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Coinex, Bitasiaex Shares Contingency Plans for November Bitcoin Cash (BCH) Fork

Coinex and Bitasiaex exchanges shares their contingency plans to tackle the upcoming 15th November Bitcoin Cash hard fork (BCH), if they need to face a blockchain split.

Both the exchanges are readily informing their clients about their intention towards dealing the upcoming consensus changes. During the past month, Bitcoin Cash (BCH) developers, proponents, and miners were discussing on the fork that will be coming up. However, there has been some disagreement between the changes.

The development team at Bitcoin ABC is coming up with a distinct hard fork plan from that of Bitcoin SV, the new client at NChain. However, if hash power takes the decision to opt for both the versions, they might face some incompatibilities; a blockchain split that too without any replay protection.

There are the majority of community members reacting in a distinct way to this announcement of Bitcoin Cash hard fork. However, things are not yet clear!

While examining that the fork is still two and half months away; Bitasiaex and Coinex have come forward with their contingency plans for the fork.

Coinex and Bitasiaex Shares Contingency Plans

Coinex is one amongst the largest cryptocurrency exchanges by volume processing bitcoin cash. It provides BCH trading pairs and came into existence by the Viabtc Company. According to Coinex, Nchain recently declared their new client Bitcoin SV.

Also, NChain assumes it as an enhanced version of the Bitcoin Cash protocol. Coinex follows up this statement; elaborating on 15th November, it will do a snapshot of all Bitcoin Cash (BCH) assets operating on the trading platform. Through this everyone might receive a 1:1 ratio if there happens to be any split.

Coinex says,

BSV is likely to drive a potential fork of Bitcoin Cash causing incompatibility with Bitcoin Cash network. Therefore creating a new cryptocurrency asset- Bitcoin-SV (Token: BSV). Should it happen, all Bitcoin Cash holders will then receive BSV assets against a 1:1 ratio on your BCH assets.  

The platform Coinex states that the company is a liable cryptocurrency trading platform. However, they need to get ready with some precautions prior to the fork occurrence. Foreseeing the previous forks, Coinex clearly says that it “will not support BSV trading until its chain becomes stable with all supporting services. For instance: the wallet is available.”

Adding to this statement, the platform ensures to secure the assets via gaining the help from Viabtc, their mining pool.

On 2nd September, Bitasiaex also shared their plans for the upcoming November Bitcoin Cash hard fork (BCH). Bitasiaex is a cryptocurrency trading platform which is leading their way in a long-term within cryptocurrency space.

According to Bitasiaex, lots of development team members are coding for Bitcoin Cash BCH including BU, XT, and ABC. They are also welcoming the new teams such as SV. At the moment, they are not aware of any known team intending towards forking the chain.

Bitasiaex statement says,

For controversial escalation of agreements, Bitasiaex recommends that the community work closely for suitable resolutions, such as miner vote for each individual upgrade item, rather than a direct fork once disagree with each other.

The exchange Bitasiaex reacts neutrally having no intention on influencing about this matter. This platform will monitor the entire situation very closely if the fork is happening to come in November. Bitasiaex is completely ready, and individual Bitcoin Cash BCH holders will get the new forked coin with corresponding amounts.

Both the company, Coingeek, and Nchain also were in the queue to place their statements concerning the Coinex announcement respectively. While Coinex says Bitcoin SV as an enhanced version of BCH, then the company should also specify the Bitcoin ABC client in a similar manner.

The recent Coingeek article clearly states that the reason behind firms believing this is due to the ABC client has also declared “an altered set of protocols.” Back on Sunday, the CEO at NChain, Jimmy Nguyen mentions the details that their new client holds no intentions to launch a new coin.

Jimmy Nguyen also notes,

Bitcoin SV does not intend to fork off from BCH nor create a new coin/token. Instead, the Bitcoin SV node provides a clear BCH implementation choice for miners who support Bitcoin’s original vision.  It will compete for miner votes under Nakamoto consensus to be winning BCH chain.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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