As we mentioned in our previous updates, new assets are about to join CoinLoan’s list of cryptocurrencies soon. CoinLoan keeps its promises, and today, we pride ourselves on adding a new collateral currency to the CoinLoan platform — Bitcoin Cash (BCH).
Now, CoinLoan is accepting BCH to enable users to unlock the value of their BCH assets without selling them. Users can deposit BCH coins into their CoinLoan accounts as they did with BTC. However, unlike BTC, BCH can be used as collateral only, and it is not currently available for lending and borrowing.
Keep in mind:
- BCH is now available for deposit and withdrawal in the My Wallet tab.
- Users can deposit BCH to use as loan collateral. However, users cannot lend or borrow BCH coins.
- BCH deposits are free of charge.
- BCH withdrawals are subject to a fixed fee of 0.001 BCH.
What Is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency and a P2P payment system, which entered the crypto market as a Bitcoin hard fork product on August 1, 2017. Currently, BCH has a market capitalization rate exceeding $6 billion.
Initially, BCH was created to solve BTC’s central issue: its block size limitation to 1 MB. At a certain point, the block size failed to serve an adequate number of transactions and thus made users wait up to 2–3 days to complete an operation.
In 2017, the developers of Bitcoin-ABC came up with Bitcoin Cash — an updated alternative with an 8 MB block size. This milestone provided faster transaction times and lower processing fees. Since 2017, BCH developers have extended the block size to 32 MB.
Unlike BTC, BCH does not have a single team of developers. Instead, several independent groups run the currency, and this decentralization ensures a higher level of data protection.
Learn more about Bitcoin Cash here.
Why Is Introducing BCH to CoinLoan Vital?
First, this update means the extension of the CoinLoan list of cryptocurrencies. The more cryptocurrencies available, the more likely users are to come to the CoinLoan platform to benefit from their cryptoassets without selling them.
Second, the introduction of BCH is the result of CoinLoan’s and the BCH enterprise’s collaboration. Fruitful partnerships always bring about great achievements. Meaning, the best is yet to come!
How Does BCH Work on CoinLoan?
From now, BCH is available for deposit and withdrawal from CoinLoan in the My Wallet tab. To upload BCH on your account, open the My Wallet tab, find BCH, and hit the Deposit button.
Further, you can transfer BCH into your wallet in the same way that you transfer BTC. All you have to do is specify the amount of BCH coins you would like to deposit and send them into your CoinLoan wallet.
Lenders can create Loan Offers specifying BCH as allowed collateral. At the same time, borrowers can create Loan Requests by selecting BCH as a collateral currency in a dropdown list.
CoinLoan’s goal is to please our users by adding more cryptocurrency options. We are happy to announce that the long-awaited PAXO and ONT currencies joined our cryptocurrencies list by the end of the previous week. More updates are coming soon!
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