Cryptocurrency enthusiasts are keeping a close eye on the user-activated hard fork and the BTCC token. Several exchanges are leaning toward enabling support for Bitcoin Cash in the future. ViaBTC is the only exchange with active trading markets right now for BCC. This effectively means people can split their BTC into Bitcoin and Bitcoin Cash to make a healthy profit.
The bigger question is whether or not people should trust the ViaBTC exchange. Considering how the platform only launched recently, most people aren’t even aware it exists. Moreover, sending over Bitcoin to an exchange which will “freeze your assets” for a week or so is not all that appealing to most.Considering Bitcoin Cash will become its own token on August 1st, there is some room for profit. However, it requires a lot of trust in the company. Given their stance on the future of Bitcoin, it is likely they made a few “enemies” along the way.
BCC Trading on ViaBTC Remains Risky
To put this into perspective, there is an arbitrage opportunity to take advantage. BCC Is currently trading at the price of 0.14 Bitcoin, on average. That means the altcoin is considered to be of low value before it is even created. However, BCC also reached an ATH of nearly US$900, which is rather spectacular. Traders can exchange their Bitcoin Cash tokens against Bitcoin and the Chinese Yuan alike. Moreover, the Bitcoin you deposit on ViaBTC will remain frozen until August 1st and then be returned to you.
Even if the BCC price doesn’t move much, Bitcoin users can increase their holdings by about 10-15%. Considering the Bitcoins in question will not be “lost”, there is a legitimate opportunity to make money. However, you will not be able to withdraw ay of the funds until August 1st or later. There is no indication of whether or not withdrawal limits will be put in place either. Getting money out could prove to be a lot more hassle than most people feel comfortable with.
Given the lack of trust people have when it comes to ViaBTC, it is not something most people will take advantage of. Locking funds in an exchange wallet are never a good idea. One could easily just store Bitcoins in a regular wallet, copy the wallet.dat file, and import it into a UAHF-capable wallet on August 1st. That would yield the same results but without locking funds on an exchange first. Trusting an unknown company with your cryptocurrency funds is never a good idea. Moreover, US citizens can’t register on ViaBTC, which makes this opportunity even less appealing.
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