Coins.ph, a bitcoin wallet and exchange site in the Philippines has begun depositing their customers’ share of BitcoinCash, which was created during the August Fork.
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Since Coins.ph is not supporting BCH (BitcoinCash), they will convert it to BTC. This is the cryptocurrency that will be deposited to your Coinsph account.
Background – The August Bitcoin Fork
There was a Bitcoin network upgrade last August 1, 2017. This resulted in the creation of the cryptocurrency we now call BitcoinCash.
Put simply, if you had X amount of Bitcoins as of August 1, 2017, you also got X amount of BitcoinCash because of the split.
- Note: Read our General Bitcoin Guide Here.
- UPDATE JUNE 2018: Coins.ph now supports BCH along with BTC and ETH.
Finalities – BCH to BTC
On September 2017, the company announced that they will not support BCH and opted to have the BCH created during the fork to be credited to the users, depending on the number of BTC the users had at that time.
Around October 13 – 15, 2017, users received an email from Coins.ph, telling them that they have already deposited the Bitcoin Equivalent of the BTC created during the fork to their wallets.
- Exchange Rate was 0.08548036682
- A Php 10.00 was deducted as payment for the conversion.
Reaction from Users
Many users were happy with this development, as they finally got the value created by the BCH Split to their PH Bitcoin wallets.
Some, however, felt that the decision took so long to get finalized. As evidence, the value of BCH is now lower than compared to what it was before.
Exchanges around the world, like the ones in Japan supported BCH almost immediately after the fork happened.
A brand new hard fork of Bitcoin will happen sometime in November 2017. This is known as the Segwit2x, which we discussed last time in our Daily Bits. Bitcoin.org is warning users on companies who will support the fork, and Coins.ph is one of those companies.
We contacted Coins.ph about it but they mentioned to check their blog daily for any announcements.
That Coins.ph took some time to deposit to their users the value created by the BitcoinCash fork is a lesson for everyone who keeps their Bitcoins in an Online Bitcoin Wallet. Some users might have taken the option to remove all their coins on Coins.ph and deposit them all to a wallet that will support the split immediately. But many probably didn’t. Maybe we didn’t have the time to transfer our coins. Or maybe we are afraid to do so because we already trust Coins.ph to take care of our Bitcoins, which they did.
Our point is that, we must all continue learning more about cryptocurrency, its risks and value, so that we are aware of such events. In that way, we will be able to take actions that will be valuable to us and our coins in the long run.
- Why Bitcoin.org denounces Segwit2x
- Is Bitcoin Legal in the Philippines?
- Bitcoin to PHP Conversion in Real Time
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