Categories: CryptoNews

Poloniex Will Not Support MoneroV and Will Disable Monero Transactions on Monday

With all of the hard forks going on in the world of cryptocurrency, it is difficult for exchanges to keep tabs on things. It now seems most of the exchanges will not support the upcoming MoneroV hard fork. For some people, this is anything but a surprise, whereas others see it as a form of censorship.

Poloniex Wants Nothing to do With MoneroV

Monero users are all too aware that there are numerous hard forks of this particular currency. While there are very few coins which offer both privacy and anonymity features in a permanent fashion, it is evident Monero is the one currency to keep an eye on in this regard. As such, some coins are trying to ride its coattails to success, including the upcoming MoneroV hard fork.

While it remains to be seen how MoneroV will shape up compared to Monero itself and XMR’s future offspring, Poloniex has made its position on this altcoin clear. More specifically, the trading platform will not support the MoneroV fork, which is not much of a surprise.

For those unaware, this hard fork will occur when the Monero blockchain reaches block height 1,564,965. This should occur on Monday, if everything goes according to plan. There is an annoying side effect to this hard fork, as Poloniex will also halt all Monero transactions on the platform for a few hours.

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This means users who want to deposit Monero to Poloniex will not be able to do so through regular means. Instead, the money will be credited once the wallet is enabled again, and some delays will occur in the process. According to the official notice issued by Poloniex, this should happen within a few days, which seems to indicate that XMR trading will be disrupted for more than the standard four to six hours when a hard fork occurs.

Users who still want to obtain their MoneroV coins will need to move their XMR balance from Poloniex to a compatible wallet or exchange. It will be interesting to see how many platforms will support this hard fork that no one asked for, as there has been no indication that any major platform – except HitBTC – wants anything to do with this fork at this stage.

One thing to take away from all of this is that the number of new cryptocurrency hard forks will not diminish in the near future. In fact, it is possible this trend will continue for quite some time, especially where popular cryptocurrencies are concerned. Bitcoin has seen a few of them, and now it is Monero’s turn.

For exchanges, keeping tabs on these forks and airdrops is of the utmost importance. However, it is evident that not all forks and airdrops are created equal, as most of them will turn out to be useless clutter. Which end of the spectrum MoneroV will end up on is very difficult to determine as of right now. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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