On August 1 2017 at 12:20 pm UTC a little community of Bitcoin users is planning a hard fork from Bitcoin to an choice protocol called “Bitcoin Cash” (BCH). Bitcoin Cash is expected to live a minority chain, alongside the vast bulk of the Bitcoin community remaining on the chain that activates Segregated Witness and, after on, a possible increase to 2MB blocks.
Although the Bitcoin Cash fork is expected to live minor, it may live successful. Provided that unforeseen circumstances practise non larn far prohibitively dangerous or hard for us to practise so, Kraken volition back upwards Bitcoin Cash equally follows:
All Kraken clients asset Bitcoin (XBT) balances at the fourth dimension of the fork volition live credited alongside an equal amount of Bitcoin Cash (BCH)
All Kraken clients borrowing Bitcoin (XBT) for margin trades at the fourth dimension of the fork volition live debited an equal amount of Bitcoin Cash (BCH)
After the fork Kraken volition enable BCH deposits in addition to withdrawals (with replay protection enabled)
After the fork Kraken volition enable BCH trading inwards the next pairs: BCH/XBT, BCH/USD, BCH/EUR
Kraken-owned
Cryptowat.ch volition back upwards BCH charts in addition to trading
BCH margin trading may live added at a after appointment if it survives in addition to merchandise book is robust
What Kraken Clients Need to Know nigh the Hard Fork
Bitcoin funding volition live halted at eleven am UTC on August 1 – practise non deposit during the fork
Kraken volition halt XBT funding at eleven am UTC in addition to safely secure funds during the fork. Funding volition live re-enabled after the consequence of the fork is clear in addition to the network is safe.
Trading volition proceed across the fork
XBT trading is expected to proceed equally normal across the fork, nevertheless in that location may live a brief recess for the listing of novel pairs in addition to adjustment of balances.
Long XBT margin positions held across the fork volition termination inwards a BCH credit
If y'all agree a 10 XBT long position across the fork, it volition bear over in addition to tin live shut at whatever fourth dimension inwards the commons way. However, y'all volition equally good have a 10 BCH credit to your residue corresponding to the margin position.
example 1: margin purchase (long) 10 XBT/USD = +10 BCH (long xbt, brusk usd)
example 2: margin sell (short) 10 ETH/XBT = +10 BCH (short eth, long xbt)
Short XBT margin positions held across the fork volition termination inwards a BCH debit
If y'all agree a 10 XBT brusk position across the fork, it volition bear over in addition to tin live shut at whatever fourth dimension inwards the commons way. However, delight banking concern complaint that y'all volition equally good live responsible for a 10 BCH debit (negative balance) on your concern human relationship that must live corrected past times either buying or depositing 10 BCH. Why the negative balance? Kraken sources the XBT to finance margin trading from private lenders in addition to nosotros are preserving the value for these lenders that may prevarication inwards the BCH forked from their funds. This agency that traders who borrow XBT across the fork to brusk must equally good pay dorsum the BCH that forks from this XBT. Any concern human relationship alongside a negative BCH residue volition live placed on withdrawal lock until the residue is corrected.
example 1: margin sell (short) 10 XBT/USD = -10 BCH (short xbt, long usd)
example 2: margin purchase (long) 10 ETH/XBT = -10 BCH (long eth, brusk xbt)
Margin traders should live real cautious across the fork
Margin traders are advised to live real cautious across the fork, past times either reducing their position sizes or closing out exclusively earlier the fork. In add-on to the especial provisions described above, margin traders should conception for the possibility of extreme volatility in addition to unfavorable forced liquidations surrounding the fork. As always, margin traders are strongly encouraged to develop stops rather than rely on perfect accessibility to the exchange.
A discussion of caution for everyone
Kraken makes no promises/guarantees/warranties on the consequence of the fork. We volition brand our best endeavour to grip things inwards a way that benefits the most clients, but clients should contend their ain wallets/coins if they desire perfect control. Kraken volition non live held responsible for whatever circumstances that termination inwards the loss of BCH.
Follow us on social media for updates during the fork
Twitter: @krakenfx
Status Page:
https://status.kraken.com/For to a greater extent than information on Bitcoin Cash
See the projection website:
https://www.bitcoincash.org/