Bitcoin Scaling and Bitcoin forks have been the market focus recently. We also received many Huobi users’ questions and concerns about Bitcoin Cash (BCC for short). In this case, Huobi will introduce relevant information about Bitcoin Scaling and BCC. Here is an official statement about Huobi’s attitude of Bitcoin Scaling and Bitcoin forks:
1. About Bitcoin Scaling
There are no Bitcoin forks up to now and the New York Agreement has successfully locked in. On May 23, 2017, 58 countries from 22 countries around the world signed the New York Agreement (Segwit2x). The signed group includes 58 companies located in 22 countries, 83.28% of hashing power, 5.1 billion USD monthly on chain transaction volume and 20.5 million bitcoin wallets. The group agreed to immediately support the following parallel upgrades to the bitcoin protocol, which will be deployed simultaneously and based on the original Segwit2Mb proposal: Activate Segregated Witness at an 80% threshold, signaling at bit 4 and activate a 2 MB hard fork within six months. New York agreement is hard-earned and the result of a joint effort from both the industry and the community. Segwit2x received more than 80% hashing power support from July 19 to July 21, 2017 and was officially activated on July 23, 2017.
The development process of Bitcoin can refer to the link: https://bitcoin.org/en/
2. About Bitcoin Cash (BCC)
A new digital asset named BCC occurred in the market recently. To reduce our users’ confusion in recognition, we will explain what is BCC here. BCC is a digital asset generating from the Bitcoin ABC software. Bitcoin ABC is a full node implementation of the Bitcoin protocol. It has removed the controversial Segwit code, replacing it with a simple, sensible, adjustable blocksize cap. BCC will begin to be mined at 20:20, August 1, 2017(GMT+8).
For more information about Bitcoin Cash, please refer to the link: https: //www.bitcoinabc.org/
3. About Huobi’s attitude to BTC and BCC
Huobi, a global blockchain asset trading platform, has been upholding the following basic operating philosophies, such as being objective and neutral, being responsible for users, and promoting innovation and healthy development of the blockchain industry. We will, as always, provide a full range support for BTC trading on Huobi, as there is an industry consensus on Bitcoin Scaling, which is successfully activated and running steadily without any fork. Bitcoin ABC, which is supported by a handful of companies in the industry, is another innovative attempt for the BTC Scaling. It generates BCC, which is considered as a new blockchain asset by Huobi.
Huobi will provide accordingly support to BCC based on three basic influencing factors: firstly, the actual operating situation of BCC; secondly, the consistent standard for adding new digital assets to New Area on Huobi; thirdly, the circulation of the user assets.
Support for BCC asset and trading is as follows:
1. BCC asset
Since BCC shares the same blockchain network with BTC before it is to be mined, all users who own BTC will get BCC for free automatically.
If you have BTC on Huobi before 20:20, August 1, 2017, you will be given the equivalent amount of BCC. 1BTC get 1BCC for free.
Kindly notice: Huobi will suspend BTC deposits and withdrawals from the time BCC starts to be mined until BCC network is stable, considering the impact to BTC blockchain network. We will issue another announcement to inform you the specific time. We recommend that you deposit BTC in advance to be able to trade at the first time in case you are not able to deposit BTC under urgent situations. If you have BTC on Huobi, please don’t worry about your asset’s safety.
2. BCC trading
Since BCC is a new blockchain asset, there is a high uncertainty in the short term and the market price may also be volatile. We will issue another announcement around August 1,2017 to elaborate when and how we will launch BCC trading after considerable thought under our company’s policy to adding new digital asset, and our consistent dedication to user satisfaction.
Huobi will provide users with compliant, secure and effective blockchain asset trading services. Thanks for your always trust and support!
July 26, 2017