BITCOIN CASH – HOW TO BUY / SELL / TRADE / CLAIM – after AUGUST 1st, 2017 fork

in #bitcoin-cash7 years ago

bitcoin-cash-31.07.17-buy-sell-trade-after-august-1st-2017.jpg

Hy to all steemers,

I will describe here what i found untill now (july 31st, 2017), for my interest. Any other opinions are welcome to hear.
Please understand, that information in this post, are gathered from internet and centralized here by me. I have no connections with any of that mentioned here. The purpose of that post is to help clarify in this moment some of questions lying on that fork at august 1st.

Most of us noobs don’t know lots of termens and i will say as simple as i understood from all discussions i had and what i wrote till now.

bitcoin-cash-31.07.17.jpg

https://www.bitcoincash.org - here you can find their official news, exchanges, wallets and services.

First of all, all things point to futures (not tradeable now). Regardless what people say and feel about Bitcoin Cash fork, the token will become real on august 1st, 2017.

Exchanges and how will they take that fork (i will talk about next ones, for other visit official bticoin cash website): ViaBTC, Bittrex, Kraken, Poloniex, Coinbase, Bitstamp.

ViaBTC announced on Jul 17, that (quote):

As a professional cryptocurrency platform who guarantees superior customer service and maximum protection for customer assets, we decide to make precautions for the upcoming UAHF and provide a new option for users, on the basis of our support of SegWit2x under New York Agreement. We will designate the token “Bitcoin Cash” (BCC) to the possible split coin led by the activation of UAHF and the arrangements are as follows:

And here they say about 3 things reagarding BCC (that will start working on 22nd July 2017, release day):

  1. Mining pool
  2. Cloud mining
  3. Exchange: Release “BCC/CNY” Trading Pair

ViaBTC website: https://www.viabtc.com/
ViaBTC link to announcements from their main page (the quote above is from that announce):
https://medium.com/@ViaBTC/statement-on-bitcoin-user-activated-hard-fork-6e7aebb67e67

So they were starting to trade and offer mining contracts since 22nd July.

I will put at the end of the post, links with usefull informations for all to read. I think keeping them centralized will help all of us to reach information from sources and not from what we hear here and there.

First thing, it will be a problem with the name abbreviation BCC that already exist on other cryptocurrency called BitConnect:

bitconnect-coin-31.07.17-1.jpg

Second thing, exchanges who will support it or not. Here will be a problem with who not accept it, if they will give the users in the future if they will accept, the equivalent amount of BCC from the amount of BTC they had at august 1st.

Exchanges that will support and/or trade bitcoin cash

(all other details are in links at the end of post):

ViaBTC (yes) - accept and trade (already happened – 22nd july) – normal BTC trading will work

Bittrex (yes) - accept it and will open trade if it will be opened markets to allow it

  • Normal BTC trading will work
  • BTC wallet deposit/witdraw closed till network stability is back (quote: „24 hours prior to the BCC UAHF time on August 1st, 5:20am (12:20pm UTC)”) - see link at the end with their announcement

Kraken (yes) – they use BCH abbreviation for bitcoin cash

  • BTC wallet deposit/witdraw closed during the fork, until the outcome is clear and network safe
    quote:

All Kraken clients holding Bitcoin (XBT) balances at the time of the fork will be credited with an equal amount of Bitcoin Cash (BCH)
All Kraken clients borrowing Bitcoin (XBT) for margin trades at the time of the fork will be debited an equal amount of Bitcoin Cash (BCH)
After the fork Kraken will enable BCH deposits and withdrawals (with replay protection enabled)
After the fork Kraken will enable BCH trading in the following pairs: BCH/XBT, BCH/USD, BCH/EUR
Kraken-owned Cryptowat.ch will support BCH charts and trading
BCH margin trading may be added at a later date if it survives and trade volume is robust

- see link at the end with their announcement

Poloniex (maybe) – unknown at the moment (they say it is possible or not... they will decide at that point)

