Coinbase and Binance Announce Support for Nov BCH Hard Fork

bitcoin-cash

The bitcoin cash (BCH) network typically conducts a hard fork twice in a year and schedules these as part of its protocol upgrade.  The upcoming BCH hard fork on November 15th is not a regular upgrade. This time, the developer community has failed to arrive at a consensus over what changes should be pushed into the latest release of the software.

The roadmap for bitcoincash.org is published and Coinbase, the influential crypto exchange has already offered support on this move.

There is a conflict of interest – with Wright offering an alternate solution. The proposal is considered as a competing offer as it questions a few of the protocol changes that are not in line with the roadmap.

Coinbase is monitoring the hard fork process and is expected to set to work so that customers are not unduly disturbed and at the same time the network is able to match the needs of the security standards that are in place at Coinbase.

The announcement said:

We will pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps, and at Coinbase Pro and Prime beginning at 8:00AM PST on 11/15/2018 (approximately 1 hour before the fork).

The firm has advised its users to complete their transactions well before the scheduled pause and assured them that their assets would remain safe with the platform.

The announcement concludes by clarifying:

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.

Binance confirmed in a blog post the support for the hard fork. It, however, did not specify which chain the platform would actually support.

Providing details about the actions the exchange would take, the announcement reads:

We will take a snapshot of all Bitcoin Cash balances at UNIX time 1542300000, 2018/11/15 4:40:00 PM (UTC). Deposits and withdrawals of Bitcoin Cash will be suspended starting from 2018/11/15 3:00:00 PM (UTC).

Customers have been advised to complete their deposits and withdrawals well ahead of the scheduled outage.

The post further states:

We will make a separate announcement after the snapshot is complete to notify users when deposits and withdrawals for Bitcoin Cash will reopen.

Other exchanges have yet to spell out their position. Investors who hold their coins on an exchange that has not clarified its stand would be better off moving their assets to a wallet where they control the private keys.

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