BitcoinCash is expected to be forked on November 15th. MXC will support users to claim BCH forked coins and open trading for the BCH forked coins (IOU).
I. Claiming BCH forked coin
1. MXC will support BCH holders to claim BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node) at the ratio of 1:1 respectively, and the vice versa before the official fork on November 15. After the claiming complete, MXC will open trading for BCHA/USDT, BCHN/USDT (IOU) trading pairs at 20:00, Oct.31.
2. The claiming function has enabled now. Welcome to claim the forked coins at:
II. Spot trading
1. MXC will open trading for BCHA/USDT and BCHN/USDT trading pairs at 20:00 (UTC+8), Oct.31.
2. MXC will suspend BCH trading, deposit and withdrawal services on November 15, and cancel user's open orders for BCH/USDT, BCHA/USDT, BCHN/USDT trading pairs. Then, user's position of BCH, BCHA, BCHN will be recorded. After that, users with BCH position can receive BCHA and BCHN assets at a ratio of 1:1 respectively. The deposit and withdrawal function will be resumed after the network becomes stable.
3. If the fork of BitcoinCash does not occur after November 15, it means one of the blockchain wins and it will inherit BCH. Then, the IOU coin of the other blockchain will be delisted. Investors shall be cautious of the risks.
III. Margin Trading
1. The loan for BCH will be suspended at 11:00 (UTC+8), Nov.6.
2. MXC will delist BCH/USDT margin trading at 14:00 (UTC+8), Nov.13. Users with positions shall close them in advance, or the system will close it at the timepoint.
3. The resumption of BCH/USDT margin trading will be informed in follow-up announcement.
III. PoS Staking
MXC will suspend BCH PoS staking service on October 30, and user's locking asset will be unlocked automatically.
IV. Leveraged ETF and Contract
The issues about BCH3L/3S leveraged ETFs and BCHUSDT perpetual contract will be informed in our follow-up announcement.
1. The above plan is based on the current market situation. If the market development is not consistent with the plan launched. MXC reserves the right to adjust the above-mentioned plan.
2. Bitcoin Cash forks have great uncertainty, and trading or investing in forked coins (IOU) are extremely risky. If a blockchain lacks the support of miners, it may not survive, and the value of the token may will be zeroed. Participants shall be cautious of the high risks.
FAQ for BCH fork:
1. What is hard fork?
The hard fork refers that the miners begin to maintain different chain based on different consensus or algorithm from a certain block height when uncompromising dispute happens to a blockchain.
eg. BTC forked BTC and BCH, then BCH forked BCH and BSV. It seems like a tree where BTC is the trunk and BCH,the crotch grows up from a timepoint, then BSV, the branch comes out from BCH.
2. Why BCH will fork?
Currently, the technical teams that promote the development of BCH mainly include BitcoinABC, Bitcoin Cash Note and Bitcoin Unlimited. Among them, the mining nodes created by the ABC team have attracted a large number of miners, and 90% of their developers are devoted to technology development.
Previously, the Bitcoin ABC team proposed a new dynamic difficulty adjustment (DAA) algorithm plan - Grasberg, introduced the IFP Coinbase rules in mid-November, and rewarded 8% of the blocks to the Bitcoin ABC technical team. However, at the BCH DAA conference, most developers rejected the Grasberg plan, triggering a fork.
Currently, the two main camps of BCH fork are BCHA (Bitcoin ABC) and BCHN.
According to Coin Dance data, as of 10:30 on October 29, among the latest 1,000 BCH blocks, 699 were mined through BCHN.
3. Interest and risks of the fork
Users with holding of BCH on MXC can join to claim the forked coins at a ratio of 1:1.
MXC will open trading for BCHA/USDT, BCHN/USDT (IOU) trading pairs. The price will be fluctuated based on the computation power and fork conditions.
After the fork, if one of the blockchain does not gain sufficient support by miners. The value of the forked coin based on the blockchain may will be zeroed.
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MXC trading: https://t.me/MXCtrade
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Enjoying your trade on MXC.
The MXC team
October 30, 2020