  • BTC Trading will be unaffected during these periods
  • BTC wallet deposit/witdraw closed, quote: „any time we deem necessary to ensure that all tokens stored on Poloniex remain safe”

So here, it is in the air until it happens.
- see link at the end with their announcement

Coinbase (no) –

  • BTC wallet deposit/witdraw closed, but they formulated like that:

We plan to temporarily suspend bitcoin buy / sells, deposits and withdrawals on August 1, 2017 as the fork is likely to cause disruption to the bitcoin network. This means your funds will be safe but you will be unable to access your bitcoin (BTC) for a short period of time.
From what i understand, also trading is closed too.

In the event of two separate blockchains after August 1, 2017 we will only support one version
This means if there are two separate digital currencies — bitcoin (BTC) and bitcoin cash (BCC) — customers with Bitcoin stored on Coinbase will only have access to the current version of bitcoin we support (BTC). Customers will not have access to, or be able to withdraw, bitcoin cash (BCC).
Customers who wish to access both bitcoin (BTC) and bitcoin cash (BCC) need to withdraw bitcoin stored on Coinbase before 11.59 pm PT July 31, 2017. If you do not wish to access bitcoin cash (BCC) then no action is required.

They also say, that they will not keep the BCC for themselves.
If in the future they will access bitcoin cash, they will distribute to customers bitcoin cash associated with BTC balances at the time of the fork on august 1st, 2017.
- see link at the end with their announcement

Bitstamp (no)

  • BTC wallet deposit/witdraw closed on july 31 2017 at 23.00 hrs UTC.
    quote:

Will be resumed only when we deem it safe and prudent to do so

  • Trading will remain unaffected throughout

If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For this reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.

- see link at the end with their announcement

In conclusion, if you want to have a choice regarding the fork, to control your own assets, to not leave decision of which Bitcoin tokens to support, as some said above (in their announcements), don’t hold your crypto at a 3rd party. Keep them at your personal wallet.
It is a correct announcement, because we all must be responsible of what we do. If they don’t want to support they don’t, whatever the reason is. If you hold your crypto there, then will follow the rule. If not, get them out (as soon as you can).

Here are some other links with big details about what happens:

Bitcoin Cash:
https://www.bitcoincash.org

Bitcoin (jul 30, 2017) – Here they say a lot about what happens with exchanges and bitcoin cash:
https://news.bitcoin.com/fork-watch-these-bitcoin-exchanges-will-not-support-bitcoin-cash/

Coindesk (Jul 29, 2017)
https://www.coindesk.com/viabtc-claiming-neutrality-bitcoin-cash-debate/

NewsBTC (jul 23, 2017)
http://www.newsbtc.com/2017/07/23/viabtcs-btc-market-bitcoin-cash-fails-gain-traction-far/

Kraken announcement:
http://blog.kraken.com/post/1150/bitcoin-cash-and-a-critical-alert-for-bitcoin-margin-traders/

Bittrex announcement:
https://support.bittrex.com/hc/en-us/articles/115000808991-Statement-on-Bitcoin-Cash-BCC-

Poloniex announcement:
https://poloniex.com/press-releases/2017.07.24-Our-plans-to-handle-potential-BTC-network-disruptions/

Coinbase announcement:
https://blog.coinbase.com/update-for-customers-with-bitcoin-stored-on-coinbase-99e2d4790a53
Article to clarify customers who ask if Coinbase is keeping bitcoin cash for themselves – they say they not keep it for them (and if they will accept bitcoin cash in future will give back to users who had BTC at the time of the fork)
https://medium.com/@Dfarmer/wanted-to-clarify-for-customers-asking-if-coinbase-is-keeping-bitcoin-cash-for-ourselves-87752f0f707c

Bitstamp announcement:
https://www.bitstamp.net/article/bitcoin-hard-fork-our-position/

Hope it helped this informations and wait for your opinions.
Please resteem for letting other people know it too. And also vote if you liked it.

Thank you,

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