- Poloniex says it has a neutral stance towards both versions of bitcoin cash and has demonstrated this by launching pre-fork trading for both BCHABC and BCHSV
- The exchange is now offering traders several bitcoin cash / USDCoin pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC
- Poloniex says clients can now start trading the coins but won’t be able to withdraw BCHABC and BCHSV before the hard fork
In a bid to make clients get the most out of the bitcoin cash (BCH) hard fork scheduled to go live on November 15, 2018, Poloniex, the 42nd largest crypto exchange and trading venue in the world has announced support for both bitcoin cash abc (BCHABC) and bitcoin cash sv (BCHSV) network consensus rules, according to a press release on November 8, 2018.
Poloniex’s Neutral Stance
As stated in its press release, Poloniex, the crypto exchange run by Circle Internet Ltd plans to support the two network consensus rules in the November 15 bitcoin cash (BCH) hard fork proposed by two competing development teams and are incompatible with each other.
The Poloniex team has reiterated their neutral stance towards both the “SV” implementation and the ABC implementation; hence it is urging cryptocurrency traders on its platform to demonstrate their support for their preferred version through their trading activities.
Pre-fork trading for the two proposed bitcoin cash implementations (BCHABC & BCHSV) is now live on the Poloniex exchange, and traders will have access to the following bitcoin cash USDCoin pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC.
The firm says it’s launching a BCH/USDC market that would enable clients to seamlessly convert their bitcoin cash into equivalent amounts of BCHABC and BCHSV, and vice versa.
Bitcoin Cash Deposits and Withdrawals to Be Paused On November 15, 2018
The exchange says all bitcoin cash deposits and withdrawals will be halted on November 15, 2018, by 14:00 UTC+ and by 15:00 UTC, the BCH, BCHABC and BCHSV markets will be frozen, with all outstanding orders cancelled to enable it to take a snapshot.
“Users who still hold BCH at this time [by 15:00 UTC Nov 15] will immediately receive an equivalent amount of BCHABC and BCHSV. We will then disable the BCH market (as all balances will be zero),” stated Poloniex.
As with most hard forks, Poloniex says withdrawals will be active again as soon as both chains get stabilized.
Importantly, the exchange says it has implemented own replay protection and will be able to process replay-protected withdrawals on individual chains.
At press time, the price of bitcoin cash (BCH) sits comfortably at $588, with a market cap of $10.27 billion, making it the fourth largest cryptocurrency in the world, as seen on CoinMarketCap.