Several Exchanges Experienced Difficulties During Bitcoin Cash Distribution

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Exchanges Experience Difficulties During Bitcoin Cash Distribution

Several major cryptocurrency exchanges experienced a number of difficulties during the highly anticipated bitcoin cash distribution that took place yesterday. From 12:20 UTC onward, customers of Kraken and Bittrex experienced several interruptions to login functionality, whilst Bitfinex reported that traders had attempted to manipulate its bitcoin cash distribution coefficient.

Also Read: Fork Watch: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

The Bitcoin Cash Distribution Resulting in a Flood of Traffic to Several Exchanges

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Yesterday’s forking of the bitcoin network and subsequent bitcoin cash distribution comprised the most highly anticipated cryptocurrency event in recent years, with several exchanges experiencing an extreme flood of traffic as traders raced to access their accounts.

Bittrex was the first exchange to complete its bitcoin cash distribution, having taken a snapshot of wallet balances at 12:20 UTC – the time at which the hard fork had been expected to take place. With the 12:20 UTC approximation proving to be an hour premature, a flood of Bittrex customers raced to access their bitcoin cash tokens that did not yet exist. The flood of traffic resulted in many traders being left unable to access their accounts for approximately one hour, whilst Bittrex rushed to re-enable log in functionality.

Kraken also experienced a flood of traffic during the bitcoin cash distribution, resulting in several interruptions to the exchange’s login and trading operations leading up to and after the fork. At 12:45 UTC, Kraken posted that it had identified a number of “performance issues” resulting from “very heavy site traffic heading into the Bitcoin Cash (BCH) fork”, and reminded traders that “BCH account balances and trading will not be enabled until well after the 6th block with a timestamp of 12:20pm UTC or later”. At 13:36 UTC Kraken stated that “Bitcoin Cash (BCH) trading is now live”. This announced proved premature, and likely exacerbated operational difficulties, with the company posting that “BCH balances have not been credited yet. We are still working to credit BCH balances to accounts” just 4 minutes later. At 14:36 UTC Kraken announced it was “still seeing extremely heavy traffic to the site and login functionality is currently down.” Kraken would not complete it’s bitcoin cash distribution for another four hours, experiencing numerous operational difficulties throughout.

Bitfinex Reports to Have Identified Manipulation Attempts by Traders Attempting to Accrue Additional Bitcoin Cash

Exchanges Experience Difficulties During Bitcoin Cash Distribution

Bitfinex had a unique policy for their bitcoin cash distribution. According to a statement issued on July 27 by Bitfinex, the exchange would distribute bitcoin cash to “all BTC wallet balances”, and bitcoin lenders. The announcement stated that “Margin longs in BTC/USD and margin shorts in XXX/BTC will not receive BCH” and “Margin shorts in BTC/USD and margin longs in XXX/BTC will not pay BCH”. Due to the methodology employed, Bitfinex anticipated that it may see “a surplus or deficit of BCH”, and would be resolving the “discrepancy in the form of a localized distribution coefficient.”

After the fork had taken place, Bitfinex claimed to have held 101,798.8855 BCH to distribute to 131,237.8562 settled bitcoin wallet balances and -29,438.9707 BCH in unsettled margin positions, resulting in a bitcoin cash distribution coefficient of 0.7757 – however, the coefficient was changed to 0.8539 following “adjustments for manipulation attempts.” Bitfinex stated that “several accounts began large-scale manipulation tactics in an attempt to obtain BCH tokens at the expense of exchange longs and lenders of the platform, causing the distribution coefficient to artificially plummet.” Bitfinex has stated that those who attempted to execute “this kind of manipulation” were in “violation of Bitfinex’s terms of services” and have been “sanctioned accordingly”.

Did you experience any difficulties accessing exchanges during the bitcoin fork? Share your experience in the comments section below!


Images courtesy of Shutterstock and Bitfinex


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These Exchanges Are Now Trading Bitcoin Cash

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These Exchanges Are Now Trading Bitcoin Cash

An increasing number of trading platforms have started trading Bitcoin Cash (BCH, BCC), the new cryptocurrency resulting from the blockchain split on August 1.

