Huobi before the hard fork will get both the coins in the respective wallets. The price of Bitcoin Cash had pumped by over 50% in anticipation of the hard fork and plunged just two days before the event as the social media spat between the two camps peaked.
“Based on the snapshot of BCH holdings taken at 00:40 (GMT+8), November 16, 2018, Bitcoin SV (BSV) tokens will be distributed on a 1:1 basis to pre-fork BCH holders,” clarified the post.
Trading, Deposits, and Withdrawals
The post shared the below details about the resumption of trading, deposits, and withdrawals:
- Bitcoin SV (BSV) will be launched on Huobi Global on November 18, 2018 (GMT+8). BSV/BTC trading will commence at 21:00 November 18, 2018 (GMT+8) at the Fork Zone.
- Deposit services for BCH will re-open at 14:00 November 19, 2018 (GMT+8).
- Deposit services for BSV will be available at 15:00 November 20, 2018 (GMT+8).
Currently, the withdrawals for both BCH and BSV are disabled and according to Huobi will be opened only “once the blockchain’s stability can be ascertained during our testing”.
The post says that the company will maintain communication with the BCH community and concludes by stating that “hard fork may still cause sharp fluctuations in market prices”. Users have been advised to trade with caution.
While Huobi has clarified its stand on both chains, other leading exchanges are yet to announce theirs. As of now, it appears that the Bitcoin Cash ABC is emerging as the major chain post the split.
Are you in agreement with Huobi’s decision to allow Bitcoin Cash ABC to use the BCH ticker? Let us know in the comments below.
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