BitcoinCash is expected to be forked on November 15th. MXC will support the potential fork and open trading for the BCH forked coins (IOU).
I. Mapping feature
1. MXC will enable the mapping of BCH to BCHA (Bitcoin Cash ABC) and BCHN (Bitcoin Cash Node) at the ratio of 1:1 respectively, and the vice versa before the official fork on November 15. After the mapping complete, MXC will open trading for BCHA/USDT, BCHN/USDT (IOU) trading pairs.
2. The mapping function will be enabled soon, please stay tuned.
II. Spot trading
1. MXC will suspend BCH trading, deposit and withdrawal services on November 15, and cancel user's open orders for BCH/USDT, BCHA/USDT, BCHN/USDT trading pairs. Then, user's position of BCH, BCHA, BCHN will be recorded. After that, users with BCH position can receive BCHA and BCHN assets at a ratio of 1:1 respectively. The deposit and withdrawal function will be resumed after the network becomes stable.
2. If the fork of BitcoinCash does not occur after November 15, it means one of the blockchain wins and it will inherit BCH. Then, the IOU coin of the other blockchain will be delisted. Investors shall be cautious of the risks.
III. PoS Staking
MXC will suspend BCH PoS staking service on October 30, and users locking asset will be unlocked automatically.
IV. Margin, Leveraged ETF and Contract
The issues about BCH/USDT margin trading, BCH3L/3S leveraged ETFs and BCHUSDT perpetual contract will be informed in our follow-up announcement.
1. The above plan is based on the current market situation. If the market development is not consistent with the plan launched. MXC reserves the right to adjust the above-mentioned plan.
2. Bitcoin Cash forks have great uncertainty, and trading or investing in forked coins (IOU) are extremely risky. If a blockchain lacks the support of miners, it may not survive, and the value of the token may will be zeroed. Participants shall be caustious of the high risks.
3. After the mapping function is enabled, MXC will announce the specific timepoint of the above plan. Users who want to map BCH and receive the forked coins shall deposit BCH on MXC. We will handle all the mapping issues.
FAQ for BCH fork:
1. Why did Bitcoin Cash fork?
Like many blockchain protocols, although Bitcoin Cash only has a single protocol, the clients under the protocol are supported by separate teams. The two parties currently in dispute are: (1) the ABC full-node client team supports the launch of the Infrastructure Financing Program (IFP), (2) multiple full-node client teams including Bitcoin Verde, Bitcoin Unlimited and Bitcoin Cash Node oppose the launch of IFP.
2. What are the risks of futures trading before the fork?
Such transactions are extremely risky, and users need to bear the consequences themselves. Although the possibility of a hard fork on November 15, 2020 is high, there may also be new solutions that will allow Bitcoin Cash to operate in a single blockchain. In this case, the value on the abandoned fork chain may drop to zero.
3. What if the fork did not happen?
If there is no fork, the reason is that one of the development teams (Bitcoin Cash ABC or Bitcoin Unlimited, Bitcoin Verde and/or Bitcoin Cash Node) decided to abandon their position and agree to be included in the other blockchain. In this case, the value on the abandoned fork blockchain will be zero, and the value on the retained main fork chain should be similar to the value before the BCH fork.
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Enjoying your trade on MXC.
The MXC team
October 28, 2020