Bitasia, A Chinese Exchange Supports 0-Confirmation BCH Transactions
This Was Announced Weeks Ago
The Chinese exchange Bitasia earlier in the week made an announcement that they had started accepting the zero confirmation transactions involving Bitcoin cash for instant trading. Therefore, this makes this platform one of the first exchanges to have zero confirmation transactions, and the traders should take this opportunity to use the platform.
Bitasia, A Chinese Exchange Adds Zero Confirmation Support for Bitcoin Cash Deposits
Bitasia which is a Chinese based exchange is an online trading platform which has started allowing users swap the various cryptocurrencies. This including LTC, ETH, BTC, ETC, BCH and other cryptocurrencies. Therefore, they announced this week that they would begin to support the zero-confirmation transactions, especially for the BCH network. This means that the merchants, the exchanges and also the businesses will be willing to accept a digital currency before the network can be confirmed. Therefore the main argument behind this in the BTC community is the fact that at least one confirmation is required for the prevention of double spends.
Gavin Andresen and Tom Harding who are developers were involved in the creation of patches. These were to prevent fraud from taking place in the cases where the zero-confirmation transactions happen. The BTC developers, however, eliminated these patches from the core codebase. Currently, the BCH developers and also the general community believe that the zero confirmation transactions will have the required safety. This is due to the fact they have been involved in testing the zero confirms on the major network for the last few weeks.
Testing and Challenging of zero-confirm skeptics have started in other BCH businesses
Mini POS device developers have also been involved in the implementation of the zero-confirmation transactions. Another corporation called Cryptonize.it challenged an individual to try a double spend by doing a $1,000 transaction. Therefore, the individual tried this and ended up losing $2,000 while trying to exploit the transaction.
First ever exchange to use Zero-confirm support
Currently, Bitasia becomes one of the first cryptocurrency exchange to use the zero-confirmation support for their exchange.
The exchange explained;
“After careful consideration, Bitasia will support the BCH zero confirmation (0-confirmation) arrival and instant trading, 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 by the invention. Additionally, “Doublespend.cash,” published a list of the various double spends attempts made against the zero-confirmation transactions involving BCH.