8 hours ago |
By Jamie Redman – |
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.
Chinese Exchange Bitasia Adds Zero-Confirmation Support for BCH Deposits
The 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.
Bitcoin cash supporters were thrilled to hear about Bitasia supporting zero-confirmation BCH transactions. However, a new website called “Doublespend.cash,” has recently published a list of all the double spends attempts against zero-confirmation BCH transactions. Bitcoin cash supporters are very skeptical of that website’s data as most of the transactions have a fee set lower than the network relay minimum requirement. The reason for this is because transactions under 1 satoshi per byte are typically never propagated throughout the BCH clients. Due to this reasoning, most BCH proponents see the Doublespend.cash website as an attempt to spread FUD (fear, uncertainty, and doubt).