Coinbase Issues New Bitcoin Cash Fork Guidelines to Follow During Upcoming BCH Split
The Bitcoin Cash network undergoes a couple of scheduled hard forks every year. Although, the upcoming hard fork set to happen on 15th November is a bit different. The network is going to split into two networks.
Commencing at 8:00 AM PST on Thursday, November 15, Coinbase plans to:
- Pause sends (withdrawals) and receives (deposits), as well as buys, sells, and trading of BCH;
- Take a snapshot of existing BCH balances;
- Monitor the fork for network consensus;
- When network conditions stabilize, we will notify customers of the expected date and time to re-enable buys sells, sends, receives, and trading of BCH
- Clear order books and re-enable buys, sells, sends, receives, and trading of BCH; and
- If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks but may take longer.
The company had earlier said that they would pause “sends” and “receive” on the BCH wallets on the platform one hour before the fork. Now they have determined that it is required to pause all buys, sells, and trading of BCH. If a user plans to withdraw, they should remove BCH from Coinbase.
When asked what the company plans to do if there are two viable chains, they wrote:
“In the event that multiple viable chains persist after the fork, we will strive to ensure that customers have access to their funds on each chain. Coinbase will initially resume customer access to BCH and then Coinbase will work to provide withdrawal access to funds on the second chain at a future date. We anticipate this will take at least a few weeks but may take longer.”
The exchange has not provided a time-frame for when it will reinstate transactions, stating that it has no control over the hardfork.