Home Altcoins News Bitasia Now Supports Zero-confirmation BCH Transcations

Bitasia Now Supports Zero-confirmation BCH Transcations

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Chinese crypto trading platform, Bitasia, is now accepting zero-confirmation transactions involving BCH (bitcoin cash) for instant trading, the exchange announced earlier this week. This update makes it among the first crypto trading firms to allow zero-confirmation transactions so that traders can access various services with ease and speed.

Bitasia allows its customers to swap a wide range of digital currencies including BTC, LTC, BCH, ETH, ETC, among others. And now earlier this week, officials detailed that following some contemplation, the trading company decided to accept zero-confirmation funds transactions for bitcoin cash. This kind of transaction means that merchants, crypto exchanges, and other businesses can accept a cryptocurrency even before a first network confirmation. The bitcoin community has a general sentiment that to avoid double spends, at least a single confirmation is needed.

A while ago, however, developers Tom Harding and Gavin Andersen developed specific patches that prevent fraudulent activities when zero-confirmation transactions are effected. Nevertheless, the bitcoin core developers have removed the patches from their core codebase. The bitcoin cash community and developers now believe zero-confirmation transactions are safe altogether. They even began testing the zero-confirmation transactions on the primary network a few weeks ago.

Other bitcoin cash businesses testing the zero-confirms

Other companies involved in BCH trading have also started testing and challenging the zero-confirm skeptics. Developers of the Mini-POS device, for instance, have already implemented zero-confirmation transactions. Another company called Cryptonize.it reportedly offered a challenge to any individual who willingly wanted to try a double-spend on a transaction worth USD 1000. Apparently, one person tried to double-spend the bitcoin cash but failed, and consequently lost USD 2000. Reports say that many other companies trading BCH have also been silently testing zero-confirms.

The first crypto trading platform to implement the zero-confirmation support

Bitasia now becomes among the first crypto trading companies that have added zero-confirm support to their exchange. The Chinese exchange wrote, “After very careful consideration, Bitasia is going to support the arrival of bitcoin zero-confirm and instant trading. Bitasia values user experience and focuses on security. For other digital currencies using the Segwit mechanism, the current policy will remain unchanged and, of course, the Segwit plan is yet to be launched.”

The announcement that Bitasia is supporting zero-confirmation for bitcoin cash transactions appears to be very welcome news for BCH traders, supporters, and the entire BCH community. However, a new site, doublespend.cash, recently published a long list of the double-spend attempts made against zero-confirmation bitcoin cash transactions. BCH supporters are, however, very skeptical of the website’s information since many of the transactions show the fees set much lower than the minimum requirement of the network relay. The reason behind this is that any transaction below one satoshi per byte is often never propagated across bitcoin cash clients.

Now, because of this reasoning, many bitcoin cash supporters see the information published by doublespend.cash as an outright attempt to spread fear, doubt, and uncertainty. For them, this development is good news, and they hope that it is going to ease their trading activities.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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