On August 1st, 2017, Bitcoin network hard forked as of block 478559. This was discussed in detail in my previous articles on the make or break bitcoin event and latest developments. As expected the event went out smoothly forking out the parent blockchain into two, bitcoin(BTC) and Bitcoin Cash (BCC or BTH). Now let us discuss a few interesting points about the new kid in town, the Bitcoin Cash.
Why Bitcoin Cash Is Not Tradable In Some Exchanges Now
The Bitcoin blockchain had forked apart, yet only few exchanges are allowing Bitcoin Cash in a tradable format. If you were holding before August 1st, you are owning Bitcoin Cash as well. But the catch is the tradability depends on the exchange where you trade. For example Bitfinex allows trading but Coinbase or Poloniex are yet to support Bitcoin Cash. So the bottom line is the overall liquidity is really low which makes the new coin heavily volatile. In the last 4 days, we have seen a high of nearly $1000 to a low of $200.
On August 3rd Poloniex came up with the below update
We will be crediting users who had BTC in their account balance at the time of the fork with matching BCH. We expect this to occur on or before 8/14/17. Keep in mind that we have not yet determined if we will be listing BCH as a market on Poloniex nor can we commit to supporting BCH withdrawals right away. The ability to withdraw BCH will depend on network stability which is completely outside of our control.
On August 5th Coinbase has come up with below update:
In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:
1. Both bitcoin and bitcoin cash remain safely stored on Coinbase.
2. Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.
3. We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.