Sunday, February 5, 2023

Bitstamp: No Support for ‘Altcoin’ Bitcoin Cash – for Now

Bitstamp: No Support for ‘Altcoin’ Bitcoin Cash – for Now

European exchange Bitstamp has clarified its position on “Bitcoin Cash” (BCC) and a potential hard fork, saying it will not commit to supporting the token. However it also left open the possibility it may change its position on BCC in the future.

Also read: FinCEN Fines BTC-e $110 Million, User Account Funds in Jeopardy

Bitstamp Says BCC ‘Is an Altcoin’

“In Bitstamp’s view, BCC is an altcoin”, the company said, echoing sentiments expressed by groups opposing a hard fork. Thus, Bitstamp users cannot expect to receive any BCC tokens if a fork split does occur.

The company posted a statement on its website earlier today, saying its priority was the safety of customers and their funds.

“If Bitstamp chooses to list BCC, we would decide at our own discretion on what course of action to take with balances deriving from the hard fork. BCC would also be subject to the same due diligence processes as for any other alt-coin, which requires time and careful planning. For this reason, Bitstamp is not in a position to support BCC, nor will Bitstamp be liable for any BCC sent to Bitstamp.”

The company said it will also disable BTC deposits and withdrawals from 31 July 2017 at 23:00 UTC, but will still allow trading. Deposits and withdrawals will begin again when it’s deemed safe.

Exchanges Differ on Bitcoin Cash Policy

Exchanges including U.S.-based Coinbase/GDAX and Hong Kong’s BitMEX have also stated they will not support BCC, citing similar security concerns.

Bitfinex, the world’s number one exchange by total volumes, called Bitcoin Cash “a spurious forking of the Bitcoin project with little mining support”, but will allow its users to claim and withdraw BCC if they wish.

However other Asia-based exchanges have taken a more favorable approach. ViaBTC already offers a hypothetical BCC for trading. China’s OKCoin said it will list BCC if a fork happens, while BTCC said it will allow users to receive BCC tokens. Korea’s Bithumb and multi-national Kraken have also suggested they will list the token.

Bitstamp logoBitstamp is the first fully-licensed cryptocurrency exchange in the E.U., gaining approval from Luxembourg regulators. In 2013 it surpassed Mt. Gox to become the world’s number one Bitcoin exchange. Although it is now 14th by total volumes, it still processed $31.9 million in BTC/USD trades over the past 24 hours. It offers trades in USD, EUR, BTC and LTC.

Bitsonline advises all users to move their bitcoins to a wallet where they control the private keys before 1st August. If you personally believe Bitcoin Cash will have value, this is the only way to acquire it at no cost. If the Bitcoin blockchain forks, those holders will automatically have equal amounts of BTC and BCC.

What are you doing with your bitcoins for August? Let’s hear your thoughts.

Images via Bitstamp, Pixabay

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