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Remitano will resume processing BCH deposits and withdrawals
Remitano will resume processing BCH deposits and withdrawals

How Remitano will resume its BCH deposits and withdrawals

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Written by Remitano
Updated over a week ago

Remitano P2P Exchange won't support a BCH split until the end of the hash war

Remitano has been one of the major P2P Crypto Exchanges all over the world. We support Bitcoin, Bitcoin Cash, and a few other coins.

Recently Remitano had to halt its BCH deposits and withdrawals due to the recent hard fork in which Bitcoin ABC and Bitcoin SV started to introduce incompatible changes.

Looking at the events of the hash war, we find it irresponsible to simply give BCH ticker to either Bitcoin ABC nor Bitcoin SV. As the original white paper stated, whatever the longest chain should be followed.

Still, we can't deny our customer access to Bitcoin Cash forever. Doing so isn't fair to people who may depend on these fund for their life.

So instead, we will resume BCH deposits and withdrawals shortly, with the condition that every Bitcoin Cash transaction that transacted with us will need to be mined on both chains. So we will be listening for blocks on both Bitcoin ABC and Bitcoin SV, and will only credit people who have cast their transactions to both chains. We will also broadcast withdrawal transactions on both chains to make sure it will be mined on both chains. We believe it is the only responsible solution for now and we would recommend any exchange or payment gateway to do the same.

In the event that you deposit BCH with a transaction that only validates on one chain but not the other, we won't consider crediting it until the end of the hash war. This will be the case when you withdraw from any exchanges that decided to give BCH ticker to either BCHABC or BCHSV.

Updated Nov 20, 2018:

We won't be accepting either BCHABC or BCHSV. If you wish to transact with Remitano, you will have to send coin that will validates on both chain. The hash war isn't over and theoretically either chain can be re-organized due to attack from miners supporting other chains. Right now the mining profit on each chain is significantly lower than on BTC chain, which make the hash rates that support BCHABC and BCHSV not economically sustainable. Given a lot of confusion and uncertainty going on at the moment, we decided it's best to not openly support any chain. We may start support separated ticker for BCHABC and BCHSV at a later time when the water become clear.

For the time being, we have added a new reference exchange called "Bitfinex BAB + BSV" which is calculated based on the exchange rate of BAB and BSV on Bitfinex. Since the BCH coin you had in Remitano is in effect including a BCHABC and a BCHSV coin, we find it a suitable compromise for now. This allow buyer and seller to transact BCH at a fair price until we can safely split the coin.

Please consider switch your BCH ads to use "Bitfinex BAB + BSV" as the price reference.

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