We are announcing support for the upcoming $BCH Hardfork on November 15, 2018.
Here’s everything you need to know about the Hard Fork.
What is a Hard Fork?
When a blockchain integrates a protocol update and the blockchain forks into two separate chains, it is called a Hard Fork.
Why does a Hard Fork take place?
- To upgrade security of a blockchain – When a cryptocurrency security risk is identified, it calls for an update to fix it.
- For adding new functionality – Developers work on improvements in the existing blockchain protocol and good features are picked for adding to the blockchain in an update.
What are the steps to be taken?
- Deposits and withdrawals of Bitcoin Cash will be ceased two hours prior to the fork at approximately 08:30 pm IST on November 15, 2018 for safe completion of the hard fork.
- We will take a snapshot of your Bitcoin Cash Holdings and after the completion of the hard fork, you will receive an equivalent quantity of Bitcoin SV and Bitcoin ABC in your CoinDCX wallet.
For instance, if you are holding 5.5 Bitcoin Cash in your CoinDCX wallet at the time of the snapshot then you will receive 5.5 Bitcoin SV and your 5.5 Bitcoin ABC will remain as it is in your CoinDCX wallet.
What’s in it for you?
As for price movements, events like hard fork tend to be seen as bullish by traders as there is a possibility of getting a new, more valuable cryptocurrency in addition to the ones they already hold. In this hard fork, you will receive equivalent BCHSV and BCHABC tokens.
Our strategy for supporting BCH Hardfork (Updated on November 16, 2018)
During the fork, that is, in the transition period all users holding BCH can trade in it. Trading in BCHABC and BCHSV is also supported. After the hardfork, we will continue supporting trading in BCHABC and BCHSV.