Remitano, major exchanges opt for ‘responsible’ route in Bitcoin BCH hash war

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Until the hash war ends, there is no splitting of Bitcoin BCH for peer-to-peer cryptocurrency exchange Remitano.

The P2P exchange suspended its BCH deposits and withdrawals prior to the November 15 protocol upgrade, which also saw a hash war being fought with miners voting between the Bitcoin SV (Satoshi Vision) and Bitcoin ABC implementations of the BCH protocol.

Remitano has already announced that it would resume processing deposits and withdrawals of BCH. But unlike other platforms that have prematurely given the BCH ticker to ABC after it took a temporary early lead, thanks to an artificial burst from “rented” hash power subsidized by Roger Ver’s Bitcoin.com and from Bitmain Technologies, Remitano opted for the “responsible” route—that of the Bitcoin way.

On its website, Remitano declared, “Looking at the events of the hash war, we find it irresponsible to simply give BCH ticker to either Bitcoin ABC or Bitcoin SV. As the original white paper stated, whatever the longest chain should be followed.”

“We will resume BCH deposits and withdrawals shortly, with the condition that every Bitcoin Cash transaction that transacted with us will need to be mined on both chains. So we will be listening for blocks on both Bitcoin ABC and Bitcoin SV, and will only credit people who have cast their transactions to both chains,” the exchange explained. “We will also broadcast withdrawal transactions on both chains to make sure it will be mined on both chains. We believe it is the only responsible solution for now and we would recommend any exchange or payment gateway to do the same.”

BCH transactions that only validate on one chain will not be credited on the Remitano platform, at least until the end of the hash war. According to the exchange, such “will be the case when you withdraw from any exchanges that decided to give BCH ticker to either BCHABC or BCHSV.”

Remitano, a product of Seychelles incorporated Babylon Solution Ltd., provides escrowed P2P marketplace for buying and selling Bitcoin BCH, as well as other cryptocurrencies like BTC. Remitano currently offers services in the United States, Australia, Malaysia, Nigeria, Vietnam, Cambodia, and China.

Aside from Remitano, several major crypto exchanges have accommodated BCHSV and BCHABC.

Last Friday, Binance distributed both coins to all eligible users in a 1:1 ratio, based on the snapshot of all BCH balances taken last November 15 at 4:40 p.m. UTC. The platform also opened trading for BCHABC/BTC, BCHABC/USDT, BCHSV/BTC and BCHSV/USDT on November 16.

Bitfinex has also assured its users that the platform would “not advocate for or against any particular fork, and miners have full prerogative to commit their hashing power to whichever projects they choose.” The exchange also introduced its Chain Split Tokens so traders can trade BCHABC and BCHSV against USD and BTC.  According to Bitfinex, “Upon creation by a user, the BCH will be debited from the user’s account and an equivalent amount of BAB and BSV will be credited. Users will be able to reverse this process at any time using the Token Manager.”

BAB and BSV have been successfully credited to Bitfinex users and BCH positions have been claimed. The BCH symbol will not be assigned until the fork is complete.

— Bitfinex (@bitfinex) November 15, 2018

Meanwhile, HitBTC offered pre-fork trading for BCHSV and BCHABC as part of its bid to encourage “the free choice of our community to support either of the new chains.”

In a blog post, HitBTC explained that its stance was a part of the exchange’s strategy. It stated, “By allowing the traders to determine a consensus for the future of the projects, we are essentially supporting the decision-making of our community.”

The hash war is far from over as Bitcoin SV’s strongest supporters, CoinGeek and nChain, are committed to a long term fight using their legitimate, sustained hash—long after Bitmain can no longer afford to bleed money for rented hash. It’s worth noting, however, that nChain is not seeking a Bitcoin variant with Bitcoin SV, it’s simply providing another choice for BCH miners.

One thing is for sure, Bitcoin BCH—with Bitcoin SV—has finally come of age, and it’s no longer a dev experiment, but a mining-backed project. If you’re interested in seeing the true original power of Bitcoin, we recommend you to join the bComm Association and to also come to the CoinGeek Week conference from November 28-30 (with a special advance Miner’s Day on November 27), the perfect venue to meet the thought leaders and discuss the implications of the world’s first Bitcoin Hash War fought according to Nakamoto Consensus. Be part of the community that wants to let the original Bitcoin show the world its true power as sound money and so much more.