What is Bitcoin Cash
Bitcoin Cash is essentially a new altcoin that is based on the transaction set of Bitcoin. A new blockchain will be created which will not be compatible with Bitcoin starting from the 1st of August. Everyone who has bitcoins on 1st of August, will have an equal amount of Bitcoin Cash tokens in the new blockchain.
This hard fork does not affect the functionality of Bitcoin. Your bitcoins will be safe, and you can transact with Bitcoin as usual. However if you wish to claim and use your Bitcoin Cash tokens, then you need to keep on reading.
Coinmotion and Bitcoin Cash
Coinmotion will be unable to support Bitcoin Cash tokens in the foreseeable future. Bitcoin Cash tokens can not be traded nor withdrawn from the Coinmotion service for the time being. We have doubts regarding the long term viability of “Bitcoin Cash” and we will not be supporting Bitcoin Cash tokens at this time.
If the Bitcoin Cash token includes replay protection and is otherwise safe to use, and the token reaches a significant value position among cryptocurrencies, we will consider changing our position. This will remain solely at our discretion.
Accessing your Bitcoin Cash tokens
If you wish to have an immediate access to your Bitcoin Cash tokens, you should withdraw your bitcoins from Coinmotion before the 1st of August. Coinmotion shall not be held liable for any consequences of that decision and recommends that our customers practice care in their actions relating to the transfer and storage of cryptocurrencies.
We will keep our customers updated in case we change our position in the future to allow Bitcoin Cash tokens to be withdrawn, traded or automatically liquidated for BTC at our platform. Our position is mainly dependent on the value of the Bitcoin Cash tokens and the security of the Bitcoin Cash system.
Security of your bitcoins at Coinmotion
Our primary goal is to ensure the security of the bitcoin (BTC) tokens stored at Coinmotion. The Bitcoin Cash hard fork will not threaten the security of our customer’s bitcoins. The bitcoins will remain safe and bitcoin deposits and withdraws will function normally.
Regarding bitcoin deposits to Coinmotion after the 1st of August: If you want to make sure you can access your Bitcoin Cash tokens, please make sure your Bitcoin Cash coins are replay protected before depositing bitcoins to Coinmotion, because our system won’t acknowledge Bitcoin Cash deposits. We will only acknowledge Bitcoin (BTC) deposits.
In case you have any questions, we are happy to answer at [email protected].