Dear CoinEx users,
The Bitcoin Cash (BCH) network will undergo a semi-annual hard fork upgrade on November 15 as scheduled. The Bitcoin ABC team plans to introduce new Coinbase rules in this upgrade, and allocate 8% of block rewards to developers to support the infrastructure construction of BCH, namely Infrastructure Funding Plan (IFP). This Plan has aroused hot discussions and controversies in the BCH community. Among them, the Bitcoin Cash Node development team launched BCHN full node that is incompatible with the BCH full node developed by the BitCoin ABC team, and the BCHN full node implementation removed the Coinbase rules and won support from most miners.
Since the Bitcoin ABC full node implementation is widely used and recognized, it is very likely that BCH will be split into two chains during the upgrade. One of which will inherit the name of BCH and the other will adopt a brand new name. If a fork occurs, all BCH holders can get two cryptocurrencies at a 1:1 ratio.
Unlike previous forks, this potential fork may be unable to continue due to lack of hashrate for a certain chain, or it possibly bring about two chains but not knowing which chain will use the name of BCH. More complexly, this fork lacks a transaction replay protection mechanism, which may result in considerable chaos and users’ asset loss.
CoinEx is a strong proponent of the BCH ecosystem, supporting trading markets with BCH as the pricing coin. To provide users with better services, we are going to launch futures markets of BCH forked coins on September 24, 2020. The details are as follows:
1. Before the official fork on November 15, users can convert BCH into BCHA and BCHN at a 1:1 ratio. BCHA represents the Bitcoin ABC chain after the fork while BCHN represents the Bitcoin Cash Node chain. Also, users can re-convert these two forked coins into BCH at the same ratio before the fork. We will support BCHA/BCH and BCHN/BCH markets soon, and more markets later if needed.
2. If BCH forks into two chains on November 15, we will appoint the chain with the highest price at the last moment before the fork as BCH. Users who hold the forked coin of that chain can obtain BCH at a 1:1 ratio, and BCH holders can get two different coins at the same ratio. In the future, we will re-adjust the naming rules based on the community consensus.
3. If Bitcoin Cash does not fork on November 15, then whichever chain wins will inherit BCH. At the same time, we will delist the forked coin of the other chain. Therefore, please be aware of investment risks.
Opening Time
1. Call Auction
3:00-11:50 September 24, 2020 (UTC)
Orders can be placed and cancelled
11:50-12:00 September 24, 2020 (UTC)
Orders can be placed but cannot be cancelled
2. Trading
12:00 September 24, 2020 (UTC)
Risk Warning:
Since BCH fork owns great uncertainty, trading or investing in forked coins is risky. Without support of miners, a chain may fail to survive and all related coins will be in vain. Please be note that CoinEx will not promise for the future values of any forked coins!
CoinEx Team
September 23, 2020
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Announcement on Preparations of Coming BCH Fork & Launch of Forked Coins Futures Markets
