The Bitcoin Cash network would undergo a scheduled protocol change on November 15, 2020 8:00 PM Philippine time. Due to competing proposals between Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) on the planned changes in the roadmap, it is likely that a token would be forked from the main Bitcoin Cash network as a result of the upgrade.
Although there are early indications that one of the proposals has received broader industry adoption, we will monitor the state of the Bitcoin Cash network and support the dominant BCH version, which will continue as Bitcoin Cash on the Coins.ph platform.
In order to secure your BCH while the upgrade is taking place, measures will be implemented on Coins.ph and Spot Trade beginning on November 15, 2020 at 7:00 AM (PHT). These measures will be in effect until it is clear that the BCH network is already stable:
- Temporary disabling of sending, receiving, and converting Bitcoin Cash in Coins.ph
- Temporary suspension of Bitcoin Cash trading in Spot Trade
- Automatic cancellation any open orders of Bitcoin Cash in Spot Trade
During the downtime, our team will work to take care of the technical requirements and monitor developments so customers do not need to take any specific actions for this upgrade. We will also save a record of customer Bitcoin Cash balances in Coins.ph and Spot Trade. Please take note however that incoming transactions which have not received 12 confirmation counts before the downtime will not be included in the balance snapshot.
If the minority proposal receives enough support after the chain split, Coins.ph would determine if a redemption would be possible, similar to the past Bitcoin SV fork. Please note that the redemption is not guaranteed and we recommend moving your Bitcoin Cash balance to an external wallet if you want to have full control of your funds, as well as the resulting splits.
We would re-enable the Bitcoin Cash service once it is clear that the network is stable. If you have any questions, please reach out to our team through the Coins app or Coins Support Form should you need any further assistance.