Image Credits: Cointelegram
In short: Poloniex has decided to not give any assistance in case you lose your valuable Bitcoin due to the upcoming Hardfork.
The approaching Bitcoin hard fork could be a drawback for cryptocurrency exchanges. Some platforms can support Bitcoin cash, whereas others won’t. one among the companies not supporting any future fork is Poloniex, that's a rather an exceptional call, to say the at least the company won't decide to support specific blockchains rising once there is a possible split, thats one more reason to move cash off Poloniex sooner.
A lot of cryptocurrency traders were sad with Poloniex lately as the company suffers from withdrawal problems and degrading client support. Currently that they'll not support Bitcoin cash either, things have taken another flip for the worse. It's comprehensible that they require to wait and see how the network evolves, though a Bitcoin chain split is incredibly difficult to handle properly, that a lot of us have known.
With the split occurring on 1st August, the companies has a call to make to either support the new chain or not. In case of Poloniex, they'll not be supporting any chain split right now, they might or might not support both Bitcoin and Bitcoin cash in the long run. Though the final judgment is going to be made once the network is stabilised. The same incident occurred with Ethereum and Ethereum Classic where Poloniex had quickly listed ETC just after the split, though, it's possible they'll do the same thing with Bitcoin cash.
This news isn't nice for those who use the platform for Bitcoin loaning purposes. In fact, their best course of action would be to move funds off Poloniex. Although trading won't be suffering from the chain split, Bitcoin loaning could be. It's possible this service will be halted throughout that point, albeit this is often not confirmed. Anyone who needs their free Bitcoin cash has to move cash off Poloniex, though
Storing funds on a third-party platform isn't a good plan. This is often very true once it involves valuable cryptocurrencies. Poloniex has several problems already and not supporting the split can make things worse. Anyone who values their Bitcoin and altcoins should store them in a personal wallet like coinbank or Electrum as leaving funds on exchanges throughout such crucial time may result in loss if things dont go well. Now's the time to take monetary security a lot more seriously.
I have LTC Litecoin on Poloniex. But LTC is not splitting. So, why would LTC or Poloniex be a problem when the problem is specifically related to BTC and not LTC? If Poloniex wants to try to be reliable for Litecoin and if they have been reliable for some crypto alt coins at times, then why wouldn't this situation be the same as before?
There is no problem with LTC and Poloniex, infact everything is working fine with Litecoin in this post I have discussed about BTC and a little bit about ETH .
Thanks for Reading :)
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Tech Trends from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
I'm a bit of a newbie to this whole thing, but: we have our Steem stored on a third party platform, and not in a wallet.
There have been multiple times when I could not open Steemit.com in my browser. What happens to our Steem if the website somehow crashes or is shut down? It's all great that the content is in a blockchain, but how do we access our Steem then?
The way I understand it is this...Steem is a crypto currency and is not mined or stored in reserve on Steemit.com. if Steemit goes down, we should still have access to our wallet. I'm new as well so faith is the best answer at this point. There is inherent risk involved
The turmoil of the ridiculous bitcoin fiasco is getting lots of people sleepless nights. Thank you for sharing this information! Steem On brother
This post got a
2.34% upvote thanks to @tech-trends - Hail Eris !