Spotlight on Poloniex Contest: My Poloniex Experience with the Bitcoin Cash Hardfork

For so many people who did not know, Poloniex supported the recently concluded Bitcoin Cash (BCH) Hardfork and I transferred my BCH to Poloniex so I could experience the fork and how Poloniex would share the forked coin and just like I thought, Poloniex showed class and superiority.

Before the BCH hardfork on Poloniex

A lot of people envisioned the hardfork to occur on the 15th of November at about 12:00 UTC and so, we wanted to keep our coins in exchanges we could trust. I am not here to discuss what happened with BItcoin Cash and why the Hardfork occurred, but I am writing this post to share my experience with Poloniex throughout the hardfork. If you would like to know why Bitcoin Cash had a chain split, you can read it on Poloniex's BCHABC Pre-Fork Trading FAQ.

Before the Hardfork, Poloniex announced the event months prior to the hardfork and got their traders and users ready for the event. A lot of exchanges only announced the hardfork event to take place less than a month ago. Also, Poloniex allowed for users to be able to claim BCHA and BCHN from their BCHABC even before the fork took place via their wallet.

Beyond claiming, a lot of traders could predict the future prices of the two chain coins, thanks to Poloniex who gave traders that ability to trade the pre forked coins. When I deposited my BCHABC, I didn't panic since i saw that there was a speculative price for the coin when they forked.

Before the fork, Poloniex gave the avenue to trade the both future coins Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA). After traders claimed the coins, they could trade it in the fork tab of the exchange.

Traders could trade the two pre forked coins Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN) with USDT, and BTC.

Since some users just like to hodl coins, they also weren't going to lose out. Users who held Bitcoin Cash (BCHABC) as at the 12:00 PM on the 15th of November also had the two tokens after splitting.

My Experience with Bitcoin Cash Harfork Split on Poloniex

In other to participate in the airdrop since I didn't have any BCHABC coin, I decided to transfer STEEM and Tron (TRX) to my Poloniex Wallet prior to the hardfork date.

Then I traded the coins for BCHABC (since I needed the coin urgently, I was a taker in the trade so I had to pay more transaction fees)

Since I didn't trade the coin, I just waited for the snapshot to take place a 9:00 AM (UTC) and the hardfork to take place at 12:00 PM (UTC). At 12:05 PM, after the scheduled maintenance, I checked my wallet and the forked coins were already in my wallet.

From the snapshot, Poloniex airdropped the coins immediately the fork occurred showing its commitment and unchanging words. I saw the coins in my wallet even during the maintenance period which was before the 12:00 UTC as my time zone is an hour ahead of UTC.

Currently, deposits and withdrawals of BCHN and BCHA is disabled as the coin chain are under maintenance while Poloniex do the needful to test, audit and ascertain that users can move their funds freely. Users can trade the coins on Poloniex.

My Thoughts

Poloniex has proven beyond all reasonable doubt that it can be trusted. Giving traders the ability to trade with the forked coin before it forked gave traders an insight into how much the coins will be worth after the fork. Users, traders, and crypto lovers should have an account on Poloniex, it can do far better compared to competitions.

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To Be Continued...

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Thanks for taking time to read through my post, I will appreciate your comments and will like to see you sign up to Poloniex if you haven't. In my next post, I will be sharing more about Poloniex.

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All Images are are photos and screenshot are from https://poloniex.com and https://www.okex.com except stated otherwise in the post.

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You should read my previous post about Poloniex below

Spotlight on Poloniex Contest: The Legendary Crypto Asset Exchange

Spotlight on Poloniex Contest: How Deposit and Withdrawal Works on Poloniex

Spotlight on Poloniex Contest: Features I will Like to See on Poloniex [Part 1]

Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement

Spotlight on Poloniex Contest: Earn Cryptocurrency on Poloniex Exchange

Spotlight on Poloniex Contest: What You Might have Missed Not Reading Poloniex User Agreement (Part 2)

Spotlight on Poloniex Contest: Poloniex VS Kraken (Head to Head)

Spotlight on Poloniex Contest: Everything you Need to Know about Poloni Dex

Spotlight on Poloniex Contest: Poloniex VS Okex (Head to Head)

Spotlight on Poloniex Contest: Exploring Poloniex Exchange and its Page