Two major cryptocurrency exchanges, Huobi and Bitcoin China, announced the activation of Bitcoin Cash (BCC) withdrawal services on September 20, 2017. This move marked a significant step in post-fork asset management for users holding BCC. Below, we break down the critical updates, policies, and procedures from both platforms.
Huobi’s BCC Withdrawal Policy
Huobi’s announcement highlighted a gradual rollout of BCC withdrawals to ensure user asset safety. Key details include:
Daily withdrawal limits:
- 50 BCC/day until October 10, 2017.
- Increased to 200 BCC/day starting October 10 at 12:00 (UTC+8).
- Reasoning: The platform cited the need for small-scale testing due to BCC’s limited transaction history post-fork. Huobi emphasized potential adjustments based on network stability.
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Huobi’s Full Announcement Excerpt:
"Huobi will open BCC withdrawals at 14:30 on September 20. To safeguard user assets, initial daily limits are set at 50 BCC, increasing to 200 BCC after October 10. Further adjustments may follow pending security reviews."
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Bitcoin China’s BCC Withdrawal Process
Shortly after Huobi’s update, Bitcoin China enabled BCC withdrawals via its Blockchain+ platform:
- Access path: Navigate to “Account Assets” (plus.btcchina.com/asset).
- Support: Users were directed to email [email protected] for assistance.
Key Takeaways for Users
- Withdrawal Limits: Huobi’s tiered approach balances accessibility and security.
- Platform Differences: Bitcoin China offered immediate access without stated limits.
- Post-Fork Caution: Both exchanges acknowledged BCC’s untested network robustness.
Frequently Asked Questions (FAQs)
1. Why did Huobi impose BCC withdrawal limits?
Huobi adopted a cautious stance to monitor BCC’s network stability post-fork, prioritizing user asset protection.
2. Can I withdraw BCC from Bitcoin China without restrictions?
Bitcoin China’s announcement did not specify limits, suggesting more flexible access compared to Huobi.
3. Were BCC withdrawals reversible after processing?
No. Like most crypto transactions, BCC withdrawals are irreversible once confirmed on the blockchain.
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4. How did BCC’s value trend after these announcements?
Historical data shows BCC’s market reacted neutrally, with no major price spikes tied to withdrawal activations.
5. Did other exchanges follow suit in 2017?
Yes, platforms like OKEx and Binance gradually integrated BCC support, though timelines varied.
Final Notes
While dated, this 2017 case study underscores how exchanges manage new fork assets with phased rollouts. Today, BCC (now BCH) withdrawals are standard across major platforms.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry risks; conduct independent research before trading.
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