Also read: Japanese Exchanges Embracing Bitcoin Cash Post-Fork

At 7 AM UCT on August 2, the 24-hour trading volume for Bitcoin Cash is approximately $130 million, according to Coinmarketcap. The new cryptocurrency is already ranked No. 3 among all cryptocurrencies, behind only bitcoin and ether.

Bittrex

Bittrex offers BCC/BTC, BCC/ETH and BCC/USDT trading pairs. Its collective 24-hour trading volume for all three pairs was at the time of writing approximately $59 million, with the BCC/BTC trading pair accounting for over $54 million volume.

These Exchanges Are Now Trading Bitcoin Cash
Bittrex trading chart for BCC/BTC from August 1 when BCC trading began

Kraken

These Exchanges Are Now Trading Bitcoin CashKraken opened BCH trading on August 1 at 13:24 UTC, shortly after the last common block on both chains, 478558, was mined. Trading began before customers were credited with BCH, leading to some criticisms. By 18:38 UTC, Kraken announced that all customers had been credited. The site had some problems as customers were trying to trade the new cryptocurrency. One customer tweeted, “BCH credited, disappeared, reappeared. Several crashes, but finally managed to sell some XBT for BCH.”

Three trading pairs are available on Kraken; BCH/EUR, BCH/USD, and BCH/XBT, with a collective 24-hour trading volume of approximately $49 million.

Viabtc

Viabtc announced on August 1 that it had started BCC deposits and withdrawals, stating that:

BCC deposits to Viabtc will be available for trading after 1 confirmation and withdrawal after 20 confirmations.

In contrast, bitcoin deposits will be available for trading after 1 confirmation and withdrawal after 6 confirmations. BCC/CNY and BCC/BTC and the two trading pairs available.

These Exchanges Are Now Trading Bitcoin Cash
Viabtc trading chart for BCC/BTC from August 1

Bter

Bter has about $4.3 million 24-hour trading volume for its two trading pairs BCC/CNY BCC/BTC. The former accounts for $4.26 million and the latter only $44,860 in volume.

These Exchanges Are Now Trading Bitcoin Cash
Bter trading chart for BCC/CNY from August 1

The Big Three Chinese Exchanges

Huobi
These Exchanges Are Now Trading Bitcoin CashHuobi announced that Huobi.pro will start trading BCC/BTC on August 2 at 2:41 Beijing time. Unlike Huobi.com which is a fiat-blockchain asset trading platform, Huobi.pro is a blockchain asset-only trading platform. It was launched on July 28.

Okcoin’s Okex
Okex stated that “in response to a large number of users’ requests, Okex has decided to enable BCC / BTC trading on August 1, 23:00 (Beijing time) 2017,” the company wrote.

These Exchanges Are Now Trading Bitcoin CashBTCC
BTCC has announced that its “BTCC DAX and USD Exchange will not support BCC deposits or trading for the time being.” However, its Justpay customers will be able to trade BCC/CNY on BTCChina’s Blockchain+ trading platform. Blockchain+ is BTCChina’s new platform for trading ETH and ICOCOIN with CNY.

BCC Also Trading on These Exchanges

Hitbtc offers BCC/BTC, BCC/USD, and BCC/ETH trading pairs. Their collective volume is about $1.7 million, according to Coinmarketcap.

These Exchanges Are Now Trading Bitcoin CashYobit opened trading for Bitcoin Cash on July 31 with two trading pairs, BCC/BTC and BCC/USD.

Cryptopia, a New Zealand-based digital asset exchange, offers BCH/BTC, BCH/LTC and BCH/DOGE trading pairs with a collective 24-hour trading volume of approximately $220,000.

Nova Exchange offers BCC/BTC, BTC/LTC, BCC/DOGE, and BCC/ETH with an overall 24-hour trading volume of $138,000.

The Rock Trading offers BCH/BTC with only $40,990 of 24-hour trading volume.

Coinexchange offers BCH/BTC trading with a 24-hour trading volume of $17,809.

Stocks.exchange offers a BCC/BTC trading pair with a 24-hour trading volume of only $30.

Which exchanges would you like to see trade Bitcoin Cash? Let us know in the comments section below.


Images courtesy of Shutterstock, Bittrex, Kraken, Viabtc, Bter


Need to calculate your bitcoin holdings? Check our tools section.

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