Poloniex Gets Ready for Bitcoin Cash (BCH) Split
The exchange has prepared listings for two potential digital assets ahead of the November 15 hard fork for Bitcoin Cash (BCH).
Poloniex, one of the older crypto exchanges, has listed two still non-existent digital assets: BCHABC and BCHSV. The tickers stand for the Bitcoin Cash ABC version, a set of planned updates by one of the developer teams, and for Craig Wright’s Satoshi’s Vision, the version allegedly supported by some of the miners. The decision of Poloniex follows the pre-fork monitoring pairs offered by BitMex.
The listings suggest the possibility that the chain would split, necessarily creating balances on both new iterations for BCH owners. It is unknown if trading would start immediately or if withdrawals would open any time soon.
The offer of pre-fork trading when there is no clarity on which chain would survive and fare better was seen a year ago, in November 2017, when most exchanges released pairs for two alternatives of Bitcoin (BTC) - the core version and SegWit2X. At this point, Poloniex, which was recently acquired by Circle, has decided to go with such an option. When trading opens, market behavior will also be an indicator for the support of either fork.
BCHABC and BCHSV have issues regarding scalability. The ABC team has been following the direction of Bitcoin Cash, while Craig Wright has hurled criticism at their suggestions, building an alternative upgrade.
Traders on Poloniex can choose to bet on one of the forks by trading in the balances of the coin they do not want.
“Pre-fork trading is available for the following pairs: BCHSV/USDC, BCHABC/USDC, BCHSV/BTC, and BCHABC/BTC. Customers can convert Bitcoin Cash into equivalent amounts of BCHABC and BCHSV and, also convert BCHABC and BCHSV back into BCH if they’d like to withdraw funds,” Poloniex explained in a blog post.