It is estimated that the Bitcoin Cash (BCH) Hard Fork is set to take place around November 15th, 2020 at 12:00 PM (UTC). Following the update, BCH might split into two tokens Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN).
HitBTC will support the upcoming fork and will do the following:
1. BCH Deposits & Withdrawals
Our technical team will pause deposits and withdrawals of BCH on November 15th, 2020 at 10:00 AM (UTC) until the update is complete. Your funds will remain safe during the update.
2. What happens if a new token is created?
If the BCH Hard Fork results in the creation of two tokens, HitBTC will credit all users with the additional token once the update is complete. The new token will be issued to all users by a 1:1 ratio based on a full snapshot of BCH balances on HitBTC at 12:00 PM (UTC) on November 15th. A decision on which chain will carry BCH ticker on HitBTC will be taken after the completion of the fork.
3. What happens if no new coin is created?
If no new coin is created, then our technical team will open BCH deposits and withdrawals as soon as possible.
4. BCH Trading
Spot and margin trading Bitcoin Cash will not be affected by this process. Please ensure you take sufficient risk measures as price volatility is often high during contentious hard forks.
Happy Trading on HitBTC!