With the Bitcoin Cash hard fork almost upon us, cryptocurrency exchanges find themselves in another awkward position. Even though we have gone through a similar struggle when Bitcoin Unlimited was announced, it now appears that multiple exchanges will support BCC trading. Regardless of how people feel about the Bitcoin Cash hard fork, the token is becoming real come August 1st.
Although Livecoin is a smaller altcoin exchange, the company wants to show its support for Bitcoin Cash. In an official company post, Livecoin announced that they would support future Bitcoin forks. While the company mentioned there may be between two and four Bitcoin forks in the future, just two versions of Bitcoin will be created based on the current information. We will see Bitcoin as we know it and additionally the Bitcoin Cash token, known as BCC.
Considering that the BCC token does not exist right now, the company will do whatever they can to credit users’ account balances with Bitcoin fork tokens in the future. This also means they will support BCC come August 1st, though it remains to be seen if users’ balances will be credited on that date. Trading of new forks will be enabled as well, although no official dates have been announced at this time. It remains to be seen what type of trading markets we can expect.
The OKCoin exchange team made an interesting announcement earlier today. The company will support the Bitcoin Cash hard fork (BCC). However, they will do so on the OKEX platform, rather than on the OKCoin exchange itself. Bitcoin Cash will introduce a radical hard fork to increase the overall Bitcoin block size, and it seems very likely that some miners will support this scaling proposal come August 1st. As long as there is support for the BCC token, exchanges can officially list it as a trading market.
OKEX plans on listing two different trading markets for future versions of Bitcoin. One will be the BCC market, which relates to Bitcoin Cash. The company will also open a BCS trading market, which pertains to the BIP91 version of Bitcoin. No one can be certain which of these chains will become the main Bitcoin. Both tokens will be traded against Bitcoin until August 1st, after which time balances will be converted in the form of 1 BCS + 1 BCC equaling 1 BTC. BCS will eventually be renamed to BTC, assuming that it is the longer chain.
One exchange jumped the gun and already enabled BCC trading a few days ago. ViaBTC, best known for their Bitcoin mining pool, also run an exchange platform where Bitcoin Cash is actively traded right now. Initially, the company provided a BCC/CNY trading market, but they subsequently added a BCC/BTC market as well. When Bitcoin Cash was listed initially, its price briefly hit US$900.
Right now, users can deposit Bitcoin on ViaBTC and have it split into BCC and BTC_FROZEN2. This means their BTC_FROZEN2 tokens will be converted back into BTC on August 1st. BCC tokens can be traded against BTC or CNY for now, although neither rate looks even remotely appealing. Having an exchange freeze one’s initial deposit to enable the trading of tokens which do not exist yet is always a big risk. It is expected that other exchanges will support BCC as well following the fork.