Localbitcoins will not support Bitcoin Cash but its users are compensated with bitcoins

in bitcoin •  last year

 LocalBitcoins, the exchange house that carries out the largest number  of transactions with bitcoins today, announced that it will compensate  its users for the event related to the creation of Bitcoin Cash on  August 1st.

The clearing mechanism is a response to the numerous requests from users who asked the exchange house to support Bitcoin Cash. However, LocalBitcons has decided not to support Bitcoin Cash, according to the statement.

The  procedure indicated by LocalBitcoins consists in accrediting to its  clients that they had a balance in bitcoins at the moment of the  bifurcation. In  this sense LocalBitcoins sold all BCHs and exchanged them for bitcoins,  distributing the funds among customers eligible for the transaction. Likewise, each client will be credited with being involved in an  operation still open at the time of the event, considering the balance  it had after closing the sale or purchase of bitcoins. 


In the statement you can read the reasons why this decision was made:

 LocalBitcoins has decided not to support Bcash, for several reasons. Our  main goal is to provide easy access and global liquidity to bitcoin and  ensure the security of the bitcoins that are in the accounts of  customers. Support for an alternative crypto that  shares addresses with bitcoin would have significantly displaced the  resources of this main focus. We believe that  supporting Bcash would create confusion and complicated situations, for  example, due to the possibility of sending bitcoins to Bcash addresses,  which would result in additional problems and possibly loss of funds for  our customers.

 The conversion processing  fee for this transaction is 0.0002 BTC, so those users who have a lower  amount in their accounts will not be able to obtain the benefit.

LocalBitcoins  has a global volume of transactions that now surpasses 70 million  dollars, which makes it one of the most important exchange houses in the  market. This figure is related to an increase in  the transactions of LocalBitcoins China, which exceeded its historical  record of transactions. 

 LocalBitcoins users can check today whether they have received compensation. However  they can not expect future or past events related to altcoins or  airdrops creations to be backed by the change.

During  the last few weeks the price of bitcoin has fallen significantly in a  market hit by strong regulations in different countries and rumors that  could have been manipulations of the market. In this framework also recorded a record of volume of transactions of bitcoins, according to the graphics of Coinmarketcap. 

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