Bitcoin Cash (BCH) trading is re-enabled as of 11/18/2020.
The Bitcoin Cash network completed a scheduled protocol upgrade on November 15th, 2020. Since the upgrade did not result in the production of an additional viable coin, BTC100% will support the consensus decided Bitcoin Cash Network upgrade (BCHN) under the existing ticker (BCH) and will not support any additional versions. We may decide in the future to re-evaluate our decision.
What happened to BCH?
Twice a year, the Bitcoin Cash network undergoes a scheduled protocol upgrade by means of a fork, or a backwards-incompatible change to the network (meaning all network participants must upgrade or be left behind). When there is enough disagreement, hard forks can occur resulting in two or more independent blockchains and coins. An upgrade to the Bitcoin Cash network occurred on November 15, 2020.
What is a hard fork?
Coin events like hard forks are events that can affect the market for a coin or, in some instances, the coin itself. For instance, coins may be split into multiple different coins, on-chain transfers may be halted, or may have some other transformative action applied across holders’ coins.
The algorithms of cryptocurrencies like Bitcoin Cash more or less ensure that blocks will be mined at frequent and regular intervals, but they rely on community consensus to determine the contents of those blocks. This means that transactions will be confirmed and included in blocks as long as someone is mining on the network (or validating and confirming transactions), but there may be disagreement around what transactions to include and how to do it. When there’s enough disagreement, the blockchain can fork, or end up with two parallel chains and coins that share a single history.
When a hard fork that results in two independent coins occurs, anyone who held the original cryptocurrency before it forked will end up with the same amount (1:1) of both coins after the fork. For example, if you had 1 BCH before the fork and we decide to support both coins, you will end up with 1 BCH and 1 unit of the new coin.
Will BTC100% support a new coin?
We can’t predict whether a hard fork will result in two independent, viable coins or not. In the event of a two-coin outcome, we may decide to support the second coin if we find that it’s independently viable and secure. The BCH upgrade did not result in the production of an additional viable coin, so BTC100% will only continue to support the consensus decided Bitcoin Cash Network upgrade (BCHN) under the existing ticker (BCH).
How did this affect my BCH holdings?
Since hard forks often result in temporary network instability, we halted Bitcoin Cash (BCH) trading from November 12-18, 2020. Any outstanding open orders were canceled when trading was halted. BCH that you held with BTC100% at the time of the fork remained safely in our storage throughout the fork.