Post-Fork Bitcoin Cash Announcement – Coins.ph

Post-Fork Bitcoin Cash Announcement

We would like to provide an update to Coins.ph customers regarding Bitcoin Cash (BCC).  Prior to the recent Bitcoin network fork, we informed our customers that we had no plans to support BCC, and anyone wishing to receive BCC needed to move their BTC out of their Coins.ph wallet ahead of the fork.

Given the results of the BCC fork and the financial value it now represents, we are now exploring several different approaches for handling the forked BCC value.  As of now, we are evaluating two primary possibilities:

  1. Adding BCC support and crediting customers wallets in BCC according to the amount of BTC held in the wallet at the time of block 478,558 (August 1 9:16 pm Philippines time, the time the fork occurred).
  2. Converting BCC created during the fork to BTC, and crediting the respective customer accounts based on the corresponding amount of BTC held at the time of the fork (net of any costs we incur for the conversion and transfer).

We expect to complete our technical feasibility review within the next 30 days. This timeline will allow us to conduct a thorough technical and security evaluation of handling BCC as a currency. Once a final decision on a course of action has been reached we will provide an update.

We remain committed to looking after the best interests of our customers, and appreciate your patience as we ensure that we take the responsible, secure route for handling your funds.

 

Best,

The Coins.ph Team   

 In Announcements, Bitcoin
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