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Crypto exchange Poloniex requires 2,000 confirmations for Bytecoin (BCN) transactions

Cryptocurrency exchange Poloniex now requires 2,000 confirmations for Bytecoin (BCN) transactions.

On November 13, CCN reported that its reporter decided to enter the Bitcoin Cash (BCH) pre-fork trading at Poloniex and wanted to use his Bytecoin holdings as part of that process. He withdrew them from where they were held and properly made the deposit, using the payment ID required by Poloniex and paying the requisite transaction fees. Hours after other deposits had cleared and coins had been converted to pre-fork BCHABC and BCHSV tokens, the Bytecoin had still not arrived.

In Bytecoin standard transactions, 10 confirmations is considered confirmed. This is 4 more than most cryptocurrencies, and occasionally blocks hang for sometime as a result of a sometimes unreliable mining network which switches between Monero, Bytecoin, and other CryptoNight coins. So after somewhere between 6 and 10 hours, this reporter became concerned and contacted Poloniex support.

The exchange’s support team responsed that “the minimum confirmations for BCN have been increased temporarily (to 2000) due to network instability. As a result, BCN deposits may take longer than usual to be available.”

The report reads that a deposit time can take nearly 84 hours – 3,5 days, considering that sometimes blocks happen within a minute of each other, sometimes they happen hours apart and that Bytecoin had about 24 blocks in the hour when the author was writing his report. The Bitcoin Cash hard fork will occur in two days, on November 15, therefore the reporter may even not have time to engage in BCH pre-fork trading.

14 comments

  1. I was expecting that the hostile authorities won’t tolerate the crypto world forever. But poloniex should also predict this and find solutions

  2. poloniex are just feckless bastards that don’t care about people who have put their money and hopes in their hands

  3. poloniex is forcing me to make my problem public and ask for my ticket sloving in comments. That’s so low

  4. interesting how is cosmos atom feeling seeing how poloniex is easy delisting coins? that’s just the damnation of working with poloniex

  5. I cannot imagine poloniex’s users mood right now. for me is strange why they are still trading on it

  6. hm, Poloniex just doesnt catch my attention, other platforms have smth they’re really good at, smth special, while Poloniex just doesnt

  7. To be honest, I’m afraid to give all my personal information and register on poloniex. This platform is too questionable

  8. Poloniex is just demanding money, a lot of money that they are going to put in ther pockets

  9. Poloniex is run by narcissists. Everything they are doing is for their ego and not for users that need real help

    1. I’m not surprised that poloniex is taking wrong decision. They don’t listen to their clients and very often just cancel the commentaries

  10. Believe me, any upgrade or transformation won’t change Poloniex enough. This platform should just close

  11. I have heard that Poloniex is practicing illegal trading. I’m not surprised, to be honest

  12. Anything can replace Poloniex’s trading margins. The new coins and pairs they add are just boring and inutile

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