I have trying to get answers around the action regarding the BCH fork that happened 2 weeks ago. Support doesn’t have a clue what I am talking about.
It would help if you actually asked a question, what answers can one provide if you don’t ask anything?
Any holders of BCH in their Revolut wallets during the fork would receive a forked coin. The forked coin is now live and trading, however there is no update regarding the forked coin (or funds) and how it can be obtained.
I do recall Revolut mentioning they would handle forks on a case-by-case basis. As for the official stance of Revolut on this particular one, you’ll have to wait for them to announce it.
Its likely if they go for the forked coin they’ll credit it to your account automatically with no intervention from you needed, obviously you won’t be able to move it out of Revolut, like with other cryptocurrencies on the platform.
Personally I don’t know enough about cryptocurrencies to be of much help to you, but perhaps there is some information of use in this Revolut Blog post: What to expect during the Bitcoin Cash ‘hard fork’.
Update Monday 19 November
As a result of the recent BCH hard fork, Revolut Crypto will now support the new Bitcoin Cash ABC chain in place of the previously supported BCH one, in line with our cryptocurrency exchange partner.
Hopefully that means more to you than it does to me
When a Cryptocurrency forks then there will be 2 chains. Those 2 chains will be identical up to the point of the fork.
Since they are identical until that points mean that if you have 2 BCH before the fork. Then you will have 2 BCH on Chain A and 2 BCH on Chain B.
Since the fork Chain A are using Bitcoin ABC and Chain B is Using Bitcoin SV (BSV). Which means that you now have 2 BCH and 2 BSV.
I am guessing that Ben wants to see the 2 BSV in his Revolut Wallet too as they are practically free money.
Thank you, Henrik, that’s a helpful explanation.
To be „free“ money after a fork, chain A + chain B should be > coin value before the fork. As it is a split of one asset.
Every BCH holder should get the fork in full otherwise it’s the exchange stealing funds from client.
Same is for all forks.
Let me rephrase then. It is free coins. The value of those coins can be of lower value added together. But they are indeed free.
The Exchanges are not stealing from customers. It takes time to implement infrastructure for the forked coins etc. Which also means that they have to run nodes with the new software etc. You can compare it to when BCH split from BTC.
Personally I find it hilarious what have happened. BCH never seizes to come up with new ways of being stupid.
Yet people want to put cryptos in place as actual currencies.
I am one of those. But all crypto aren’t created equal.
I totally agree on that point.
It depends…from the beginning with Mt. Gox to BTC-e and other smaller ones, it’s the wild Wild West!
Regulations are slowly coming in place. And that’s what the crypto-sphere doesn’t like. But the underlying technology (blockchain etc…) is here to stay.
These are some really fun andinteresting times.
Let’s wait for Bitstamp (Revolut crypto partner) to support it and then ask Revolut.
I don’t think it’ll ever happen, to be perfectly honest. Countries besides the EU ones quite like their currency volatility control very hard to control inflation without the ability to control the currency directly. If any crypto can become non-volatile like a regular currency then it may end up where some shops adopt using them for online payments. Unlikely to ever make it in the shop or for anything where you get stuff delivered; you lose all privacy benefits when someone sees you or when you’re getting it delivered to your house.