Digital asset exchange Bitfinex has announced the opening of deposits and withdrawals for Bitcoin Cash Node (BCHN). As per the announcement, deposits and withdrawals of Bitcoin Cash on the trading platform will be removed on November 15, 2020, at 10:00:00 AM UTC. For each account, Bitfinex will then get a complete snapshot of BCH balances at 12:00:00 UTC (the Snapshot Event).
Bitfinex Opens Deposits & Withdrawals for Bitcoin Cash Node
Prior to the launch, Bitfinex had announced the upcoming Bitcoin Cash (BCH) network protocol upgrade. While any associated hardfork was scheduled for Nov. 15, 2020, at 12:00:00 UTC.
The Bitcoin Cash network protocol upgrade might result in a fork with separate blockchains. The differing blockchains will be recorded by a portion of miners that had previously mined Bitcoin Cash (BCH).
The digital asset exchange will not commit for or against any particular fork. Hence, miners will have the full freedom to dedicate their hash power to whichever project they choose.
The digital asset platform had also highlighted that before depositing Bitcoin Cash Node (BCHN) to the platform, users need to generate a new deposit address:
“Please note that at this time we do not support Replay Deposits. If you send a BCHN deposit and BCH ABC gets replayed along with it, we will not recover or credit you BCH ABC.”
Users Will be Able to Regenerate or Redeem New CSTs
Bitfinex also indicated added that users will be able to regenerate or redeem new CSTs in any number by using the Chain Split Token tool, found on the header menu titled CSTs.
While generating the token, Bitcoin Cash (BCH) will be debited from the user’s account and an equal amount of CSTBCHABC and CSTBCHN will be credited.
Users can also reverse this by redeeming CSTBCHABC and CSTBCHN for BCH, at any time, up until the Snapshot Event, using the Chain Split Token tool.