It appears the LocalBitcoins team has taken an interesting decision affecting Bitcoin Cash. Although it was apparent the company would support BCH trading, that will not be the case. Instead, the platform will not allow trading of this currency. Said decisions as made due to various reasons, according to the company. Moreover, the company will not support future airdrops, including SegWit2x. An intriguing decision that will create some bad blood regardless.
LocalBitcoins is a major platform in the world of cryptocurrency. It allows peer-to-peer trading between Bitcoin users all over the world. Many people had expected the company would support Bitcoin Cash in the future as well. In fact, it appears that was the plan all along, but something has changed in the meantime. According to the new blog post, there is no plan to support Bitcoin Cash whatsoever. To many people, this will come as a big surprise.
No BCash for LocalBitcoins Users
After all, it seems a lot of companies are finally enabling BCH support lately. More exchanges, wallets, and other service providers have enabled BCash support as of late. LocalBitcoins would have been a major addition to that list, but the company isn’t having any of it. Adding an altcoin sharing address space with Bitcoin would potentially cause major issues for platform users. After all, users can still send BCH to BTC addresses and vice versa. An issue that needs to be addressed quickly, mind you.
The company will provide compensation for whoever held Bitcoin in LocalBitcoins at the time of the hard fork. All BCash held by the company will be credited to customer accounts accordingly. However, the BCash in question is converted to Bitcoin. THis BTC balance has been credited to user accounts accordingly. It is a smart decision, although a lot of people would prefer the BCH balance. Then again, they were warned not to keep Bitcoin on the platform during this “split”.
Additionally, there is a processing fee for this additional conversion. Said fee is capped at 0.0002 BTC. Anyon account eligible for a payment smaller than that will not be compensated whatsoever. No further cryptocurrency airdrops will be supported by the company, which is an interesting decision. This also means SegWit2x will receive no support, assuming it happens in the first place. An interesting stance by LocalBitcoins, but one a lot of companies may very well adopt moving forward.
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