New Zealand headquartered altcoin and cryptocurrency exchange Cryptopia has announced that its development team worked meticulously through the weekend to design and create a process to automate the split between BTC and Bitcoin Cash Coin (BCH) safely for the company and users. If a fork should occur on or after August 1st, Cryptopia will support the Bitcoin Cash Coin (BCH).
The Cryptopia team says they consider BCH to be an altcoin and is skeptical of the rushed implementation, as the process of splitting tokens creates risk. Anyway, the company has determined a process to support BCH that they are confident won’t have any impact on the security of company BTC balances and orders.
Users with BTC in their Cryptopia accounts will be credited with an equal amount of BCH should the fork occur. BCH/BTC BCH/LTC BCH/DOGE markets will be available after the fork has occurred. Users will be unable to deposit or withdraw BCH for up to 48 hours after the fork while Cryptopia monitors the networks and is comfortable that customer funds of BTC and BCH have been appropriately stored.
As an extra security precaution, Cryptopia will be disabling BTC deposits and withdrawals starting on July 31st, 2017 at 23:00 UTC to ensure that all BTC funds stored at Cryptopia remain safe and secure. Once sure the network is stable and safe, deposits and withdrawals will be resumed.
The company said that trading will remain unaffected throughout the BTC service interruptions.