Cryptocurrency Exchanges Prepare for Bitcoin Cash’s Hard Fork

November 08, 2018 | AtoZ Markets

Cryptocurrency companies are getting prepared nowadays for the upcoming bitcoin cash (BCH) hard fork, which is scheduled to occur on Nov. 15, around 17:00 UTC, as experts expect.

Six exchanges out of the top-ten classified ones have announced plans in support of the upcoming upgrade.

Bitcoin cash follows a policy of upgrading its core code every six months, however, not all the network updates suggested were approved for some concerns that raised, that competing teams might suggest two implementations: Bitcoin ABC and Bitcoin SV, meaning that two separate cryptos might arise from the next fork.

Preparation for a split scenario

In their turn, Coinbase confirmed their support to the upcoming fork, while making it clear that both chains will still be accessible to their customers, in case of a split happens upon the occurrence of the fork.

"In the unlikely event that multiple viable chains persist after the fork, Coinbase will ensure that customers have access to their funds on each chain.", stated the U.S giant exchange.

Other big names that announced their support to the upcoming bitcoin cash hard fork are OKEx, Binance, Bitforex , Huobi, and Poloniex, with confirming that they will support both tokens, if the upgrade will result in such a scenario.

Most exchanges stated that they would suspend withdrawing and depositing bitcoin cash prior to the fork occurrence as expected, for not risking customer funds in case of network instability upon the update, while they advised their users as well not to deposit fund in case of such a scenario happens.

It's worth mentioning that Bitmex launched recently a fork monitor for bitcoin and bitcoin cash. The BCH hard fork is set to go occur on Nov. 15 at around 17:00 UTC.

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