BitStar.com cryptocurrency derivatives trading platform will not support BitcoinCash.
A small group of individuals and companies have announced their intention to create a new digital currency called BitcoinCash (BCC), which is built on a cloned copy of the Bitcoin blockchain. BitcoinCash is scheduled to launch on August 1. In theory, every Bitcoin owner is entitled to an equal amount of the new BCC currency. The fact that every Bitcoin owner will have a stake in BitcoinCash has allowed this “forkcoin” to generate more public attention than typical altcoins.
BitStar will not support the exchange or distribution of BitcoinCash, despite the unusual amount of public attention this project has received. BitcoinCash fails several of our minimum requirements for a new digital currency..
- We only support digital currencies that have had extensive open source peer review and testing. BitcoinCash does not meet this standard.
- We only support digital currencies that have been operating successfully for a significant period of time. BitcoinCash does not meet this standard. It is still in pre-launch phase.
- We only consider supporting new digital currencies that have some important, unique capabilities to distinguish it. BitcoinCash does not meet this standard. It is merely a copy of the Bitcoin source code with Segwit removed; it has no apparent useful applications and will be technically inferior to Bitcoin.
Another reason why we will not support BitcoinCash is timing. BitcoinCash is scheduled to launch on August 1, which is the UASF deadline and right in the middle of the Segwit lock-in period. Although most experts now believe August 1 will pass without major disruption, the launch of BitcoinCash is adding an unnecessary new element of risk and uncertainty at a very critical moment in the history of Bitcoin. The confusion that BitcoinCash will cause for mainstream Bitcoin users and observers could do real harm to the Bitcoin brand. It would be better to focus our collective attention as an industry on the successful activation of Segwit and the wide range of real Bitcoin scaling solutions that are now possible, not on yet another new altcoin.
If you want to spend your BitcoinCash tokens after it forks off from Bitcoin, you should withdraw your BTC from BitStar to your personal Bitcoin wallet before August 1. Then you should consult with your trusted BitcoinCash developers for instructions on how to safely split your BCC tokens from your BTC. If BitcoinCash survives for a long enough period of time and there is significant demand, we may reconsider supporting it in the future.
As a precautionary measure, BitStar plans to temporarily suspend Bitcoin deposits and withdrawals from July 31 to August 2. Ethereum and Ethereum Classic deposits and withdrawals will not be affected.
Bitcoin trading on the BitStar platform will continue uninterrupted. However, users should be aware that the coming days may see extreme price volatility due to uncertainty about the UASF August 1 deadline, the BitcoinCash fork, the final lock-in of Segwit, and other unforeseen events. You must exercise extreme caution if you do leverage trading during this period.
https://medium.com/@bitstarcom/bitstar-will-not-support-bitcoincash-c62632a03713https://www.bitstar.com
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