Major Exchanges Start Circulating New Bitcoin Cash Hard Fork Tokens (BCH ABC & BCH SV) Already
Major Exchanges Already Discuss New Bitcoin Cash Hard Fork And The Tokens It Generated
Yesterday, November 15, Bitcoin Cash had its hard fork and split. Now, several of the top exchanges in the market are already discussing the effects of what happened and already creating space for the two new tokens that resulted from the fork.
Originally, the idea of the fork was simply to upgrade Bitcoin Cash and to improve the BCH network. However, Bitcoin ABC, which was the standard Bitcoin Cash, has found a worthy rival: Bitcoin Satoshi Vision (SV), which managed to get enough support to transform the hard fork event into something that affected the whole industry.
The fork took place around 18:00 UTC yesterday and the event saw the two competing Bitcoin Cash tokens creating new blocks. At the moment, Bitcoin ABC is ahead, having mined 34 blocks more than SV and having 59% of the hash power.
Exchanges Support The Fork
Most of the really important exchanges in the market supported the fork. Binance, Bitfinex and Poloniex have all changed to the new BCH SV and BCH ABC. Binance has affirmed that all its users would receive the new tokens. 1 BCH would allow the user to retrieve 1 BCH ABC and 1 BCH SV based on their balance on November 15, 16:40 UTC.
New trading pairs were also listed on Binance at 8:00 UTC today. The following pairs were added: BCH ABC/BTC, BCH ABC/USDT, BCH SV/BTC and BCH SV/USDT, meaning that now you can trade both tokens against Bitcoin and Tether USD.
However, Binance is still not allowing its clients to withdraw (or to deposit from outside) any of these tokens. The measure is being taken, according to the official reports, to protect the users and to be sure that the tokens are all usable and stable before they are out in the open for good.
Bitfinex has affirmed via Twitter that both BAB (Bitcoin ABC) and BSV have been successfully credited to the users and that the BCH positions have been claimed. The BCH ticker, they inform, will not be used until the fork is complete.
Poloniex has followed a similar stance because it seems like the company is also wary of deciding who will be the new Bitcoin Cash.
CoinMarketCap currently lists three tokens; BCH is worth $405 USD now and BCH SV is worth $109 USD, down 23% in the last 24 hours. ABC has gained 1.2% and it stands at $293 USD.
Despite the big support that Bitcoin SV received, it seems like ABC will take the crown as the new Bitcoin Cash, but we still have to wait and see.