Bitcoin Cash [BCH] hard fork on Coinbase further detailed out; November 15 event stirs community

The upcoming Bitcoin Cash [BCH] hard fork has created quite a sensation in the cryptocurrency community, with several major players announcing their perspective on the event. On November 13, Coinbase, the largest cryptocurrency exchange in terms of users, released a set of guidelines that BCH holders will need to follow during the fork.

The exchange, which had earlier released a circular that talked about the pause on sends and receives of Bitcoin Cash on the platform, revealed a new addendum. Coinbase said:

“Due to recent developments, we have now determined that it will be necessary to also pause all buys, sells, and trading of BCH starting at 8:00AM PST on Thursday on Coinbase.com, in the iOS and Android apps, and on Coinbase Pro and Prime. Accordingly, during the time of the pause, you will not be able to sell or remove your BCH from Coinbase.”

The company has also informed users that if they need to access their respective BCH during the fork, they will have to remove it from the exchange before the process begins. Coinbase has also laid out a detailed instruction list for users that will enable them to handle the cryptocurrency during the hard fork.

Coinbase has stated that after the BCH transactions are paused, a snapshot will be taken of the existing BCH balances. The exchange will then monitor the fork for network consensus to ensure that the fork happens successfully. The circular further said:

“If another viable chain exists, customers will have the ability to withdraw funds at a future date. We anticipate this will take at least a few weeks, but may take longer.”

The Bitcoin Cash hard fork was also in the news recently when Bitinex announced pre-fork trading on their platform. The exchange had stated:

“While we want to make such forks available to our customers, our limited and temporary support for them is not and should not be construed as support for any particular project.