Saturday, February 4, 2023

BitKan Adds Bitcoin Cash to Wallets After China Shows Interest

BitKan Adds Bitcoin Cash to Wallets After China Shows Interest

Mobile wallet and OTC trading platform BitKan has decided to officially let users hold Bitcoin Cash balances in their accounts. It introduced the feature barely after the new coin “officially” appeared, around ten minutes after the hard fork that created it.

Also read: SegWit? Check. UASF? Check. Hard Fork? Wait and See…

BitKan Bitcoin Cash walletFor the moment, users will be able to hold BCC tokens only — it won’t be available for trading on BitKan’s P2P exchange. Users will receive BCC equal to whatever BTC balance their BitKan accounts hold.

It’s also one of the few “custodial” wallets to allow BCC balances, with others such as Coinbase rejecting the idea.

BitKan operations director Sandy Liang explained user demand was behind the move, and not politics. Many China-based bitcoiners, she said, had shown interest in using BCC.

It’s still too early to tell whether the freshly hard-forked currency will gain the support of the wider community. However it appears to be Chinese companies that are most willing to experiment, at least.

Some will call BitKan’s move a PR stunt, but it’s also part of Chinese cryptocurrency culture to accommodate alternative coins. The country’s major exchanges have traded litecoin alongside bitcoin for years, starting before most in the West.

This unique approach and culture is of interest to BitKan, who even made a documentary about it. The film will premiere at a summit event in Beijing on 10th September.

Bitcoin Evolution and Diversity

Bitsonline asked CEO Leon Liu if BitKan will commit to supporting Bitcoin Cash in the longer term — even if miners are lukewarm about devoting valuable hashing power to it. He said:

“This a difficult question to answer. This question should be answered in the future, but we believe that BCC’s birth is an evolution of Bitcoin, like diversity of nature.”

“As we have said before, BitKan is a platform for serving cryptocurrency users, if there is a wide need, BitKan would consider satisfying users’ demand.”

Exchange and mining pool ViaBTC was the first company to show serious support for Bitcoin Cash, listing it as a CNY trading pair and promising pool and cloud miners they could mine it.

At press time, BCC was worth ¥1,770 CNY on ViaBTC’s exchange, or $ 263 USD — before the fork, it was trading closer to the $500 USD mark.

How long will you hold your BCC? Let’s hear your thoughts.

Images via BitKan, Pixabay

Note: BitKan is a strategic partner of Bitsonline.

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