Bitcoin Cash Support Grows As Fork Nears
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.
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.
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.
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.
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.