All the cryptocurrency exchanges are not showing equally warm response towards the upcoming hard fork of Bitcoin. Some are expected to root in favour of the program whereas others are totally opposing it. Poloniex is one such cryptocurrency exchange which has made its lack of support for the specific blockchains which shall pop up in the aftermath of the potential split . This might be the substantial cause behind investors moving their money off Poloniex as 1st August draws in closer.
Apparently, Poloniex itself couldn’t make its peer traders very happy with its infamously degrading customer support and withdrawal issues. And their latest stance of not supporting Bitcoin Cash has made matters worse for them. It is understandable that Poloniex wants to test the market sentiments before jumping on to the bandwagon. With only a few days left in store for the possible split, its high time for the company to take the final call. But given the current state of events its most likely for Poloniex to vote against the chain split at present. Their future plans regarding warming up to Bitcoin Cash and Bitcoin can’t be commented on at present. The cryptocurrency exchange shall wait for the network to stabilize before taking their final call. Earlier, Poloniex followed the same course with both Ethereum and Ethereum Classic with ETC quickly listed after the split. It is possible Poloniex may list Bitcoin Cash , just like in the case of ETC.
People trading on Poloniex platform have been quite apprehensive of the news. Thus they are shifting their fund base to a relatively safer haven. The chain split won’t affect the trading much. But Bitcoin lending is sure to get affected from the same. It is most likely that Bitcoin lending will be frozen during the specific time frame of hard fork.
Choosing the third party platform for funds storage especially for virtual currencies does not seem to be a clever option. Weighing down on its past issues, the latest lack of support for the chain split will further dampen the image of Poloniex.
Investors should store their Altcoins and Bitcoins in a private wallet. Storing funds in an exchange traded platforms during such crisis time can ring in tremendous losses if things take a downturn. It is high time for investors to get serious about the financial security of their virtual currencies.
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