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Leading African exchange Coindirect announces support of Bitcoin Cash fork

South African based-cryptocurrency trade exchange Coindirect has officially announced that the new Bitcoin Cash hardfork will be supported on the platform.

In a statement posted on its official blog, Coindirect offered that they “will be following the standards outlined by Bitcoin ABC” and “the new forked chain will be the dominant network,” will be supported.

Coindirect, one of Africa’s leading cryptocurrency trade exchange, further explained how the process will look to current and new users:

“All BCH deposits and withdrawals will be suspended 2 hours before the upgrade on the 15th of November, so please make sure you complete all Bitcoin Cash transactions before that date. If you wish to have immediate access to both chains it is recommended that customers withdraw their BCH.”

Bitcoin Cash stands as Bitcoin’s biggest hard forks in terms of trading volume and bears a market cap of $231.57 million USD at the time of writing. The fork was launched on the 1st of August 2017, Bitcoin and acts as a peer-to-peer electronic cash system developed and born from the original cryptocurrency in order to resolve several issues that Bitcoin faces, such as scalability.

Essentially, the forked cryptocurrency does this by enabling the increase of the block size from one megabyte to eight megabytes in the hopes that the currency will be able to cope with the huge volumes of traffic that massive companies (such as PayPal and Visa) need to handle. Owing to this and to resolve other problem areas that Bitcoin faces, Bitcoin Cash has been developed in order to make transactions more reasonable – the cryptocurrency features an adjustable difficulty level to ensure that block verifications remain at a constant speed despite increasing or decreasing numbers of miners verifying transactions on its network.