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Paxful’s stance on Bitcoin Cash (BCH) after the split

2849 views August 4, 2017 December 29, 2017 ray 40

 

On 1st of August Bitcoin blockchain had a split where second chain was created. Second chain called Bitcoin Cash (BCH) is a completely new cryptocurrency and doesn’t interfere with the original Bitcoin blockchain. This is similar to the split in the Ethereum network in 2016. If you had 1 bitcoin, besides 1 bitcoin you now also have 1 bitcoin cash (BCH).

Here are the most common questions answered regarding bitcoin kept in Paxful users wallets.

  1. Are my bitcoins safe in my Paxful wallet?

Since it’s already past 1st of August when the split happened and no incidents occurred during that time we assure that Paxful operates normally.

  1. Is Paxful going to support Bitcoin Cash (BCH)?

We are not ready to support right now for multiple reasons. First reason is that Paxful doesn’t have multicoin support yet and the way web wallets operate there is no possibility for us to credit BCH to our users.

The second reason is short announcement period and without rigorous testing, we are not willing to risk with people’s money. BitGo whom we are using to handle our bitcoin deposits and withdrawals has the same stance.

Read more on their blog.

  1. Will I receive Bitcoin Cash (BCH) eventually?

We are now waiting until BitGo resolves our issue with access of bitcoin cash hot wallet on their side. They keep ignoring this issue for past 2 weeks. After we solve issue of bitcoin cash in hot wallet we will distribute bitcoin proportionally between users how much they had balance on 1st of august.

Also regarding fork of bitcoin gold, we will do the same once we have completed the distribution of bitcoin from bcash. We have snapshots of user balances available so when some other forks like bitcoinx, united bitcoin or super bitcoin will get to some major exchange we can sell them there and distribute.

Regarding the option of crediting users with bcash is also a possibility, but since our multicoin support will not be there within a month, we have decided to credit users with proceeds of sold bcash for bitcoin instead. I do estimate once BitGo fixes issue on their end it won’t take us more than a week to give bitcoins to users from the bcash.

 

Paxful is evolving

In the past 3 years bitcoin and the whole cryptocurrency space has evolved at the speed of light. Our initial idea of using bitcoin to pay at brick and mortar merchants (Easybitz) evolved into buying bitcoin instantly for as many payment methods as possible. Now we are about to release revolutionary Pay with Paxful. With other cryptocurrencies having unique properties that bitcoin doesn’t, our users have been asking for their support. We are currently building an universal digital wallet.

If you have any more questions, please get in touch with [email protected]

Updated 29-12-2017

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