With several exchanges and wallet suspending support for bitcoin cash token (BCH) in anticipation of its forthcoming hard fork. Poloniex, a popular crypto exchange has shown support for the network by listing the network’s pre-hard fork tokens— BCHABC and BCHSV. The coins are available for trading on the exchange pending the hard fork on 15th of November.
Poloniex as a Pacesetter
Through this act, Poloniex has proven its self to be a pacesetter, as it is now the first exchange to offer trading for the pre-fork coins. Once the hard fork is over, one of the two tokens will remain and the second one will be eliminated.
Poloniex Offers Pre-Fork Trading
Since listing the coin on the platform, the following pairs are now tradable on the platform BCHSV/BTC, BCHSV/USDC, BCHABC/BTC, and BCHABC/USDC.
This way users can convert their BCH tokens into any of the pre-hard fork tokens— BCHABC and BCHSV, and vice-versa.
According to a report from Poloniex, in order to trade the tokens, it is important to have BCH deposited on the platform. This deposited BCH tokens are then divided into an equivalent number of “Bitcoin Cash ABC” (BCHABC) and “Bitcoin Cash SV” (BCHSV).
The exchange also made it known that the tokens can be converted back to BCH using a similar process.
Support for Both Side
Poloniex made a comment as regards this in a blog post. The post stated that:
“We believe the responsible thing to do in this case remains neutral and allow the community to decide which chain to support, and we want to empower the community to demonstrate their support through trading activity. This is the first time we are offering pre-fork trading and it is part of a broader effort to make Poloniex one of the most innovative exchanges in the world. Going forward, we will evaluate each hard fork individually and decide whether to support the fork or to offer pre-fork trading.”
It is important to note that it is impossible to withdraw these coins before the hard fork.