In recent days, the proposed Bitcoin forks have become a widely followed topic. We at OKEx in our previous announcement have shared our view that our platform will focus solely on providing the best service and will grant the choice of bitcoins to the user. OKEx will provide all types of Bitcoin to users after the fork and when the network stabilizes.
The following is the market assessment of what is likely to occur during the potential Bitcoin fork period.
1. BIP91 (SegWit2x/NYA) Currently, the majority of miners are in support of BIP91, and it is likely to become the mainstream version of Bitcoin and the successor to the current version.
2. Bitcoin Cash (UAHF) https: //www.bitcoincash.org, otherwise known as ‘bitcoinabc’, has received the clear support of certain miners and exchanges. Further, with its dynamically adjusted mining difficulty, it is very likely to exist. However, as it appears only a minority of miners will be backing this fork, it is likely to be a new digital asset that coexists with Bitcoin.
3. BIP148 (UASF) is proposed by SegWit supporters and is designed to cause activation in all existing SegWit capable nodes. As the activation of SegWit2x follows these standards, and as the ‘2MB’ hard fork aspect may not be until October/November, the chances of a BIP 148 hard fork is slim at this time.
BIP91 implements SegWit, optimizes the data structure of the Bitcoin blockchain, increases the network’s transaction throughput, and fixes transaction malleability. This will be an important milestone in Bitcoin’s development.
Bitcoin Cash reflects the interest of those supporting big blocks and is another technical solution to scaling Bitcoin. It has the potential to find many applications and areas for growth.
As a result, BIP91 and Bitcoin Cash are likely to co-exist. We have named the two potential blockchains BCS (BIP91) and BCC (Bitcoin Cash), and use the name BTC to represent pre-fork (old) Bitcoin.
Starting from 2017-7-23 18:00, OKEx will support both BCS and BCC trading against old BTC. In order to show our support for Bitcoin development, both BCS / BTC and BCC / BTC trading will be 0 fees. The trading product details are as follows:
1.Before the end of the fork period, BCS and BCC cannot be deposited or withdrawn directly, only traded. Users can choose to convert BCS and BCC back to old BTC. For example, 1 BTC is equal to 1 BCS and 1 BCC.
2.Before the end of the fork period, BCS and BCC can be traded against old BTC.
3.At the end of the fork period, and when the network stabilizes, OKEx will stop BCS / old BTC and BCC / old BTC trading.
4.If there is no fork, BCS and BCC will be converted to the old BTC (1 BCS + 1 BCC = 1 old BTC) after trading is stopped. If there is still BCS or BCC remains after the converting, the remaining coins can be traded to BTC at their last price.(abnormal transactions excluded)
on AUG 1st, no fork occurs.
Account balance is 15 BCS and 10 BCC;
BCS/BTC last price is： 0.99 BCS/BTC;
If all converted to BTC: 10 BTC（10 BCS + 10 BCC）and 4.95 BTC（5BCS x 0.99 BCS/BTC）;
Thus, the balance should be 14.95 BTC in total.
5.If the fork occurs, afterwards, BCS will take the name BTC, while the BCC name will be unchanged, and can be traded normally in the market.
6.If you had old BTC converted to BCS and BCC, then after the fork period, BCS will directly become the post-fork (new) BTC, and you can independently deposit and withdraw new BTC and BCC.
7.If you had old BTC on OKEx and did not convert it into BCS and BCC, then after the fork has occurred, OKEx will grant you your respective new BTC and BCC.
8.After the fork period, and when the network stabilizes, OKEx will then launch BCC to new BTC spot trading.
9.This product only affects OKEx spot trading. It has no impact on OKEx futures trading.
10.BCS and BCC are two possible outcomes from the potential Bitcoin fork, and trading in each carries great risk. Users are advised to assess their own personal tolerance to such risks and should not blindly decide to trade.
11.Starting from 2017-07-31 to the end of the fork period, OKEx will halt bitcoin deposits and withdraws. In order to have a smooth trading experience, we recommend that you deposit bitcoin in advance to prevent interruptions. OKEx will resolve all technical issues as a result of the fork, and provide all types of Bitcoin to our users.
July 23, 2017