Huobi assigns BCH ticker to Bitcoin ABC chain

Bitcoin ABC now trades under BCH on the Huobi exchange; Bitcoin SV trading will be available as of November 20 under the BCV ticker.

Huobi Global, the third largest cryptocurrency exchange by trading volume, has announced the decision to assign Bitcoin Cash ABC the BCH ticker, and considers this long chain as the rightful successor of the forked blockchain, the says.

Huobi distributed Bitcoin SV (BSV) tokens to BCH holders on a 1:1 basis in accordance with the amount of Bitcoin Cash coins held on their accounts at the time of the snapshot taken at 00:40 (GMT+8), November 16, 2018. 

Huobi launched Bitcoin SV on its platform and opened trading on Sunday, November 18. However, the holders will be able to deposit accounts with BSV coins only on Tuesday, November 20. Deposit services for Bitcoin Cash ABC - now BCH - were scheduled to re-open later today, but the company postponed it until further notice.

Withdrawals for both coins are unavailable as Huobi wants to make sure that both chains are stable and working normally.

"We will maintain communication with the BCH community, and re-open withdrawal services for both BCH and BSV once the blockchain’s stability can be ascertained during our testing." the company stated in the press release.

Huobi praised the Bitcoin ABC team’s decision to create a checkpoint to ensure two-way replay protection and avoid double spending. Meanwhile, the community finds this solution controversial, as the checkpoint was included in the update released several hours after the fork.

That's the announcement posted in Bitcoin ABC team Twitter:

"Bitcoin ABC 0.18.4 is now available! This release contains a checkpoint to lock in the recent successful upgrade of the Bitcoin Cash network."

According to the comments under the post, users are concerned that this step will increase the network centralization as checkpoint defines the first ABC block as a protocol rule. It means that the chain without this block will be deemed invalid.

Meanwhile, a number of other large cryptocurrency trading platforms, including Kraken, BitPay, Bitstamp, Coinbase, Bithumb, Upbit and Bittrex, have also re-designated the BCH ABC ticker as BCH.

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