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Coinbase all geared up to monitor the BCH hardfork and minimize customer disruption – BCFocus

November 15, 2018
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Bitcoin cash

It’s an annual routine and twice a year the Bitcoin Cash hardfork takes place for annual scheduled protocol upgrades. The next hardfork is scheduled for today, November 15, 2018. Unlike previous BCH hardforks, there is a competing proposal that is not compatible with the published roadmap. The San Francisco-based crypto exchange is all geared to monitor the hardfork process and work to minimize customer disruption until the network meets customer.

In an earlier example, the exchange announced that it would pause sends and receives on the BCH wallets at Coinbase.com, in our iOS and Android apps and at Coinbase Pro, Prime, and Custody beginning at 8 AM PST on Thursday.

Due to recent developments, it has now been determined that it will be necessary to pause all buys, sells, and trading of BCH starting at 8 AM PST on Thursday at coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Coinbase Prime.

Accordingly, during the time of the pause, customers will not be able to remove or their BCH from Coinbase.

During the hardfork, the exchange is planning to take the following steps. The exchange will:

  • Pause withdrawals and deposits, as well as buys, sells, and trading of BCH
  • Take a snapshot of existing BCH balances
  • Monitor the fork for network consensus
  • Clear order books and re-enable buys, sells, sends, receives, and trading of BCH
  • If another chain exists, customers will have the ability to withdraw funds at a future date

Ahead of the much-anticipated hardfork, BCH has lost 14.8 percent of its value in the last seven days, which reiterates the fact the community is divided over the hardfork which is scheduled to take place on Thursday. The coin rose 2.8 percent and became one of the top performers in the market.

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