Bitcoin

Sell Bitcoin Cash for Bitcoin | Luno Blog

edit: You can now withdraw your bch or sell it for bitcoin. log in to luno, go to wallets > send bch.

The Bitcoin Cash (BCH*) project intends to hard fork from Bitcoin on 1 August 2017. At this stage, it appears the fork is only supported by a small minority of platforms, users and miners. It’s unknown whether this fork will survive or what value it might attain. forked-road-narrow

Reading: How to sell your bitcoin on luno

bitcoin cash is a fork of bitcoin and at this time we do not plan to support buying, selling or depositing bitcoin cash on the luno platform. however, if bitcoin cash survives the fork and has a non-trivial value, we will provide a mechanism for our customers to withdraw their bitcoin cash (see FAQ below). this feature will take time to roll out and will only be available a few days after the fork occurs.

what you have to do

If you intend to actively exchange bitcoin cash for crypto or local currencies in the days following the fork, we recommend withdrawing your btc to a bitcoin cash compatible platform before the fork occurs. we cannot make any recommendations on which third-party platforms to use.

if you don’t intend to actively trade bitcoin cash, you can leave your funds in luno and choose what to do with your bch funds at a later date, if you think they are of reasonable value or utility.

what to expect next

At this time, we do not expect to disable bitcoin withdrawals, deposits or trading at the time of the fork on the luno platform. however, depending on how things develop, we may at any time take reasonable temporary precautions to protect our clients’ funds. Also prepare for the following possibilities in the coming days:

  • increased volatility in markets
  • btc withdrawals delayed
  • technical issues with forked bitcoin cash blockchain and/or coins
  • exchanges and wallets may suspend or delay their services
  • uncertainty and confusion in the press and forums

See also: 9 Exchanges to Buy Crypto & Bitcoin in New York (2022)

Our team is ready for this technical event. our priority remains to safeguard our clients’ funds in any scenario that arises, now and in the future.

frequently asked questions

what is bitcoin cash?

is an alternative currency (or altcoin) backed by a group of developers, to be created from the current bitcoin software fork. you can read more about the project here: https://www.bitcoincash.org/

is it safe to hold bitcoin (btc) on luno during the fork?

yes, your funds are safe with luno. during this next fork, nothing will affect your bitcoin balance: you don’t need to sell it, unless you want to, due to potential volatility, and you don’t need to withdraw it, unless you want to actively trade the new currency, bitcoin cash.

if there is a split, will i have the same amount of bitcoin and bitcoin cash?

after the fork, you will have the same amount of bitcoin (btc) and bitcoin cash (bch). if you had 1 btc before the fork you will have 1 btc and 1 bch after the fork.

You will be able to use your bitcoin as usual. you will still be able to use it as a store of wealth, sell it in local currency, or other cryptocurrencies, depending on the relevant exchange rates, send it to other bitcoin wallets, and use it as a means of payment all around the world. anything you do with your bitcoin (btc) after the fork (such as sell, trade or send it), will not affect your bitcoin cash (bch) as they are separate currencies.

bitcoin cash may have some value and if so, you can withdraw it to a bitcoin cash compatible platform. it will not be compatible with any existing “normal” bitcoin wallet, platform, or software.

what is the reason for the fork?

See also: How To Transfer Crypto From Coinbase To BitMart? – Wealth Quint

For context, we wrote about the bitcoin unlimited fork earlier (in March 2017): on the bitcoin hard fork. We wrote another article that provided more insight into the scaling debate, segwit, bip91, bip 148, and bitcoin cash: the scaling debate, bitcoin forks, and possible disruptions.

has luno changed his position in bitcoin cash?

We define “supporting” a cryptocurrency as giving our customers the ability to send, receive, store and, in supported countries, buy and sell it with local currency. by that definition, we do not yet intend to support bitcoin cash.

That said, due to general confusion in the market about what people should do with their bitcoin, requests from the community, and the possibility of bitcoin cash having non-trivial value in the future, we decided to make contingency plans for our clients to allow bitcoin cash withdrawals.

what happens to bch coins in luno?

nothing. we do not plan to sell, access or use bitcoin cash derived from our customers’ bitcoin.

bitcoin-cash-fork-update

footnote:

* we decided to move away from ‘bcc’ and instead use the code ‘bch’ to denote bitcoin cash. some platforms still use the ‘bcc’ code, but that code is already associated with another altcoin. this article has been updated to show ‘bch’, but ‘bcc’ may appear in some of our other older content.

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