Hard forks are happening all over the world of cryptocurrency, and many exchanges are having a hard time keeping up updating their listings. It now appears that most of the exchanges will not support the upcoming MoneroV hard fork.
Poloniex Does Not Want MoneroV
Monero has become popular because it offers a higher degree of both privacy and anonymity features in a permanent manner. Because of this, some coins are trying to emulate its functionalities to have the same success, including the approaching MoneroV hard fork.
While there is no telling how the new XMR coin will perform compare to its parent, Poloniex has made it very clear that it wants nothing to do with MoneroV. The trading platform announced that it will not support the MoneroV fork.
The hard fork will take place when the Monero blockchain reaches block 1,564,965. This should happen on Monday, if everything goes as planned. This hard fork will lead to an unpleasant side effect for Monero traders, as Poloniex will also freeze all transactions with this coin on the platform for a few hours.
This means that Monero cannot be deposited on to Poloniex via regular means. Once the wallet will be enabled again, the money will be credited, and some delays are to be expected.
According to an official notice made by Poloniex, this is expected to happen in a few days, suggesting that XMR trading will be interrupted for more than the average four to six hours when a hard fork takes place.
Users that still want to get their MoneroV coins will have to transfer their XMR balance from Poloniex to a compatible wallet or exchange.
It will be quite curious to see how many platforms will offer support for this unwanted hard fork, as there no other major platform, except HitBTC, has indicated that it wants to get involved with the upcoming fork at this phase.
It is quite clear that the number of hard forks will not decrease in the near future. Actually, there is a high chance that this trend will persist for quite some time, particularly when it comes to popular cryptocurrencies. Bitcoin has experienced several forks, and Monero is next.
It is extremely important that exchanges have to keep a close eye on these forks and airdrops. It is obvious that not all forks and airdrops are valuable, with most of them being useless. What fate will the upcoming MoneroV coin have remains to be seen.