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Chinese Exchange Bitasia Now Supports 0-Confirmation BCH Transactions

Chinese Exchange Bitasia Now Supports 0-Confirmation BCH Transactions

Earlier this week the Chinese exchange Bitasia announced it started accepting zero-confirmation transactions for bitcoin cash (BCH) for instant trading. The trading platform is one of the first exchanges to enable zero-confirmation transactions so traders can use the platform as quickly as possible.

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Chinese Exchange Bitasia Adds Zero-Confirmation Support for BCH Deposits

Chinese Exchange Bitasia Supports 0-Confirmation BCH TransactionsThe Chinese exchange Bitasia is a trading platform that allows traders to swap a variety of cryptocurrencies including ETH, LTC, ETC, BTC, BCH, and more. This week the exchange detailed that after some contemplation the trading platform will support zero-confirmation transactions for the bitcoin cash network. A zero-confirmation transaction means that exchanges, merchants, and other businesses are willing to accept a digital currency before the first network confirmation. The general sentiment within the BTC community is that at least one confirmation is needed to prevent double spends.

However, a while ago the developers Gavin Andresen and Tom Harding created specific patches that prevents fraud from happening when zero-confirmation transactions take place. However, the bitcoin core (BTC) developers have removed those patches from the core codebase. Now bitcoin cash developers and the community, in general, believe that zero-confirmation transactions are completely safe and have started testing zero-confirms on the main network over the past few weeks.

Other BCH Businesses Testing and Challenging Zero-Confirm Skeptics

For instance, the Mini-POS device developers have implemented zero-confirmation transactions. Another example is the company Cryptonize.it who offered a challenge to someone who was willing to try a double spend on a $1,000 transaction. A person tried to double spend the BCH but failed and lost $2,000 trying to exploit the transaction.

The First Exchange to Implement Zero-Confirm Support

Now Bitasia is one of the first cryptocurrency trading platforms to add zero-confirmation support to the exchange.

“After careful consideration, Bitasia will support the BCH zero confirmation (0-confirmation) arrival and instant trading,” explains the Chinese exchange.

Bitasia focuses on security and value user experience — For other currencies that use the Segwit mechanism, our current policy remains unchanged and the Segwit plan has not been launched.

Chinese Exchange Bitasia Supports 0-Confirmation BCH Transactions

Bitcoin cash supporters were thrilled to hear about Bitasia supporting zero-confirmation BCH transactions this week and look forward to seeing more companies following suit. The Satoshi’s Vision Conference in Tokyo this weekend is discussing zero-confirmation methods heavily. 

What do you think about Bitasia adding zero-confirmation support for BCH traders? Let us know in the comments below.

Images via Shutterstock, and Bitasia.

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Tags in this story
0-Confirmation, BCH, Bitcoin, bitcoin cash, BTC, Businesses, Cash, challenge, Cryptocurrencies, Cryptonize, Digital Assets, double spend, Gavin Andresen, Merchants, Mini-POS, N-Featured, Tom Harding, transactions
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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.