Important information regarding the upcoming Bitcoin Cash hard fork.
The Bitcoin Cash (BCH) hard fork is scheduled to occur at approximately 15/11/2020 11:00 PM (AEDT). This may result in a chain split between the two BCH clients, Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). This means it is a contentious hard fork that may result in a new Bitcoin Cash token.
There are no guarantees that CoinSpot will support the new Bitcoin Cash token, should one be created. If you want to guarantee that you receive any new token, please ensure that you send your BCH to your own external wallet.
CoinSpot will suspend BCH deposits and withdrawals on 15/11/2020. Please ensure that you leave sufficient time for your BCH transfers to be processed.
There are two scenarios that will likely occur due to the fork;
Scenario A: The two chains will compete and CoinSpot will credit users with BCH from the chain with the most work done.
We will then also credit users with the coin from the minority chain at a ratio of 1:1 based on the snapshot of BCH balances at 15/11/2020 11:00 PM (AEDT) as stated above.
Scenario B: No new coin is created. CoinSpot will then resume BCH deposits and withdrawals as soon as possible once the fork has completed.
Currently BCHN has the vast majority support, if this continues, we will treat the BCHN chain as the future BCH chain.
If further information becomes available regarding the Bitcoin Cash (BCH) hard fork, CoinSpot will update members accordingly.