- Etoro will compensate eligible Bitcoin Cash (BCH) holders in dollars for BCH SV
- Most Exchanges haven’t recognized BCH SV
- Etoro says the gesture has received extremely positive responses
Social trading and multi-asset brokerage platform Etoro will compensate eligible BCH holders the fiat equivalent of their (Bitcoin Cash Satoshi Vision) BCHSV. The decision comes a few weeks after the contentious hard fork and the ensuing struggle to list the new hard fork that many exchanges are yet to support.
Etoro to Compensate their BCH Holders
The U.S.-based investment platform made the announcement on December 27, 2018, through an official press release stating that customers who held BCH before November 15, 2018, hard fork will receive a cash amount equivalent to BCHSV.
The firm stated further that even though it was not under any obligation to support forks, their decision to give fiat equivalent for the foregone Bitcoin SV was made as a gesture to their customers. As per the statement, Etoro customers who held non-leveraged Bitcoin Cash Positions will qualify for fiat payments.
Regarding price determination, the firm said it was crediting eligible users’ accounts with the dollar equivalent of BCHSV coins at the price of $92 for every coin held at the time of the fork. The company used the market price available to Etoro at the time they processed the credit.
Etoro’s senior market analyst Mati Greenspan told the press their gesture has so far received an extremely positive response from its clients adding that they decided in retrospect to give their customers a holiday surprise. Greenspan further added:
“As a custodian holding the coins on behalf of our clients, we felt that this was the best thing to do. Ideally we would want to give them the BCHSV itself because it belongs to them. But that would be very difficult to setup as we have not yet been able to add BCHSV to the platform […] we have a lot of evaluation and technical considerations involved in adding a new asset to the platform.”
BCH BCHSV Drama Continues
The Bitcoin Cash (BCH) network underwent a contentious hard fork on November 15, 2018, splitting the BCH into two networks namely BCH SV and BCH ABC. However, BCH ABC has turned out to become the more dominant of the two forks by securing more proof-of-work compared to BCH SV and has since kept the original BCH title on most cryptocurrency exchanges.
Bitcoin Cash (BCH) ended up losing its position as the world’s 4th largest cryptocurrency because of the ensuing sibling rivalry that followed the hard fork while the ongoing crypto winter has only made matters worse for BCH SV.