Taking a page from Bitfinex, Hong Kong-based bitcoin and cryptocurrency exchange BTCC announced today a new feature called ‘Chain Split Coins’ while Bitfinex calls its innovation ‘Chain Split Tokens.’ The company has introduced four new trading pairs on BTCC’s exchanges today: 1MB/BTC, 2MB/BTC, 1MB/USD, and 2MB/USD.
The new 1MB and 2MB trading units allow customers to speculate on the value of coins that will be created after SegWit2x’s activation. The 1MB coin is equivalent to the post-fork one-megabyte base blocksize coin, and the 2MB coin is equivalent to the post-fork two-megabyte base blocksize coin.
Chain split coins are a trading unit that allows customers to trade on the value of the coins that might be created after the activation of an event such as a fork, like next month’s Bitcoin SegWit2x on the Bitcoin blockchain.
Users can obtain 1MB and 2MB by depositing bitcoins (BTC) in their BTCC DAX or USD Exchange accounts, and then going to the Balance page on BTCC DAX or the Account Overview page on BTCC USD Exchange to “split” the BTC into 1MB and 2MB. One BTC will be equal to one 1MB plus one 2MB.
Users will also be able to convert 1MB and 2MB back into BTC using a one-1MB-plus-one-2MB-equals-one-BTC ratio on the Account Overview page on BTCC USD Exchange or the Balance page on BTCC DAX.