Dear traders, as promised our engineers transformed BTU to ETH token. Our twitter subscribers have chosen this course of action on the vote.
- BTU tokens are turned into BUS (Bitcoin Unlimited Support) tokens based on Ethereum;
- BTU tokens are converted into BUS token as 1 is to 1;
- Deposits and withdrawals of BUS tokens are now available.
Bitcoin Unlimited has been recently listed on HitBTC and is being actively traded. We have received many questions from you regarding this update. We would like to provide a simple explanation so that every customer can understand how it works.
Please, check this out (clickable image):
As you can see, there are 2 currencies on the same blockchain at the moment: BTU and BTC. That’s why you receive both of them while depositing BTC. After hard fork, followed by split, there will be two separate independent networks, who share the same past. It’s like cloning a BTC network into a new one. Your funds are being cloned as well.
- I deposit 1 BTC, receive also 1 BTU and sell it. Now I have more than 1 BTC. How’s that?
- In case you deposit bitcoins, it reflects in BTU and BTC at the same time. These coins operate on the same blockchain, they share the same income, but they are independent. And you can operate with these parts of your deposit independently: sell BTU, sell BTC and so on. Sum of these parts equals to the amount of your deposit.
- Do some new strategies come with these new conditions?
- Yes, you get more possibilities in arbitrage trading! That’s our mission: to give you more tools and provide you with flexibility of choice. To illustrate possibilities of our exchange let us show you an example: you can sell your BTU, buy altcoins with BTC, withdraw them to another exchange and sell there, deposit BTC back on HitBTC, etc. (This example should not be treated as an investment advice).
- But why altcoin prices on HitBTC are higher than average market prices?
- Prices are always set by the market, HitBTC does not influence them in any way. As you already know, in case you deposit bitcoins, it reflects in two networks. One part shows up as BTC, another part – as BTU. Altcoin prices are shown in BTC only. So once you sell your BTU, with resulting amount of BTC you can buy as much altcoins, as you can anywhere with your initial amount of bitcoins.
- How fast do exchange-to-exchange transactions proceed?
- It depends on the network load and network difficulty. For example, new Ethereum block is being created every 2 minutes, BTC block – every 10 minutes. Also hashrate and number of confirmations matter. Usually the lower hashrate is – the more confirmations are required. But most currencies’ algorithms are unique, it isn’t correct to simply compare them.
- Is there a point in buying BTU?
- We can not provide our traders with any investment advices. HitBTC is a trading platform, which allows users to make their own forecasts and trade at their own risk. Our mission is to provide you with a freedom of choice.
- Why have you locked BTC withdrawals?
- Network split contains the risk of so-called replay attacks. In a nutshell, an attacker is able to carry off BTU coins while withdrawing BTC. Hardfork can happen any time and the only way to secure funds is to temporarily lock withdrawals.
- What if hard fork never happens?
- On March 31st a survey is going to be arranged in our Twitter. We will let our community decide, what steps should we take next. Link to the survey will be posted in this blog and sent to our users via email. Stay tuned! We consider voting due date as of April 4th.
- I have another question.
- Please contact us here. Also feel free to question us in the comment section!
We want to inform you today about upcoming events and the measures we’re taking to get ready for a possible Bitcoin hard fork.
What’s been happening?
The Bitcoin network has been experiencing issues lately. One of critical network restrictions (1 Mb block size limit) has turned out to be insufficient for current user requirements. Transaction speed has decreased, transactions are getting stuck, time is being wasted.
People aren’t happy, and a new project called Bitcoin Unlimited has arrived, aiming to remove the only centralized point of control in the Bitcoin economy – the block size limit. Some network parties (nodes) aren’t showing any interest in Bitcoin Unlimited. But more and more nodes are beginning to support it and getting ready to operate according to its new rules. They can become the majority.
Is it something like Ethereum Classic?
The situation is not clear, but it could become something similar to Ethereum and Ethereum Classic. It means that in all likelihood, major changes are coming up. Here’s one of the possible outcomes: the BTC network may split into two separate networks: “usual” Bitcoin (BTC) and Bitcoin Unlimited (BTU). Two independent coins, sharing the same past. That is called a hard fork.
How does it affect me?
If you possess bitcoins, in case of a hard fork followed by a split you are entitled to the same amount of Bitcoin Unlimited.
What does HitBTC do?
HitBTC cares about the safety of your funds and aims to provide you with the tools for avoiding any risk. Here’s our plan:
- We credit all our respective Bitcoin holders with the same amount of Bitcoin Unlimited. If you deposit bitcoins to your account, you receive both BTC and BTU at the same time.
- We introduce a BTU/BTC trading pair, so it’ll be possible not only to store new coins on your account, but trade them as well.
- We block BTC withdrawals temporarily. Why? Splitting one coin in two contains the risk of so-called replay attacks. In a nutshell, an attacker is able to carry off BTU coins while withdrawing BTC. It takes time to protect the network from replay attacks: 48 hours max from the start of the hard fork, but probably less. As soon as we make sure that your funds are safe, withdrawals will be unlocked.
- We keep dialog open with our community. Should the hard fork not take place before the established deadline, a survey will be arranged. We will let our users decide what to do next.
Any number of bitcoins deposited or already in your possession will be augmented by the same amount of BTU. This is effective from now until the hard fork, if it happens.
BTC and BTU withdrawals are locked. This is in effect from now until 48 hours after the hard fork. We care about the safety of your funds.
The BTU/BTC trading pair is at your disposal.
Show me how it works
You initiate a BTC deposit, and BTU deposit is created at the same time:
The Latest transactions section: