BCHABC Pre-Fork Trading on Poloniex: Answers to Your Questions

Poloniex exchange is offering her customers the opportunity to trade with two tokens involved in the soon coming 15th November, 2020 Bitcoin Cash hard fork.

This decision allows traders to have early access to the new tokens before the hard fork.

Today, I bring you the answers to all your questions on this new development.

Why The Hard Fork?

Bitcoin Cash has remained a single blockchain protocol for years. There are different independent teams responsible for building the various client implementations on the BCH protocol.

The two teams responsible for the BCH protocol are:

1. The team behind the full node ABC and
2. The teams behind full node clients including Bitcoin Verde, Bitcoin Unlimited, and Bitcoin Cash Node.

The first team are in favour of infrastructure funding plan (IFP) activation, while the second team is against the IFP activation.

BCHA and BCHN: What are there?

The Bitcoin Cash ABC (BCHA) and Bitcoin Cash node (BCHN) are the tokens currently under debate on the soon coming hard fork.

What is Pre-forking Trading?
Recall that on November 7th, 2018 before the actual bitcoin cash fork that happened on 15th November of same year, Poloniex offered her traders the option of trading with a split of the contended tokens: BCHABC (the ABC team implementation of BCH) and BCHSV (the Satoshi Vision’s implementation of BCH).

Similarly, for this next hard fork, Poloniex offers her traders the opportunity to split BCH into BCHA and BCHN and trade on it.

This way, traders will be able to speculate the debated tokens and move their values to the most suitable node before the hard fork.

Is Pre-forking Trading Risky?

Yes! This trading is very risky, thus traders should trade on their own risk. Although the hard fork is possible to achieve on the 15th of this month, it is also possible that a resolution is reached and BCH continue in one chain.

If that happens, the value of that abandoned fork could fall to zero.

How can one split BCHABC to BCHA and BCHN?

In order to split and trade with the new tokens, the following steps should be followed:

1. Split your BCHABH into BCHA and BCHN from within your wallet. 1 BCHABC = 1 BCHA and 1 BCHN.
2. Once you claim your BCHA and BCHN, you can trade them in our BTC and USDT markets. These markets are listed in our Innovation Zone under FORK.
3. At any time, you can choose to convert your BCHA and BCHN tokens back to BCHABC from within your wallet. To do this, you will need an equal amount of BCHA and BCHN. 1 BCHA and 1 BCHN = 1 BCHABC.

Will Poloniex continue to support both chains after fork?

Provided both chains remain technically viable, they will be supported.

This is how much we can go. For more answers, you can please refer to this document.

Sorce.

Much love from me and @andikan1, we love you all.