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What impact does transferring BTC in or out of an exchange have (BTC to CNY)?

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What impact does transferring BTC in or out of an exchange have? What impact doe

What impact does transferring BTC in or out of an exchange have (BTC to CNY)?

What impact does transferring BTC in or out of an exchange have? What impact does transferring Bitcoin Cash (BTC) out of an exchange have? Major trading platforms such as Bitstamp, Binance, and Kraken were all reported to have experienced a cross-chain transfer of Bitcoin on January 15, 2020. However, due to the significant market volatility at the time, these off-exchange traders did not act promptly and instead moved their funds to a relatively safe location to avoid unnecessary security risks. Therefore, Bitcoin Cash official explained that this announcement aims to prevent users from mistakenly assuming that a certain address has received BCH and attempting to convert it into other wallet addresses.

BTC to CNY

According to official news, BTC will be converted to CNY at 18:00 today and trading will be available on btcbtcn.com address starting from 16:00 on November 15, 2020 Hong Kong time.

As introduced, Bitcoin Cash is a network system composed of BTC, ETH, and other digital assets. It allows anyone to conduct financial transactions or payment settlements using Bitcoin and Ethereum. Its purpose is to enable users worldwide to store and exchange cryptocurrencies on a decentralized ledger. As a means of value storage, it ensures secure transfer and movement of funds through blockchain technology. Additionally, Bitcoin Cash also has smart contract functionality, which can be used to verify transaction data and prove whether the block producers on the network have fulfilled their responsibilities correctly. (Note: CNY is a registered company in Singapore that provides virtual currency exchange services.)

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