Digital asset exchange Bitfinex announced on Thursday that deposits and withdrawals for Bitcoin Cash Node (BCHN) have officially opened. Prior to this launch, Bitfinex announced the upcoming Bitcoin Cash (BCH) network protocol upgrade, and any associated hard fork, was schedule for November 15, 2020 at 12:00:00 UTC (UNIX time 1605441600).
“In preparation for this event, deposits and withdrawals of BCH on Bitfinex will be suspended at 10:00:00 AM UTC on November 15, 2020. For each account, Bitfinex will then complete a snapshot of BCH balances at 12:00:00 UTC (the Snapshot Event). It is possible that this BCH network protocol upgrade will result in a fork with separate blockchains recorded by a portion of the miners that previously mined BCH. Bitfinex will not advocate for or against any particular fork, and miners have full prerogative to commit their hashing power to whichever projects they choose.”
Bitfinex reported that before depositing BCHN to the platform, users need to make sure to generate a new deposit address. The platform noted:
“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.”
Bitfinex also noted that users will be able to generate or redeem these new CSTs in any amount using the Chain Split Token tool located on the header menu “CSTs”. Upon generation by a user, BCH will be debited from the user’s account and an equivalent amount of CSTBCHABC and CSTBCHN will be credited. Users will be able to reverse this process, redeeming CSTBCHABC and CSTBCHN for BCH, at any time, up until the Snapshot Event, using the Chain Split Token tool.