Earlier this month, the Bitcoin Cash network underwent a hard fork that resulted in two different tokens, Bitcoin Cash ABC and Bitcoin SV. We previously informed customers that we intend to support a single version of BCH and that we would determine which token we would immediately follow as the primary version of the Bitcoin Cash protocol.
Given the results of the fork, it has become apparent that the Bitcoin Cash ABC implementation has received broader industry support and adoption compared to Bitcoin SV. Coins.ph will support the Bitcoin Cash ABC proposal as the continuation of the Bitcoin Cash chain and BCH identifier. Going forward, any mention of Bitcoin Cash or BCH on Coins.ph or Coins Pro will refer to Bitcoin Cash ABC and its blockchain.
We have now re-enabled the ability to send, receive, and convert in the Coins.ph BCH Wallet. The BCH markets in Coins Pro have also re-opened for trading.
In order to ensure that transactions in the Bitcoin Cash ABC chain are secure, we will also increase the number of confirmations required for an incoming BCH transaction to 25 confirmations until long term stability has been achieved. Transactions sent to your BCH wallet while functionality was disabled will also be credited to your account.
Regarding Bitcoin SV (BSV), the minority chain from this split, Coins.ph will continue to monitor the safety and viability of the new chain and its corresponding tokens before making any long-term support or redemption decisions. Please note that sending/receiving Bitcoin SV with your Coins.ph BCH wallet will not be possible; Bitcoin SV sent to your Coins.ph BCH wallet will be considered a cross-chain deposit.
If you have any other questions, feel free to contact us at help@coins.ph.
Sincerely,
The Coins.ph Team